Climate Change
Macroeconomics and Finance Forum

How are climate risks transmitted to the macroeconomy and financial systems? Which modelling frameworks best grasp the complex linkages between climate change, the economy and financial markets? How can they help in improving monetary and financial policies? What should be the role of central banks in tackling climate change?

Our forum on Climate Change, Macroeconomics and Finance, delves into these questions and more. It provides rigorous research, debates, and sound insights in economics. It aims at providing a unique source of information and debate for academics, central bankers and policy makers on ongoing research and policy options. It also aspires to aggregate knowledge from around the globe and trigger the engagement of economists who are studying the environmental challenges ahead of us.

Our twice-monthly webinars will host scholars to discuss their research. Members of our forum – economists from academia, central banks, international institutions and think tanks – will have the chance to comment and discuss the findings on our platform.

The webinars are open to the public. If you would like to join our forum please send an email to

Upcoming Webinars

"The Preferential Treatment of Green Bonds"

Francesco Giovanardi – Assistant Professor of Economics, University of Cologne

Monday March 8, 2021

12:00pm EST, 6:00pm CET

"The real economic impact of natural disasters: accounting for distributional impacts and implications for poverty"

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Stephane HallegatteLead Economist, Climate Change Group, The World Bank

Monday June 28, 2021

12:00pm EDT, 6:00pm CET

Advisory Board

University of Bologna

Emanuele Campiglio

Emanuele Campiglio is Associate Professor at the University of Bologna. He is also Visiting Fellow at the London School of Economics and Political Science (LSE) and Affiliated Scientist at the RFF-CMCC European Institute on Economics and the Environment (EIEE). Previously, he was Assistant Professor at the Vienna University of Economics and Business (WU). His research focuses on the links between climate change, macro-financial systems and sustainability transitions. He is the recipient of a 5-year European Research Council (ERC) Starting Grant for the project SMOOTH (Sustainable Finance for a Smooth Low-Carbon Transition). He was also a principal investigator in the CASCADES (H2020), WINDOW (OeNB) and GreenMacro (Mistra) projects.

Bocconi University

di Castelnuovo

Dr. Matteo Di Castelnuovo is Director of the Master in Sustainability and Energy Management (MaSEM) at Bocconi University, Director of the Africa Lab, Coordinator of the Just Energy Transition Team in the Sustainability Lab and SDA Professor of Practice in Energy Economics at SDA Bocconi School of Management. He is also the faculty representative in the Energy and Utilities Topic within the Bocconi Alumni Community. Dr Di Castelnuovo has over twenty years of experience working on energy markets. Prior to going back to academia in 2004, he has worked for a few years as a strategic energy consultant in the UK. His research interests are energy economics, regulation, market design, liberalization, energy and climate policy, low-carbon technologies and energy access in developing countries.

Council on Economic Policies

Pierre Monnin

Pierre Monnin is a Senior Fellow with CEP where he is focusing on the environmental and social effects of monetary policy. His research on climate change concentrates on the implications of climate risks for the financial sector, as well as on the integration of these risks in monetary policy. Prior to that he has been with the Swiss National Bank (SNB) in various roles, mainly related to financial stability. He also worked in the financial sector, developing asset allocation strategies for alternative investments.

Previous Webinars

"Climate change and monetary policy: issues for policy design and modelling"

Warwick J. McKibbin –  Director of the Centre for Applied Macroeconomic Analysis,  Australian National University

Monday June 14, 2021

Watch the video.

Download the paper (slides).

"Dissecting Climate Risks: Are They Reflected in Stock Prices?"

Renato Faccini – Deputy Head of Research at Danmarks Nationalbank

Monday May 17, 2021

Watch the video.

Download the paper (slides).

"Greening Monetary Policy: Evidence from the People's Bank of China"

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Alain Naef (003)

Camille Macaire – Economist, Banque de France and Research Associate, CEPII

Alain Naef – Economist, Banque de France

"Green bonds and carbon emissions: exploring the case for a rating system at the firm level"

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Benoit Mojon – Head of Economic Analysis, Monetary and Economic Department, BIS

Monday April 19, 2021

Watch the video.

Download the paper (slides).

"The ECB’s financial risk-management: Historical insights for the review of the monetary policy strategy"

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Jens van ‘t Klooster – Postdoctoral fellow, KU Leuven and the University of Amsterdam

Monday April 12, 2021

Watch the video.

Download the paper (slides).

"Greening the Financial System: Policy Options for Monetary and Financial Authorities in Latin America"

The E-axes Forum on Climate Change, Macroeconomics and Finance in collaboration with the SOAS Centre for Sustainable Finance is organizing a panel discussion on policy options currently being debated at monetary and financial authorities in Latin America. 

Monday March 22, 2021

Watch the video.

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Rafael Del Villar Alrich

Chief Advisor to the Governor

Banco de México

Mariana Escobar

Mariana Escobar Uribe

Head of Sustainable Finance Superintendencia Financiera de Colombia


Carolina Flores Tapia

Head of the Market Development Unit Research Division 

Coordinator Climate Change Task Force

Commission for the Financial Market Chile

"The Preferential Treatment of Green Bonds"

Francesco Giovanardi – Assistant Professor of Economics, University of Cologne

Monday  March 8, 2021

Watch the video.

Download the paper (slides)

"Monetary policy operations and financial regulation to green the financial system"

The E-axes Forum on Climate Change, Macroeconomics and Finance in collaboration with the Council on Economic Policies  organized a panel discussion which  explored policy options – for large-scale asset purchases, long-term refinancing operations, collateral framework and prudential regulation – to green the financial system, as well as debate their feasibility and effectiveness.

Monday February 22, 2021

Watch the video.


Katrin Assenmacher

Head of Monetary Policy Strategy Division, ECB


Emanuel Mönch

Head of Research, Deutsche Bundesbank


Maria Nieto

Senior Advisor, Banco de España 

"Whatever it takes to save the planet? Central banks and unconventional green policy"

Alessandro Ferrari – Economist, Banca d’Italia

Monday February 8, 2021

Watch the video.

Download the paper (slides).

"Climate-related Risks and Central Banks’ Collateral Policy: a Methodological Experiment"

Pierre-François Weber – Deputy Director, Monetary Policy Implementation, Banque de France

Monday January 25, 2021

Watch the video

Download the paper (slides).

"Low-carbon transition risks for finance: what does theory have to say? "

Gregor Semieniuk – Assistant Research Professor, PERI-University of Massachusetts Amherst

Monday December 14, 2020

Watch the video

Download the paper (slides).

"Climate Risks: Carbon Pricing and Financial Policy "

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Rick van der Ploeg – Professor of Economics, Oxford University

Monday November 30, 2020

Watch the video

Download the paper (slides).

"Sizing the risks and raising the awareness: the contribution of the 2020 ACPR Climate Pilot Exercise "

Laurent Clerc – Director for Research and Risk Analysis, Banque de France

"Climate Change and Sovereign Risk"

Ulrich Volz – Founding Director, SOAS Centre for Sustainable Finance & Reader in Economics

Monday October 26, 2020

Watch the video.

Download the paper (slides).

"Dealing with environment-related financial risks: towards a precautionary approach"

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Josh Ryan-Collins – Head of Finance and Macroeconomics, UCL  IIPP

Monday October 12, 2020

Watch the video.

Download the paper (slides).

"The Rising Cost of Climate Change: Evidence from the Bond Market"

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Glenn Rudebusch – Executive Vice President, Federal Reserve Bank of San Francisco

Monday September 28, 2020

Watch the video.

Download the paper.

"Climate Risk in the Italian Financial System: a Central Bank Perspective"

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Ivan Faiella – Senior Economist, Bank of Italy

Monday July 13, 2020

The slides of the presentation are here.

"Macroeconomic and Financial Policies for Climate Change Mitigation: A Review of the Literature"

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William Oman -Economist, IMF

Signe Krogstrup – Assistant Governor, Danmarks Nationalbank

Monday June 29, 2020

The slides of the presentation are here.

"Climate Change and Central Banks"

Misa Tanaka – Head of Research, Bank of England

Monday June 22, 2020

The slides of the presentation are here.

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