Rome, Oct. 19 (LaPresse) – “In a world characterised by greater climate uncertainty, it is essential to better understand risks, share them and manage them more effectively, and invest more decisively in reducing exposure and vulnerability.” This was stated by Bank of Italy Governor Fabio Panetta in a speech entitled ‘Don’t Stop Thinking About Tomorrow: Building Resilience to Climate Shocks Today’, delivered today in Manila at the opening of the fifth edition of the Green Swan Conference: Navigating Climate Risks Amid Uncertainties, organised by the Bank of Italy together with the Bank for International Settlements (BIS), the Central Bank of the Philippines and the Network for Greening the Financial System (NGFS). “The economic case for strengthening resilience is clear,” Panetta observed. “Climate change is reducing productivity, destroying physical capital and putting pressure on public finances. Extreme weather events caused more than $200 billion in direct damage in 2025, more than double the level recorded in the early 2000s.”
Climate, Panetta: “Extreme Weather Events Caused $200 Billion in Damage in 2025”
Rome, Oct. 19 (LaPresse) – “In a world characterised by greater climate uncertainty, it is essential to better understand risks, share them and manage them more effectively, and invest more decisively in reducing exposure and vulnerability.” This was stated by Bank of Italy Governor Fabio Panetta in a speech entitled ‘Don’t Stop Thinking About Tomorrow: Building Resilience to Climate Shocks Today’, delivered today in Manila at the opening of the fifth edition of the Green Swan Conference: Navigating Climate Risks Amid Uncertainties, organised by the Bank of Italy together with the Bank for International Settlements (BIS), the Central Bank of the Philippines and the Network for Greening the Financial System (NGFS). “The economic case for strengthening resilience is clear,” Panetta observed. “Climate change is reducing productivity, destroying physical capital and putting pressure on public finances. Extreme weather events caused more than $200 billion in direct damage in 2025, more than double the level recorded in the early 2000s.”