CLIMATE RISKS AND FINANCIAL MARKETS: A REVIEW OF THE LITERATURE

Pengxiang Zhai, Ying Fan, Qiang Ji and Yan-Ran Ma
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Pengxiang Zhai: School of Economics and Management, China University of Petroleum-Beijing, Beijing 102249, China†School of Economics and Management, Beihang University, Beijing 100191, China‡Laboratory for Low-Carbon Intelligent Governance, Beihang University, Beijing 100191, China
Ying Fan: ��School of Economics and Management, Beihang University, Beijing 100191, China‡Laboratory for Low-Carbon Intelligent Governance, Beihang University, Beijing 100191, China
Qiang Ji: �Institutes of Science and Development, Chinese Academy of Sciences, Beijing 100190, China¶School of Public Policy and Management, University of Chinese Academy of Sciences, Beijing 100049, China
Yan-Ran Ma: �Institutes of Science and Development, Chinese Academy of Sciences, Beijing 100190, China

Climate Change Economics (CCE), 2024, vol. 15, issue 04, 1-25

Abstract: This study reviews how climate change could be considered an additional source of financial market risk using a bibliometric methodology. We find that the primary impetus for academics’ research into these concerns has come from significant international climate change events, e.g., the adoption of the Paris Climate Agreement. Ecological Economics, Energy Policy, and Energy Economics emerge as the major journals of the existing research output. The bibliographic coupling analysis of the corpus further reveals the existence of five major themes. The first theme evaluates the climate risk and explores mechanisms by which can financial risks be impacted by climate change. The second theme talks about the losses brought on by climate change. The third theme talks about how climate finance products, such as green bonds, green securities, and green insurance, are created and issued, as well as how they help to address and mitigate climate risks. The fourth theme examines how the current financial policy frameworks and instruments can be optimized and adapted in light of the considerable degree of uncertainty that surrounds climate change. The fifth theme discusses the climate-related financial risk modeling. We provide a summary of the development of these themes as well as the future direction to be explored.

Keywords: Climate-related financial risks; financial market; bibliometric analysis; theme; future direction (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1142/S2010007824400086

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