[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-108188-en":3,"doc-seo-108188-105":30,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":13,"seo_description":14,"update_tm":28,"read_time":29},108188,549758146520,"Patrick","https://ap-avatar.wpscdn.com/avatar/80002397d8c0411e94?_k=1775819394049821470",8,"Research & Report","Panama - Financial Sector Assessment Program Technical Note - Climate-Related and Environmental Risks and Opportunities (CERO)","Technical Note developed within the IMF-World Bank Financial Sector Assessment Program mission in Panama (June 2023) to support FSAP findings and recommendations on climate-related and environmental risks. It analyzes physical and transition vulnerabilities, reviews government initiatives for mitigation, adaptation, and nature protection, and assesses how supervisors respond through governance, awareness, risk identification, guidance, and supervisory tools. It also examines approaches to deepen green finance markets and disaster risk finance, including barriers, data, instruments, and insurance penetration.","November 2023  \nPublic Disc losure Authorized  \nTHE WORLD BANK GROUP  \nPANAMA  \nFINANCIAL SECTOR ASSESSMENT PROGRAM  \nTECHNICAL NOTE  \nCLIMATE-RELATED AND ENVIRONMENTAL RISKS AND OPPORTUNITIES (CERO)  \nPub lic Disc losure Authorized  \nPrepared By  \nFinance, Competitiveness, and Innovation Global Practice, WBG  \nThis Technical Note was prepared in the context of a joint IMF-World Bank Financial Sector Assessment Program (FSAP) mission in Panama during June 2023 led by Richard Stobo, IMF and Emile van der Does de Willebois, World Bank, and overseen by the Monetary and Capital Markets Department. IMF, and the Finance, Competitiveness, and Innovation Global Practice, World Bank Group. The note contains the technical analysis and detailed information underpinning the FSAP assessment’s findings and recommendations. Further information on the FSAP program can be found [at ](at www.worldbank.org/fsap)[www.worldbank.org/fsap](at www.worldbank.org/fsap).  \nCONTENTS  \nExecutive Summary...................................................................................................................................................................3  \nClimate and environmental risk analysis.....................................................................................................................3  \nSupervisory response to climate and environmental risks ..................................................................................4  \nDeveloping and deepening green finance markets ...............................................................................................5  \nDisaster Risk Finance ..........................................................................................................................................................6  \nI. Introduction .............................................................................................................................................................................8  \nII. Climate Change and Macro-Financial Context .........................................................................................................9  \nVulnerabilities to climate physical risks .......................................................................................................................9  \nVulnerabilities to climate transition risks ................................................................................................................. 12  \nGovernment Initiatives for Climate Mitigation, Adaptation and Nature Protection ............................... 16  \nIII. Climate-Related and Environmental Risks and the Financial Sector ............................................................ 18  \nClimate and Environmental Physical Risks .............................................................................................................. 19  \nClimate and Environmental Transition Risks .......................................................................................................... 26  \nIV. Assessment of the Supervisory Response to Address Climate-related and Environmental Risks.... 30  \nGovernance and Strategy .............................................................................................................................................. 30  \nRaising awareness and capacity building ................................................................................................................ 30  \nRisk identification, assessment and monitoring.................................................................................................... 31  \nSupervisory guidance ...................................................................................................................................................... 33  \nSupervisory actions and tools ...................................................................................................................................... 34  \nV. Deepening Green Finance Markets .......","cbCaigiMWecIlyh4","https://ap.wps.com/l/cbCaigiMWecIlyh4","pdf",3157010,4,1,60,"English","en",105,"# Executive Summary\n## Climate and environmental risk analysis\n## Supervisory response to climate and environmental risks\n## Developing and deepening green finance markets\n## Disaster Risk Finance\n# I. Introduction\n## II. Climate Change and Macro-Financial Context\n## III. Climate-Related and Environmental Risks and the Financial Sector\n## IV. Assessment of the Supervisory Response to Address Climate-related and Environmental Risks\n## V. Deepening Green Finance Markets\n## VI. Assessment of the Supervisory Response to Deepen Green Finance Markets in Panama\n## VII. Disaster risk finance in Panama","[{\"question\":\"What is the purpose of this Technical Note in Panama’s FSAP process?\",\"answer\":\"It provides technical analysis and detailed information that underpin the FSAP assessment findings and recommendations on climate-related and environmental risks and opportunities.\"},{\"question\":\"Which types of climate risks are analyzed in the document?\",\"answer\":\"The note addresses climate physical risks and climate transition risks, identifying vulnerabilities and their implications for the financial sector.\"},{\"question\":\"How does the document approach improving green finance and disaster risk finance?\",\"answer\":\"It evaluates how to deepen green finance markets through market objectives, instruments, barriers, transparency, data availability, and supervisory responses, and it reviews Panama’s disaster risk financing and insurance approach, including market penetration and insurance 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