This new role could be thought of as contributing to coordination to combat climate change, which the authors said they had dubbed the five Cs.Central banks needed to coordinate their own actions with a broad set of measures to be implemented by others, such as governments, the private sector, civil society and the international community.“This coordination task is urgent since climate-related risks continue to build up and negative outcomes could become irreversible,” the authors wrote. “There is an array of actions to be consistently implemented.“The most obvious ones are the need for carbon pricing and for systematic disclosure of climate-related risks by the private sector.”The values benefitOther potential actions included “proactively promot[ing] long-termism by supporting the values or ideals of sustainable finance in order to ‘break the tragedy of the horizon’”.“The main benefit of promoting a sustainable finance approach, including through ESG, may lie in broadening the set of values driving the financial sector” ‘Green Swan’ authors“The main benefit of promoting a sustainable finance approach, including through ESG, may actually not lie in the greater impetus for asset managers to reduce their exposure to climate-related risks, but rather in broadening the set of values driving the financial sector,” the specialists argued.Other additional actions included exploring new policy mixes and integrating sustainability into accounting frameworks at the corporate and national level.All in all, the new co-ordinating role for central banks would require “thinking concomitantly within three paradigmatic approaches to climate change and financial stability: the risk, time horizon, and system resilience approaches,” the authors said.*The book was authored by Patrick Bolton, a business professor at Columbia University and visiting professor at Imperial College London; Morgan Després, deputy head of the financial stability department at Banque de France and head of the secretariat for the Network for Greening the Financial System; Luiz Awazu Pereira da Silva, deputy general manager of the BIS; Frédéric Samama, head of responsible investment at Amundi; and Romain Svartzman, economist at Banque de France. A pdf of the book can be found on the BIS website. The nature of climate change impacts and mitigation strategies means that central banks must go beyond risk management and take on the additional role of helping to coordinate measures to fight climate change, a group of specialists have argued in a new book published by the Bank for International Settlements (BIS) today.Forward-looking risk assessment approaches grounded in scenario-based analyses, which were the manifestation of an “epistemological break” beginning to take place in the financial community, were important but would not cut it, they said.And yet central banks could neither sit on their hands and “wait for other government agencies to jump into action” nor replace other government and private actors to compensate for their insufficient action, they* wrote in Green Swan, a joint effort from Banque de France and BIS.“To overcome this deadlock, a second epistemological break is needed: central banks must become more proactive in calling for broader and coordinated change, in order to continue fulfilling their own mandates of financial and price stability over longer term horizons than those traditionally considered,” they said.
This is such … not good stuff for Vince McMahon.The XFL and WWE headman has had quite a few weeks, with a few of his business ventures being front and center and backpage on Monday. First, the XFL filed for Chapter 11 bankruptcy, something that seemed to be a forgone conclusion just days after the league reportedly terminated its officials and a conference call relayed that the XFL was suspending operations. Later in the day, McMahon got a bit of good news, as the state of Florida deemed WWE an “essential business,” allowing the sports entertainment giant to continue to produce live shows from the WWE Performance Center in Orlando. Florida Gov. Ron DeSantis deemed that entertainment personnel — including sports figures — are allowed to proceed, given that no arenas or stadiums are filled with fans.MORE: WrestleMania 36 match gradesMonday’s culmination of mixed news has been brewing for well over a month. Obviously, the XFL termination and WWE’s handling of WrestleMania have been byproducts of the coronavirus pandemic, and have garnered criticism from all corners of the media sphere, from fans to detractors alike.The news of WWE’s standing as an essential business has been met with criticism, and WWE in turn getting ready to produce live programming has been more questionable. After all, asking employees to work and travel in a contact sport when the coronavirus pandemic is still raging across the nation is a questionable business practice at best. Even with several of the company’s lead talents pulling out from WrestleMania 36 (including main eventer Roman Reigns), it raises the question as to how long WWE and McMahon will be able to get by the ire of the public, media and big-name detractors.The answer might be: not long. In addition to the folding of the XFL, reports on Monday also broke that puts WWE at the receiving end of a class-action lawsuit in relation to its working relationship with Saudi Arabia and its continuously plummeting stock prices. In another Monday twist, reports revealed that WWE was a partial owner of Class B stock in the XFL, despite urgings from Vince McMahon in 2018 that WWE and the XFL would be entirely separate entities. Pro Football Talk speculates that this could open up a whole can of worms for McMahon if the company hadn’t disclosed that information to its investors.The report indicates that McMahon owned 100 percent of the Class A stock, and 23.5 percent of its Class B stock was owned by WWE. It all gets a bit technical, but the main idea is that McMahon “gifted” stock to Alpha Entertainment, a separate company owned by McMahon and that owned the XFL, to get XFL naming rights and copyrights in return. Though there’s still some skepticism as to whether WWE actually purchased stock in Alpha Entertainment, its name is still in the ledger as a stockholder.While there was no clear crossover between WWE and the XFL as McMahon deemed, the timing of the report is certainly curious. Last week, McMahon dumped about 15 percent of his stock in WWE, getting around $80 million in cash up front after agreeing to relieve it in four years.For a long time WWE has been able to operate in its own little bubble with lots of the outside world not paying attention to what McMahon does, because wrestling is a cheap form of entertainment largely rejected by today’s mainstream media and pop culture. The problem with that is that McMahon has also undertaken some questionable business practices with minimal media coverage: contract manipulation, taking questionable payouts from foreign governments to stage shows and, the latest, holding live programming during a global pandemic to appease his audience.MORE: Bayley refects on her year of change and that “crazy” WrestleManiaWhile a lot of those wrestlers (read as: sports entertainers) are thankful for the platform that has WWE provided, the tales spun and truths expelled from former employees such as Brodie Lee (real name Jonathan Huber) and Jon Moxley (real name Jonathan Good) have painted a less-than-wholesome picture of WWE’s current behind-the-scenes affairs, with McMahon at the forefront of those issues. Is McMahon in danger of losing his company? His fortune? No, probably — more like definitely — not. But for a man who’s been able to fly under the mainstream radar for the better part of two decades now, maybe people will start paying attention to what’s happening with McMahon and his company.McMahon is notorious for being a hands-on owner, so there’s certainly something to be said for the way he operates his businesses. Recent news reaffirms that. After all, he did turn WWF (later WWE) into a global entertainment empire while putting nearly all of his competition out of business in the process.Now, we’ll see whether McMahon can grab the ropes and work himself out of a potentially risky situation. read more