ARTICLES

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Climate Finance – The Review of Financial Studies, Volume 33, Issue 3, March 2020

Climate finance is the study of local and global financing of public and private investment that seeks to support mitigation of and adaptation to climate change. In 2017, the Review of Financial Studies launched a competition among scholars to develop research proposals on the topic with the goal of publishing this special volume. We describe the competition, how the nine projects featured in this volume came to be published, and frame their findings within what we view as a broader climate finance research program.

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Climate finance governance: Fit for purpose?

This article consists of a critical review of the conceptual scholarship on the governance of climate finance and includes an overview of the institutional arrangements and governance logics that provide climate finance. New decentralized, polycentric structures allow for climate finance to more effectively reach the sub- and non-state actors most directly implementing climate change governance. However, the expansion of climate finance into market-inflected forms of blended finance, as well as debt-based financing, express a neoliberal logic that shifts power to market actors

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Climate finance policy in practice: a review of the evidence

This paper empirically evaluates how policy to mobilize climate finance works in practice. It examines the performance of nine types of climate finance policies, namely target lending, green bond policy, loan guarantee programmes, weather indexed insurance, feed-in-tariffs, tax credits, national development banks, disclosure policies and national climate funds, through a literature review and case studies. Both successful and unsuccessful country cases are examined. Criteria are established to evaluate climate finance policy, factors which lead to effective climate finance policy in practice are identified, current knowledge gaps are clarified, and policy implications provided.

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Annual Review of Financial Economics Climate Finance

Climate change is one of the defining challenges of our time, with the potential to impact the health and well-being of nearly every person on the planet. In addition, climate change poses a large aggregate risk to the economy and the financial system (e.g., Litterman et al. 2020). The tools of financial economics, designed for valuing and managing risky future outcomes, can therefore, help society assess and respond to climate change risk.

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The Zero Carbon Car

The automotive sector is critical to achieving net-zero global emissions by 2050, the foundation of the road map toward limiting global warming to 1.5 degrees Celsius above pre-industrial levels. Many original-equipment manufacturers (OEMs) are accordingly setting aggressive de-carbonization targets to meet this challenge.

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Feeling the heat?

2019 may be remembered as the year when climate change activism went mainstream. At the end of September, in a series of rallies timed to coincide with the United Nations climate summit, an estimated six million people in more than 180 countries took to the streets to demand far more action to cut greenhouse emissions.

ARTICLES

Climate Finance – The Review of Financial Studies, Volume 33, Issue 3, March 2020

Harrison Hong, G Andrew Karolyi, & Jose A. Scheinkman

Climate finance governance: Fit for purpose?

Sarah Bracking & Benjamin Leffel

Climate finance policy in practice: a review of the evidence

Rishikesh Ram Bhandary, Kelly Sims Gallagher & Fang Zhang

Annual Review of Financial Economics Climate Finance

Stefano Giglio, Bryan Kelly, & Johannes Stroebel

The Zero Carbon Car

Eric Hannon, Tomas Nauclér, Anders Suneson, and Fehmi Yüksel

Feeling the heat?

Dr. Michela Coppola, Thomas Krick & Dr. Julian Blohmke

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