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Climate Economics and Finance

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The re­search group on Cli­mate Eco­nom­ics and Fin­ance stud­ies the dy­namic in­ter­ac­tions between so­cio-e­co­nomic sys­tems and cli­mate sus­tain­ab­il­ity, with a spe­cial fo­cus on risk and fin­ance.

Mod­el­ling

We develop mac­roe­co­nomic mod­el­ling (CGE, SFC and ABM) to ad­dress re­search ques­tions linked to cli­mate mit­ig­a­tion/ad­apt­a­tion strategies and their so­cial, eco­nomic and fin­an­cial im­plic­a­tions. Re­cent out­puts in­clude:

  • ‘The EIRIN flow-of-­funds be­ha­vi­oural model of green fis­cal policies and green sov­er­eign bonds’, Eco­lo­gical Eco­nom­ics (link)

  • ‘Cli­mate fin­an­cial bubbles. How mar­ket sen­ti­ments shape the trans­ition to low-­car­bon cap­ital’, Mac­roE­co­nomic Dy­nam­ics, forth­com­ing

Em­pir­ical

We develop em­pir­ical work ex­plor­ing the links between cli­mate, fin­ance and the trans­ition to a low-­car­bon economy, in­clud­ing big data ana­lysis of stake­hold­ers’ nar­rat­ives. Re­cent out­puts in­clude:

  • ‘A cli­mate stress-test of the fin­an­cial sys­tem’, Nature Cli­mate Change (link)

  • ‘The cli­mate im­pact of quant­it­at­ive eas­ing’, Grantham Re­search In­sti­tute Policy Re­port (link)

  • ‘Vul­ner­able yet rel­ev­ant: the two di­men­sions of cli­mate-re­lated fin­an­cial dis­clos­ure’, Cli­matic Change, forth­com­ing (link to work­ing pa­per)

  • ‘Fifty shades of green: Re­vis­it­ing de­coup­ling by eco­nomic sect­ors and air pol­lut­ants’, Eco­lo­gical Eco­nom­ics (link)

Policy

We ana­lyze and pro­pose policies aimed at un­der­stand­ing the roles and lim­its of so­cio-e­co­nomic and fin­an­cial sys­tems in shap­ing cli­mate ob­ject­ives and the Sus­tain­able Devel­op­ment Goals (SDGs). Re­cent out­puts in­clude:

  • ‘Bey­ond car­bon pri­cing: The role of bank­ing and mon­et­ary policy in fin­an­cing the trans­ition to a low-­car­bon economy’, Eco­lo­gical Eco­nom­ics (link)

  • ‘Identi­fy­ing the policy space for cli­mate loss and dam­age’, Science (link)

  • ‘Op­por­tun­it­ies for know­ledge co-­pro­duc­tion across the en­ergy-­food-wa­ter nexus: Mak­ing in­ter­dis­cip­lin­ary ap­proaches work for bet­ter cli­mate de­cision mak­ing’, En­vir­on­mental Science & Policy (link)

Emanuele CAMPIGLIO
Emanuele CAMPIGLIO

Research Area Leader