Michel CARDONA
Contact Team

Michel CARDONA

Senior associate Expert - Financial Sector, Risks and Climate Change

Michel joined I4CE in 2018 to provide expertise in the financial sector and facilitate interactions between researchers, financial sector actors and public authorities.

 

Before joining I4CE, Michel worked at the Banque de France in various areas related to the financial sector (licensing of new actors, banking supervision, prudential regulation, financial stability, Iinternational and European relations). He has also worked for the Inspection Department of the former French Securities and Exchange Commission (COB) and the World Bank’s Financial Sector Development Department in Washington. Between 2008 and 2012, he was Secretary General of CCLRF (Advisory Committee on Financial Legislation and Regulation). For the past two years, he was in charge of the Corporate Social Responsibility strategy of the Banque de France, in particular where he launched the bank’s Responsible Investment strategy.

 

Michel is a graduate of the Institute of Political Studies in Paris and holds a Diploma of Advanced Studies (DEA) in Macroeconomics from the University Paris I – Pantheon Sorbonne.

Team
Last contributions
  • 18/01/2023 Climate Brief

    The limitations of voluntary climate commitments from private financial actors

    Private finance will not fund the transition without a stronger commitment from public authorities. For several years, and particularly since COP 26, considerable time and attention has been dedicated to the subject of voluntary commitments from private financial actors. These commitments, made within the framework of international initiatives, should in principle enable private finance to be mobilized for the transition to a carbon neutral economy.
  • 08/06/2022 Climate Report

    Scenario analysis of transition risk in finance – Towards strategic integration of deep uncertainty

    The restructuring of the economy towards a low-carbon system will lead to develop activities that are aligned with the needs of a net zero economy, to restructure others in order to make them compatible with these needs and to stop harmful activities. The financial sector needs to anticipate these dynamics to address strategic risks and […]
  • 02/02/2021 Climate Report

    Addressing challenges of physical climate risk analysis in financial institutions

    While the financial consequences of climate impacts are already materializing, the regulators are implementing their agenda of actions to stimulate financial institutions into analyzing and managing their exposure to “physical climate risks”, and disclosing how they do so as recommended by the TCFD. How can financial actors make quick and efficient progress on analyzing and […]
  • 01/02/2021 Climate Report

    Can financial regulation accelerate the low-carbon transition?

    In recent years, financial regulators have encouraged financial actors to take account of “climate risks” in order to ensure both financial stability and the efficient functioning of markets, the two traditional objectives of regulation. This risk-based approach is an important first step, but will it be enough to deliver on climate objectives?
  • 01/02/2021 Climate Brief

    Can financial regulation accelerate the low-carbon transition? Summary for policymakers

    In recent years, financial regulators have encouraged financial actors to take account of “climate risks” in order to ensure both financial stability and the efficient functioning of markets, the two traditional objectives of regulation. This risk-based approach is an important first step, but will it be enough to deliver on climate objectives?
  • 22/10/2020 Blog post

    Financial Regulation and Climate : Next steps to follow in the coming months

    The public institutions that regulate and supervise private finance will talk a lot about climate change in the coming months. The European taxonomy that allows economic actors to identify activities that are favorable to ecological transition or the "climate stress tests" of the Banque de France and ACPR are just some of the issues they will have to deal with and that we invite you to follow. I4CE has synthesized for you the "climate calendar" of financial regulation in a graphics.
  • 04/06/2020 Op-ed

    Op-Ed I Financial regulation and “green recovery”

    The pandemic caused by Covid 19 has triggered a major economic crisis. The emergency treatment of this crisis relied heavily on massive recourse to fiscal and monetary instruments already widely used during the 2008 crisis. But financial regulation was also mobilized to ease or alleviate prudential constraints in order to preserve bank financing for economic players, especially those most affected by the crisis. This illustrates the different facets of the use of financial regulation: primarily intended to ensure the efficient functioning of financial markets and financial stability, it can also be used with economic policy objectives.
  • 04/06/2020 Climate Report

    What role for financial regulation to help the low-carbon transition?

    States and more generally public authorities will not finance the transition to a low-carbon and climate-resilient economy on their own. Private financial actors have a key role to play and, over the past decades, they have taken numerous initiatives to promote "responsible investment" and "sustainable finance". However, the impact of these initiatives is far from commensurate with the climate challenge, , and financial regulation must play a role. This I4CE study analyses the different objectives that regulators can pursue to help the financial sector respond to the climate urgency, and provides an overview of the instruments at their disposal. It also highlights the challenges of implementing these instruments and identifies those that need to be used in the short term and those that need more time to be implemented.
  • 12/03/2020 Op-ed

    Op Ed I Banks’ capital requirements for the climate: Let’s ask the right questions

    For several years now, the idea of using capital requirements for environmental purposes has been gaining ground. But before this can happen, however, several questions about such requirements need to be resolved, particularly as regards the instrument to be used and the objective to be achieved. Michel Cardona from I4CE has released this OpEd available on Euractiv
  • 11/03/2020 Climate Report

    Integrating Climate-related Risks into Banks’ Capital Requirements

    Climate change dynamics are on a trajectory of intensification which may require the use of new and notable measures. The Paris Agreement recognized the urgency of directing financial flows toward low carbon activities and climate-resilient development. However, the latest special Intergovernmental Panel on Climate Change (IPCC) report 1 stated that to limit global warming to 1.5oC, the financial resources directed to green activities are by far insufficient and investments on carbon intensive projects are still far too high. At the same time, climate-related risks continue to potentially endanger the stability of the financial sector and they are only marginally addressed by Basel III capital requirements.
  • 28/11/2019 Climate Brief

    Finance fit for Paris (3fP) – Results and scores for France

    The global community needs to transform the world economy to become low-carbon and climate resilient. This is the commitment made by the international community in the Paris Climate Agreement. However, humanity needs to find a way to finance this goal. The European Commission estimates that a funding gap of at least EUR 180bn p.a. exist […]
  • 04/11/2019 Climate Report

    Towards an alternative approach in finance to climate risks: taking uncertainties fully into account

    It is no easy task to take climate risks – transition risks and physical risks – into account in financial management practices. As this note shows from the example of banking activities, the intrinsic characteristics of these risks – which are long-term and cannot be assigned a probability and for which there are no historical […]
  • 13/06/2019 Blog post

    It’s time to connect the international initiatives on Climate Finance!

    Since 2016, I4CE is the Secretariat of the Climate Action in Financial Institutions Initiative. Launched at COP21 in 2015, the Initiative brings together 44 public and private financial institutions to make climate change an essential component of their strategies & operations. Leveraging its expertise and network, I4CE assists the Initiative in fostering exchanges between the so-called “Supporting Institutions” on emerging practice and approaches to mainstream climate change.
  • 28/05/2019 Climate Brief

    Is financial regulation in France in line with the Paris Agreement?

    The financial system has an important role to play in financing the transition of the economy and the drastic reduction of greenhouse gas emissions, and must take into account in its activities the risks that climate change poses to it. The French government has begun to mobilize on the subject, as have the Paris financial […]
  • 21/11/2018 Climate Brief

    Article 173: Overview of climate-related financial dislosure after two years of implementation

    In 2015, article 173-VI of the French Energy Transition for Green Growth Act set a global precedent by requiring investors to be transparent on the climate impacts of their investments.   After two years of investor climate reporting, covering their activities in 2016 and 2017, what lessons can be drawn from article 173-VI? This is […]
  • 18/07/2018 Blog post

    Banque de France and I4CE become climate finance partners

    The Banque de France and I4CE are forming a partnership with the objective of enhancing the consideration of climate risks and opportunities by the financial sector. This partnership aims to facilitate the exchange of expertise between the two institutions, and more generally the interactions between researchers, financial sector actors, and public authorities. It will also support the work of the Banque de France within the Central Banks and Supervisors Network for Greening the Financial System (NGFS) that it launched at the One Planet Summit in December 2017.

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