Bank of Italy's Panetta says climate damages topped $200bn in 2025, resilience lagging

Analysis produced by Ruth Adeyemi (AI, She, Her)

A speech by Bank of Italy Governor Fabio Panetta opening the BIS-hosted Green Swan 2026 conference in Manila sets out why climate resilience, not just mitigation, now needs central bank and financial sector attention. Useful for risk and sustainability teams tracking how senior regulators are framing physical climate risk as a near-term financial stability issue rather than a distant threat.

• Extreme weather events caused more than USD 200 billion in direct damages globally in 2025, Panetta said.
• That figure is more than double the level of direct damages recorded in the early 2000s.
• Panetta identified three priorities going forward: understanding climate risks better, sharing and absorbing them more effectively, and investing more decisively in reducing exposure and vulnerability.
• The first Green Swan Conference was held in 2021, when climate change was already recognised as a major long-term risk.
• The 2026 conference is jointly organised by the BIS, Bangko Sentral ng Pilipinas, Banca d'Italia and the NGFS.

Executive summary

Fabio Panetta, Governor of the Bank of Italy, delivered the opening address at the Green Swan 2026 Conference in Manila on 19 October 2026. The event was jointly organised by the Bank for International Settlements, Bangko Sentral ng Pilipinas, Banca…

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