Climate Finance

Stefano Giglio, Bryan Kelly and Johannes Stroebel

No 8772, CESifo Working Paper Series from CESifo

Abstract: We review the literature studying interactions between climate change and financial markets. We first discuss various approaches to incorporating climate risk in macro-finance models. We then review the empirical literature that explores the pricing of climate risks across a large number of asset classes including real estate, equities, and fixed income securities. In this context, we also discuss how investors can use these assets to construct portfolios that hedge against climate risk. We conclude by proposing several promising directions for future research in climate finance.

Keywords: climate change; climate risk; physical risk; transition risk; ESG (search for similar items in EconPapers)
Date: 2020
New Economics Papers: this item is included in nep-env, nep-fdg and nep-rmg
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Related works:
Journal Article: Climate Finance (2021)
Working Paper: Climate Finance (2020)
Working Paper: Climate Finance (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:ces:ceswps:_8772

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