To celebrate the 45th anniversary of the University of Macau (UM), the Faculty of Business Administration (FBA) held a Nobel Laureate Lecture today (15 June), featuring Prof Robert F. Engle, 2003 Nobel Laureate in Economic Sciences. Prof Engle delivered a lecture titled ‘Can We Stop Climate Change?’, sharing his insights into the growing challenges posed by climate change and geopolitical uncertainty, and examining their implications for global financial markets. The lecture was well attended by industry professionals, prominent members of the community, as well as faculty and students.
Speaking at the event, UM Vice Rector Michael Hui noted that Prof Engle was awarded the Nobel Memorial Prize in Economic Sciences in 2003 in recognition of his outstanding contributions to economics and finance. He added that Prof Engle is internationally renowned for developing the autoregressive conditional heteroskedasticity (ARCH) model, a pioneering framework for analysing financial market volatility and risk which has had a profound influence on academic research, policymaking, and risk management practices worldwide.
Dean of FBA Jun Yu said that Prof Engle’s lecture would provide valuable insights into climate risk, financial stability, and the interconnected challenges facing today’s world. He added that, as climate change and geopolitical developments continue to reshape the global economy and markets, a deeper understanding of these issues is becoming increasingly important for governments, businesses, and society. Prof Engle’s insights are therefore highly relevant to Macao’s pursuit of sustainable development and innovation.
During the lecture, Prof Engle examined the interplay between climate change and geopolitical risk, highlighting how major events such as wars, public health emergencies, and elections can trigger fluctuations in global asset markets. He also discussed the physical and transition risks associated with climate change. Following the lecture, Prof Torben Andersen from Northwestern University joined Prof Engle for a roundtable discussion, which was moderated by Prof Yu. The speakers also engaged with the audience during a Q&A session.
The lecture was sponsored by the University of Macau Development Foundation (UMDF). Attendees included: Huen Wing Ming Patrick, second vice chair of the University Council of UM; Claudia Xu, vice rector of UM. Members of the FBA Advisory Board were also present, including Stanley Au, chairman of Delta Asia Financial Group and chairman of the Small and Medium Enterprises Association of Macao; and Carlos Cid Álvares, CEO of Banco Nacional Ultramarino.
