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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:

  • ‘Cli­mate fin­an­cial bubbles. How mar­ket sen­ti­ments shape the trans­ition to low-­car­bon cap­ital’, Mac­roE­co­nomic Dy­nam­ics, R&R (link)

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

  • ‘Deep Im­pact: Geo-Sim­u­la­tions as a Policy Toolkit for Nat­ural Dis­asters’. World Devel­op­ment 99: 395-418 (link)

Em­pir­ical

We develop em­pir­ical work ex­plor­ing the links between cli­mate, fin­ance and the trans­ition to a low-­car­bon economy, with a par­tic­u­lar fo­cus on cli­mate-re­lated fin­an­cial risks and port­fo­lio assess­ment. Re­cent out­puts in­clude:

  • ‘Net­works of stran­ded as­sets: A case for a bal­ance sheet ap­proach’, AFD Re­search Pa­pers 2017-54 (link)

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

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

  • ‘Fifty shades of green: Re­vis­it­ing de­coup­ling by eco­nomic sect­ors and air pol­lut­ants’, Eco­lo­gical Eco­nom­ics 133: 111-126 (link)

  • ‘A cli­mate stress-test of the fin­an­cial sys­tem’, Nature Cli­mate Change 7:283-288 (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:

  • 'Fin­ance and cli­mate change: What role for cent­ral banks and fin­an­cial reg­u­lat­ors?’, Nature Cli­mate Change, un­der re­view (link)

  • ‘The tight­en­ing links between fin­an­cial sys­tems and en­vir­on­mental is­sues’, in ‘Eco­nomic policies since the Global Fin­an­cial Crisis’, Pal­grave Mac­mil­lan, 313-356 (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)

  • ‘Identi­fy­ing the policy space for cli­mate loss and dam­age’, Science 354: 290-292 (link)

  • ‘Bey­ond car­bon pri­cing: The role of bank­ing and mon­et­ary policy in fin­an­cing the trans­ition to a low-­car­bon economy’, Eco­lo­gical Eco­nom­ics 121: 220-230 (link)

Emanuele CAMPIGLIO
Emanuele CAMPIGLIO

Research Area Leader