#7


GREEN FINANCE
RESEARCH
ADVANCES


IN PARIS AND ONLINE
December 14th and 15th, 2022

Green Finance Research Advances 2022

Welcome to the 7th edition of the annual conference “Green Finance Research Advances”, co-organised by Banque de France and Institut Louis Bachelier.

The objective of this conference is to bring together academics, finance practitioners and regulators, to discuss together research issues related to the integration of climate risks (more generally, environmental issues) into macro-economic modelling/forecasting and into the risk assessment of the financial sector.

While climate risks have much longer time horizons than traditional financial risks and cannot be dealt with without a clear understanding of long-term phenomena governing the joint evolution of climate and the economy, the short and medium-term aspects of energy transition are crucial for an orderly transition and are perhaps less well studied in the economic literature. This upcoming 7th Green Finance Research Advances therefore aims to highlight the short and medium-term climate risks and obstacles to energy transition and the role of central banks in addressing them.

 

Join the conversation using the conference hashtags:
#GreenFinance #ClimateScience

 


Replay

Programme

MORNING SESSION

9:00-9:25 Opening

Speaker 1: Nathalie Aufauvre (Banque de France)
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Speaker 2: Jean-Michel Beacco (Institut Louis Bachelier)
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9:25-10:10 Keynote 1

Galina Hale (Professor of Economics UC Santa Cruz)
on Financial markets: from climate risks to climate solutions
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Keynote Announcer: Thomas Allen (Banque de France)

10:10-10:30 Comfort Break

10:30-13:00 Contributed talks – Sustainable investment, sustainable products

10:30-10:55: The Preferential Treatment of Green Bonds

Speaker: Matthias Kaldorf
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10:55-11:20: Building portfolios of sovereign securities with decreasing carbon footprints

Speaker: Gong Cheng
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11:20-11:45: Time-varying Environmental Betas and Latent Green Factors

Speaker: Mirco Rubin
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11:45-12:10: When Green Investors Are Green Consumers

Speaker: Olivier David Zerbib
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12:10-12:35: How Sustainable Finance Creates Impact: Transmission Mechanisms to the Real Economy

Speaker: Alex Clark
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12:35-13:00: The Benchmark Greenium

Speaker: Johannes Klausmann
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Moderator: Delphine Lautier (Université Paris-Dauphine-PSL Paris)


AFTERNOON SESSION

14:30-15:15 Keynote 2

James Stock (Harold Hitchings Burbank Professor of Political Economy, Harvard University)
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Keynote Announcer: Peter Tankov (ENSAE Institut Louis Bachelier)

15:15-16:30 Contributed talks – Physical risks

15:15-15:40: Systemic Climate Risk

Speaker: Tristan Jourde
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15:40-16:05: Natural Disasters and Financial Stress: Can Macroprudential Regulation Tame Green Swans?

Speaker: Pauline Avril
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16:05-16:30: Floods, Fires and Firms: Estimating the effect of extreme weather events on the pricing of corporate loans

Speaker: Tina Emambakhsh
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Moderator: Antoine Mandel (Paris School of Economics)

16:30-16:50 Comfort Break

16:50-18:05: Contributed talks – ESG, disclosure and data

16:50-17:15: Do Scope 3 Carbon Emissions Impact Firms’ Cost of Debt?

Speaker: Ahyan Panjwani
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17:40-18:05: Machine Learning Methods in Climate Finance: a Systematic Review

Speaker: Andres Alonso
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17:15-17:40: Net Zero Investment Portfolios

Speaker: Thierry Roncalli
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Moderator: Stéphane Voisin (Institut Louis Bachelier)

MORNING SESSION

9:00-10:40 Contributed talks – Transition risk, scenarios, stress testing (part 1)

9:00-9:25: A climate credit risk model: a structural approach

Speaker: Stefano Battiston
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9:25-9:50: Transition risk, asset stranding and financial instability

Speaker: Louis Daumas
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9:50-10:15: The double materiality of climate physical and transition risks in the euro area

Speaker: Irene Monasterolo
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10:15-10:40: Bridging socioeconomic pathways of CO2 emission and credit risk

Speaker: Florian Bourgey
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Moderator: Peter Tankov, ENSAE (Institut Louis Bachelier)

10:40-11:00 Comfort Break

11:00-11:45 Keynote 3

Matteo Ciccarelli, Head of Forecasting and Policy Modelling Division, European Central Bank (Directorate General Economics)
on Macroeconomic effects of climate related shocks over the business cycle
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Keynote Announcer: Stéphane Dees (Banque de France)

11:45-12:45 Contributed talks- Transition risk, scenarios, stress testing

11:55-12:20: Is climate stress testing accounting for scenario uncertainty right?

Speaker: Matteo Gasparini
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12:20-12:45: Banks divesting and stranding assets: a self-reinforcing phenomenon?

Speaker: Fanny Cartellier
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Moderator: Stéphane Dees (Banque de France)


AFTERNOON SESSION

14:15-15:15 Award of the Banque de France “Young Researchers in Green Finance”

Speaker: Emmanuelle Assouan (Banque de France)
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Short presentation(s) by Irene Monasterolo, EDHEC, ERCII
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15:15-16:30 Panel on “Uncertainties and transition: Rethinking the short-term horizon of climate-related financial risks”
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Panelists:

    • David Carlin (UNEP-FI)
    • Annabelle de Gaye (Banque de France)
    • Paul Hiebert (European Central Bank)
    • Antoine Bezat (BNP Paribas)

Moderator: Anuschka Hilke (I4CE)

Including Q&A session

16:30: End of conference

Book of Abstracts

Scientific committee

  • Thomas Allen, Banque de France
  • Jean Boissinot, Banque de France
  • Laurent Clerc, ACPR
  • Antoine Godin, Agence Française de Développement
  • Frédéric Ghersi, CIRED
  • Céline Grislain Letremy, Banque de France
  • Delphine Lautier, Université Paris-Dauphine-PSL
  • Antoine Mandel, Paris 1
  • Anuschka Hilke, Institute for Climate Economics-I4CE
  • Stéphane Dees, Banque de France
  • Stéphane Voisin, Institut Louis Bachelier
  • Peter Tankov, ENSAE, Institut Louis Bachelier

Edition 2020 and 2021