Financial decisions worldwide are increasingly influenced by the scarcity of resources and climate. The extent of the environmental impact from climate change is still uncertain but the recent scientific evidence is increasingly worrisome (IPCC, 2018) and many governments are taking decisive steps in order to avert a catastrophe. The transition towards a low-carbon economy requires a broad array of financial instruments and innovations that will have far-reaching implications for markets, corporations, intermediaries, and investors. The financial implications of climatic change risks - in a context of evolving climate policies - are still understudied. Specific research areas to be covered include the use of capital markets to create market-based emissions trading systems, the efficiency of the market pricing of climatic risks, the role of venture capital and alternative finance to develop new low-emissions technologies, the climate risks assessment and disclosure for banks and non-financial companies, the contribution of project finance and private equity to building clean energy projects, the financial management decisions affected by climate risks and policies, the corporate governance conflicts and incentives in addressing climate risks, and the design of investment strategies to hedge climate risks and liabilities.
- Laurent Calvet (EDHEC Business School)
- Raman Uppal (EDHEC Business School)
- Gianfranco Gianfrate (EDHEC Business School) – managing guest editor
Suggestions for research topics (to name a few) include:
- Efficiency of the market pricing of climate risks
- Causal links between global warming and firm or industry cash flows
- Venture capital, crowdfunding, and alternative finance for clean-tech
- Green bonds and green financial institutions
- Valuation of stranded assets in energy and carbon intensive industries
- Private equity and project finance for renewable energy investments
- Agency conflict, board oversight, and corporate governance incentives in dealing with climate risks
- Institutional investors and climate change
- Green lending and green stress testing
- Hedging climate risks
- Corporate disclosure regarding carbon and climate risk exposures
Scientific Committee: Ben Caldecott (University of Oxford); Laurent Calvet (EDHEC Business School); Caroline Flammer (Boston University); Gianfranco Gianfrate (EDHEC Business School); Harrison Hong (Columbia University); Matteo Maggiori (Harvard University); Dirk Schoenmaker (Rotterdam School of Management); Enrique Schroth (Cass Business School); Raman Uppal (EDHEC Business School).
Full paper submissions for the conference (only in English): from July 1 to August 31, 2019. Please send your working paper to the following email: [email protected]with the subject heading “Conference on Climate Change Finance”.
Conference dates: 16-17 December 2019, Institut Louis Bachelier, Paris, France.
Deadline for paper submission (more details below) for the special issue of the Journal of Corporate Finance: January 31, 2020.
Aug 31, 2019: conference submission deadline for full manuscript
Sept 30, 2019: decisions for conference presentation
16-17 December 2020: conference in Paris
Jan 31, 2020: submission to Special Issue
December 31, 2020: expected publication
For questions regarding the conference and the special issue please contact [email protected].
Journal of Corporate Finance (JCF) Combined Submission Option:
Articles submitted to the conference that fall within the scope of the Journal of Corporate Finance may be considered for a special issue on the Finance of Climate Change in the Journal under its dual review process. Please, refer to the related dual submission guidelines on the conference website and the email announcement for the call for papers.
The Guest Editors will initially review the papers. After consultation with the sponsoring editor (Bart Lambrecht) from the Journal, papers that pass the initial screening test will be invited by the guest editor for submission to a special issue in the Journal of Corporate Finance. All submissions should be made using the following address: https://www.journals.elsevier.com/journal-of-corporate-finance/.
Papers submitted to the special issue will go through a standard reviewing process with anonymous referees. The reviewing process will be managed by the guest editors with oversight of the General Editors of The Journal of Corporate Finance.
Bento N., Gianfrate G., Groppo S.V. (2019), “Do Crowdfunding Returns Reward Risks? Evidences from Cleantech Projects,” Technological Forecasting & Social Change, DOI: 10.1016/j.techfore.2018.07.007.
Cumming, D.J., G. Leboeuf, A. Schwienbacher (2017), “Crowdfunding cleantech”, Energy Economics, 65, pp. 292-303.
Dimson, E. (2015), “Active Ownership”, Review of Financial Studies, 28 (12), pp. 3225-3268.
Dyck, I.J. Alexander and Lins, Karl V. and Roth, Lukas and Wagner, Hannes F., (2019), “Do Institutional Investors Drive Corporate Social Responsibility? International Evidence”, Journal of Financial Economics (forthcoming).
Gaddy, B.E., V. Sivaram, T.B. Jones, L. Wayman (2017), “Venture Capital and Cleantech: the wrong model for energy innovation”, Energy Policy, 102 pp. 385-395.
IPCC (2018) “Global Warming of 1.5°C. An IPCC Special Report on the impacts of global warming of 1.5°C above pre-industrial levels and related global greenhouse gas emission pathways, in the context of strengthening the global response to the threat of climate change, sustainable development, and efforts to eradicate poverty”.
Steffe, B. (2017), “The importance of project finance for renewable energy projects”, Energy Economics, https://doi.org/10.1016/j.eneco.2017.11.006