<![CDATA[Penelitian ini menganalisis dampak kebijakan makroprudensial terhadap emisi CO2 di negara maju dan berkembang periode 2010–2023 menggunakan estimasi Panel Least Square. Temuan utama mengungkap bahwa emisi CO₂ secara signifikan mengganggu stabilitas keuangan melalui risiko transisi dan iklim fisik. Negara maju berhasil mencapai decoupling pertumbuhan ekonomi dari emisi sehingga meminimalkan eksposur aset berisiko dan meningkatkan ketahanan keuangan sementara negara berkembang mengalami coupling yang memperbesar kerentanan sistemik. Secara khusus, Capital Adequacy Ratio efektif menekan emisi di negara maju, tetapi instrumen seperti Loan-to-Value dan Debt-to-Income kurang mendukung transisi rendah karbon di negara berkembang. Implikasi kebijakannya mencakup integrasi bobot risiko aset berbasis fosil bagi negara maju guna mempercepat decoupling, serta inovasi kredit adaptif dan koordinasi kebijakan untuk transisi hijau inklusif di negara berkembang. Penggabungan risiko iklim dalam regulasi makroprudensial pada akhirnya melindungi stabilitas keuangan sekaligus mencegah kerugian ekonomi global triliunan dolar akibat perubahan iklim. This study analyzes the impact of macroprudential policies on CO₂ emissions in advanced and developing economies over 2010–2023 using Panel Least Square estimation. Key findings indicate that CO2 emissions significantly disrupt financial stability through transition and physical climate risks. Advanced economies achieve decoupling of economic growth from emissions thus minimizing risky asset exposure and enhancing financial resilience while developing economies experience persistent coupling that amplifies systemic vulnerabilities. Specifically, the Capital Adequacy Ratio effectively curbs emissions in advanced economies, whereas instruments like Loan-to-Value and Debt-to-Income ratios inadequately support low-carbon transitions in developing ones. Policy implications include integrating fossil-based asset risk weights in advanced economies to accelerate decoupling, alongside adaptive credit innovations and policy coordination for inclusive green transitions in developing economies. Ultimately, embedding climate risks in macroprudential regulation safeguards financial stability while averting trillions in global economic losses from climate change.]]>
