#9
GREEN FINANCE
RESEARCH
ADVANCES
IN PARIS AND ONLINE
December 11th – 12th, 2024
#9
GREEN FINANCE
RESEARCH
ADVANCES
IN PARIS AND ONLINE
December 11th – 12th, 2024
The Green Finance Research Advances (GFRA) is an international research conference for academics and professionals, co-organized by Banque de France and the Institut Louis Bachelier, with the participation of the Institut de la Finance Durable and the Institute for Climate Economics-I4CE.
We invite academics, regulators and professionals to save the date for the 9th edition of the conference, which will take place in Paris and online on December 11th-12th, 2024.
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-related, nature-related and transition-related risks into macro-economic modelling/forecasting and into the risk assessment of the financial sector.
MORNING SESSION
9:30-10:00 Welcome
Introductory remarks by Jean-Michel Beacco, General Director of ILB
Introductory remarks by Emmanuelle Assouan, General Director of Financial Stability and Operations, Banque de France
10:00-11:00 Keynote 1 Transition risks
Tim Gould IEA Chief Energy Economist
Introduced by Jean Boissinot (or Yann Marin) – Banque de France
11:00-12:00 Contributed talks – Climate physical risks and banking stability
Chair: Elsa Allman – Banque de France
An Efficient SSP-based Methodology for Assessing Climate Exposure in Financial Systems
Presenter: Emmanuel Gobet (Ecole Polytechnique, France)
Flooded Credit Markets: Physical Climate Risk and Bank Lending
Presenter: Serena Fatica (JRC – EC)
12:00-13:00 Lunch – Poster Session
Critical Raw Materials Index (CRMI)
Capucine Nobletz (ILB – BdF)
The Shareholder Base of Green Bond Issuers at the Dawn of Anti-ESG Movement
Diana Pop (Universite Angers)
Biodiversity and Climate: Friends or Foes?
Emmanuel Jurczenko (EDHEC BUSINESS SCHOOL)
Asymmetric Impact of ESG on Credit Risk
Rupali Vashisht (University of Southampton)
Sensitivity Analysis of emissions Markets: A Discrete-Time Radner Equilibrium Approach
Mekonnen Tadese Demeke (LPSM Laboratoire)
AFTERNOON SESSION
13:00-14:00 Keynote 2 Adaptation Finance
Swenja Sumiski Prof. in practice at the LSE
Introduced by Cristina Penasco – Banque de France
14:00 – 15:15 Panel – on transition planning (Main points about the papers and conversation)
Chair: Stephane Voisin – ILB
New Facts on Carbon Pledges of European Banks
Presenter: Cristina Angelico (Banca D’Italia)
Review of Portfolio Alignment Methodologies
Presenter: Julie Raynaud (ILB)
Comparing two mathematical approaches to aggregate individual climate performances at the portfolio level
Presenter: Imène Ben Rejeb-Mzah (BNP)
Implied temperature rise of equity portfolios: a sensitivity analysis framework
Presenter: Vincent Bouchet (Scientific Portfolio)
15:15-15:30 COMFORT BREAK
15:30-17:00 Contributed talks – Modelling natural capital depletion and nature-related risks
Chair: Elise Gourier
Extreme Seas, Climate Change, and Banking Stability: A Bottom-up Temporospatial Stress Test in the Context of Domestic Real Estate
Presenter: Quyen Nguyen (GNS Science, New Zealand)
Nature Stress Testing and Value at Risk
Presenter: Edouard M. Pineau (EthiFinance)
Spatially Explicit Metrics for Biodiversity Loss
Presenter: Wassim Le Lann (Naturalis Biodiversity Center)
PARALLEL SESSIONS
17:00-18:30 Contributed talks – Policy
Chair: Cristina Peñasco – Banque de France
Approaching Disaster Risk Financing in a Structured Way: A Possible Framework for the EU Member States
Presenter: Diana Radu (European Commission)
Adapting to Change: Green Technology Tax Credits
Presenter: Kinga Tchorzewska (Kozminski University, Poland)
Mechanisms to Prevent Carbon Lock-in in Transition Finance
Presenter: Valentina Bellesi (OECD)
17:00-18:30 Contributed talks – Credit risk session
Chair: Jean Guillaume Sahuc – Banque de France
Impact of the Carbon Price on Credit Portfolio’s Loss with Stochastic Collateral
Presenter: Lionel Sopgoui (LPSM, Université Paris Cité – Imperial College London)
Credit Risk Where It’s Due: Carbon Pricing and Corporate Exposure
Presenter: Laurent Millischer (Joint Vienna Institute)
A Semiparametric Location-Scale Model for Assessing Climate Risk
Presenter: Guillaume Flament (ENSAI, CREST, Square Research Center)
MORNING SESSION
9:00-10:00 Keynote 3 Sustainable Investment Strategies
Perrine Toledano Director of Research and Policy Columbia Center on Sustainable Investment
Introduced by Cecile Goubet – Institut de la Finance Durable
PARALLEL SESSIONS
10:00-11:30 Contributed talks – Adaptation finance and resilience strategies
Chair: Elise Kremer – Banque de France
Adaptation Finance in Emerging Markets
Presenter: Yuwei Liao (HK University of Sciences and Technology)
Climate Minsky Moments and Endogenous Financial Crises
Presenter: Matthias Rottner (Bank for International Settlements)
Green spread in the US Municipal Bonds
Presenter: Philippe Dupuy (Grenoble Ecole de Management)
10:00-11:30 Contributed talks – Asset pricing
Chair: Gauthier Vermandel – Polytechnique
The Impact of Climate Risk on Global Equity Valuation
Presenter: Riccardo Rebonato (EDHEC-Risk Climate Impact Institute, EDHEC Business School)
Green Intermediary Asset Pricing
Presenter: Maxime Sauzet (Boston University)
A structural model for ESG linked bank debt financing
Presenter: Audrius Jukonis (Šiaulių Bankas)
11:30-11:45 COMFORT BREAK
PARALLEL SESSIONS
Chair: Peter Tankov– ILB
11:45-13:15 Contributed talks – Greenwashing
Can Investors Curb Greenwashing?
Presenter: Olivier David Zerbib (CREST, ENSAE, Institut Polytechnique de Paris)
A Greenwashing Index
Presenter: Elise Gourier (ESSEC Business School)
Greenwashing : Evidence from corporate ESG bond market
Presenter: Wilson Tsz Shing Wan (HKUST)
11:45-13:15 Contributed talks – Carbon markets and investment challenges
Chair: Stephane Dees – Banque de France
The Puzzle of Carbon Allowance Spread
Presenter: Roberto Baviera (Politecnico di Milano)
Do Carbon Markets Undermine Private Climate Investment?
Presenter: Pat Akey (INSEAD)
Going Green: Will the R-star Shine Brighter?
Presenter: Marie Jézéquel-Royer (LEO, Université d’Orléans)
13:15-14:15 LUNCH BREAK
AFTERNOON SESSION
14:15-15:45 Contributed talks – Financing the climate transition
Chair: Capucine Nobletz – Banque de France & ILB
A European Climate Bond
Presenter: Irene Monasterolo (Utrecht University, CEPR, WU Wien)
High Voltage: Financing the Path to Zero Coal
Presenter: Fabio Grieco (BdF)
Optimal Climate Policy as if the Transition Mattered
Presenter: Frank Venmans (LSE)
15:45-16:45 Panel – on data, metrics and the use of IA/LLM in sustainable finance
Chair: Peter Tankov – ILB
Predicting corporate environmental performance
Presenter: Quentin M.Moreau (HK University of Science and Technology)
Unmasking Climate Change: Traversing Storms, Cold, Heat and Fire in Corporate Earnings Calls through a Hybrid Taxonomy and GPT-based Methodology
Presenter: Lea Zicchino (Prometeia, Johns Hopkins University)
Estimating Corporate Greenhouse Gas Emissions
Presenter: Thibaud Barreau (ILB)
16:45-17:00 COMFORT BREAK
17:00-17:45 Award of the Banque de France “Young Researchers in Green Finance”
Speaker: François Haas (Banque de France)
Short presentation(s) by Laurate(s)
17:45-18:00 Concluding remarks
Institut Louis Bachelier (ILB)
The Institut Louis Bachelier (ILB) is an association under the law of 1901 created in 2008, at the initiative of the French Treasury and Caisse des Dépôts et Consignations. ILB funds, develops and promotes sustainable development research excellence in economics and finance. Currently hosting more than 60 research programs within four societal transitions (environmental, digital, demographic and financial), ILB is the center of collaborations between academic, as well as public and private partners on subjects of societal importance.
For more information : www.institutlouisbachelier.org
Banque de France
Should you want to know more about
the Banque de France’s Prize for Young Researchers in Green Finance, click here
I4CE
The Institute for Climate Economics (I4CE) is a Paris-based think tank with expertise in economics and finance with the mission to support action against climate change. Through its applied research, the Institute contributes to the debate on climate-related policies. It also publishes research to support financial institutions, businesses and territories in the fight against climate change and that assists with the incorporation of climate issues into their activities and operations.
Institut de la Finance Durable
The "Institut de la Finance Durable" aims to coordinate, federate and accelerate the action of the Paris financial center to achieve the ecological transition and the transformation of the economy towards a low-carbon and inclusive model, aligned with the objectives of the Paris Agreement and the Sustainable Development Goals. Created in October 2022, the IFD takes over from Finance For Tomorrow.
For more information : institutdelafinancedurable.com
ESG Data Cartography
Discover the first mapping proposition of all conventional and alternative entities (ESG data providers, specialized providers, startups, open-source platform, NGOs, …) having relevant data for dealing with main green and sustainable finance use cases.
For more information : institutlouisbachelier.org/en/esg-data-cartography