This policy panel concludes our four-webinar series linking climate change and uncertainty in modeling frameworks and policy decisions. Our panelists will discuss how deep uncertainty related to climate change affects policy-making.
The following issues and questions will be discussed:
- How is fundamental uncertainty about climate change introduced in the models and tools that central banks use? How does this reflect in the policy decision based on these models and tools?
- What is the impact of unprecise and incomplete data on the forecasts and estimations from models and tools used by central banks? How does this translate when they are used in policy decisions?
- Which principles should policy decision-makers follow to guide policy decisions in such a context?
- Do you see other examples in which central banks take decisions with uncertain or unobservable data? What parallels can you make between these situations and climate?
- How should the policy decision process be adapted to account for this situation and still be able to deliver robust policy decisions?