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The Environmental Footprint and Risk Exposure of a Domestic Financial System
This paper develops a macroeconomic framework to measure the environmental footprint of a domestic financial system. By combining the national financial accounts with an environmentally extended multi-regional input output (EE-MRIO) model, we estimate the greenhouse gas (GHG) emissions and other environmental impacts indirectly financed by domestic financial institutions. The framework allows us to reconstruct ``from-where-to-where‘‘ exposures across institutional sectors and asset classes, while accounting for the full chain of financial intermediation. Applying this methodology to the Swiss financial system, our results show that financed emissions amount to approximately 116 million tons of CO2e in 2022, around three times Switzerland’s territorial emissions. Although emissions per unit of assets have declined, the overall footprint remains large due to the growth of total assets under management and significant foreign exposures. Extending the analysis beyond GHGs, we show that financed impacts on land use, water use, eutrophication, and biodiversity loss are of similar magnitude to Switzerland’s consumption-based impacts.
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