December 12nd ,13th and 14th, 2023

Green Finance Research Advances 2023

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 8th edition of the conference, which will take place in Paris and online on December 12th-14th, 2023.

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.




9:30-9:45 Welcome words

Speaker 1: Benoit Mojon(BIS)
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Speaker 2: Xuechun Zhang (PBOC)
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9:45-11:15 Macro Track I

9:45-10:30 Using Short-Term Scenarios to Assess the Macroeconomic Impacts of Climate Transition

Presenter: Annabelle de Gaye (Banque de France)
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Discussant: Benoit Mojon
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10:30-11:15 Climate-Conscious Monetary Policy (BdE and ECB)

Presenter: Anton Nakov (ECB)
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Discussant: Marco del Negro (FRBNY)
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11:15-11:30 Coffee

11:30-13:00 Finance Track I

11:30-12:15 The Shade of Green: Greenwashing in the Corporate Green Bond Markets

Presenter: Wilson Wan (HKMA)
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Discussant: Weina Zhang (PBOC)
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12:15-13:00 Credit Supply and Green Investments

Presenter: Emilia Garcia Appendini (Norges Bank)
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Discussant: Stephen Karolyi (US Treasury)
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13:00-14:00 Lunch


14:00-14:30 Welcome remarks

Emmanuelle Assouan (Banque de France)
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14:30-16:00 Macro Track II

14:30-15:15 To eat or to heat: are energy bills squeezing people?

Presenter: Luciano Lavecchia (Banca d’Italia)
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Discussant: Cristina Penasco (Banque de France)
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15:15-16:00 Estimating macro-fiscal effects of climate shocks from billions of geospatial weather

Presenter: Matthieu Bellon
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16:00-16:15 Coffee

16:15-17:45 Finance Track II

16:15-17:00 Green and Brown Returns in a Production Economy

Presenter: Thore Kockerols (ECB – European Central Bank)
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Discussant: Eric Jondeau (University of Lausanne)
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17:00-17:45 The Effect of U.S. Climate Policy on Financial Markets: An Event Study of the Inflation Reduction Act

Presenter: Glenn Rudebusch (Brookings Institution)
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Discussant: Elias Albagli (Banco Central Chile)
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17:45-18:00 Concluding remarks
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Introductory remarks by Jean-Michel Beacco, Director general of ILB
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9:00-9:45 Keynote 1

Emmanuel Hache (Professor of Economics, IFPEN) on « Clean energy transition and critical minerals »

Keynote Announcer: Peter Tankov (ENSAE, Institut Louis Bachelier)
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9:45-11:00 Contributed talks – Climate policy, disclosures and impacts (part 1)

9h45-10h10 Assessment of the sensitivity of transition matrices to carbon price with value chain effect

Speaker: Elizabeth Zuniga (EthiFinance)
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10:10-10:35 Strategic competition and donor interests: An econometric approximation to the market for the allocation of climate development aid for renewable energy projects

Speaker: Cristina Penasco (Banque de France)
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10:35-11:00 Democratic Climate Policies with Overlapping Generations

Speaker: Arnaud Goussebaile (ETH Zurich)
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Moderator: Stéphane Dees (Banque de France)

11:00-11:30 Comfort Break

11:30-12:20 Contributed talks – Climate policy, disclosures and impacts (part 2)

11:30-11:55 The Impact of Green Investors on Stock Prices

Speaker: Benoit Mojon (BIS)
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11h55-12h20 Corporate cost of debt in the low-carbon transition: The effect of climate policies on firm financing and investment through the banking channel

Speaker: Tobias Kruse (OECD Economics Department)
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Moderator: Stéphane Dees (Banque de France)


13:30-15:10 NGFS Launch event of the NGFS work on Nature-related scenarios

13h30-13h40 Intro remarks TF Nature Co-Chairs

Emmanuelle Assouan (Banque de France) / Marc Reinke (DNB)
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13:40-14:10 Presentation of the NGFS TF Nature’s work on scenarios

Romain Svartzman (Banque de France)
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14:10-15:10 Panel on “Nature scenarios: Convergence and divergence with climate scenarios”


  • Serafin Martinez, (Banco de Mexico)
  • Katie Kedward (UCL – Institute for Innovation and Public Purpose)
  • Alessandra Melis (TNFD)
  • Manuel Coeslier (Mirova) (TBC)

Moderator: Marc Reinke (DNB)
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15:10-15:55 Keynote 2

Nicola Ranger (University of Oxford, UK) on « The Green Scorpion: the Macro-Criticality of Nature-Related Risks for Finance »

Keynote Announcer: Jeff Althouse (Banque de France)
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15:55-16:25 Comfort Break

16:25-18h30 Contributed talks – Modelling natural capital depletion and nature-related risks (part 1)

16h25-16h50 Nature Integrated Assessment Modelling: a critical review and ways forward for scenario building

Speaker: Mathilde Salin (Banque de France)
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16:50-17:15 Stranded in the wastelands? Natural capital depletion and bank deposit reallocation

Speaker: Matias Ossandon Busch (CEMLA)
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17:15-17:40 A Closer Look at the Biodiversity Premium

Speaker: Thomas Giroux (ENSAE-CREST)
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17:40-18:05 Socioeconomic and spatially-explicit assessment of Nature-related risks: an application to South Africa

Speaker: Paul Hadji-Lazaro (AFD)
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18:05-18:30 Biodiversity Risk, Firm Performance, and Market Mispricing

Speaker: Maria Eugenia Sanin (Université Paris Saclay)
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Moderator: Romain Svartzman (Banque de France)


8:45-10:25 Parallel session 1 – Scenarios and stress testing

8h45-9h10 Optimal business model adaptation plan for a company under a transition scenario

Speaker: Elisa Ndiaye (Ecole Polytechnique)
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9h10-9h35 From Climate Stress Testing to Climate Value-at-Risk

Speaker: Thierry Roncalli (Amundi)
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9:35-10:00 The Road to Paris: stress testing the transition towards a net-zero economy

Speaker: Chiara Lelli (ECB)
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10:00-10:25 Growth at Risk From Climate Change

Speaker: Michael Kiley (Federal Reserve Board)
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Moderator: Peter Tankov (ENSAE, Institut Louis Bachelier)

8:45-10:25 Parallel session 2 – Banks and capital regulation  (in person only)

8h45-9h10 Climate Transition Risk and the Role of Bank Capital Regulation

Speaker: Enric Martorell (Banco de Espana)

9h10-9h35 As dry as a bone: how do banks cope with droughts?

Speaker: Oskar Kowalewski (IESEG School of Management)

9:35-10:00 Do bankers want their umbrellas back when it rains? Evidence from typhoons in China

Speaker: Camelia Turcu (Université d’Orléans)

10:00-10:25 Accounting for climate transition risk in banks’ capital requirements

Speaker: Lucia Alessi (European Commission)

Moderator: Laurent Clerc (ACPR)

10:25-11:00 Comfort Break
11:00-11:45 Keynote 3

Marcin Kacperczyk (Imperial College London) on “Carbon Transition Risk and Net-Zero Portfolio”

Keynote Announcer: Jean Boissinot (Banque de France)
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11:45-12:45 Panel on “Alignment toward Net Zero and transition plans: Uses and challenges”

Moderator: Stéphane Voisin


14:15-15:55 Parallel session 1 – Green investing

14h15-14h40 Pricing Climate Linkers

Speaker: Jean-Paul Renne (Université de Lausanne)
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14:40-15:05 A framework to align sovereign bonds portfolios with net zero trajectories

Speaker: Inès Barahhou (Kepler Cheuvreux)
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15:05-15:30 Climate change mitigation scenarios for financial sector target setting and alignment assessment

Speaker: Coline Pouille (OECD)
Jolien Noels (OECD)
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15:30-15:55 Who Pays the Greenium?

Speaker: Daniel Fricke (Deutsche Bundesbank)
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Moderator: Stéphane Voisin (Institut Louis Bachelier)

14:15-15:55 Parallel session 2 – Credit risks (in person only)

14h15-14h40 Asset Stranding, Climate Credit Risk and Capital Structure Design Under Global Warming

Speaker: Franck Moraux (Université de Rennes)

14:40-15:05 Climate and sovereign risk: the Latin American experience with ENSO events

Speaker: Julien Thavard (Université de Lorraine)

15:05-15:30 Diffusion of carbon price in credit portfolio through macroeconomic factors

Speaker: Lionel Sopgoui (LPSM – Université Paris Cité)

15:30-15:55 The term structure of carbon premia

Speaker: Omar Zulaica (Bis)

Presenter: Dora Xia (BIS)

Moderator: Cristina Penasco Paton (Banque de France)

15:55-16:30 Comfort Break

16:30-17:30 Award of the Banque de France “Young Researchers in Green Finance”

Speaker: François Haas (Banque de France)
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Short presentation(s) by the Laureate(s)
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17:30 End of conference

Scientific committee

  • Thomas Allen, Co-chair of the Scientific Committee, Banque de France
  • Peter Tankov, Co-chair of the Scientific Committee, Institut Louis Bachelier
  • Jeffrey Althouse, Banque de France
  • Jean Boissinot, Banque de France
  • Laurent Clerc, ACPR
  • Stéphane Dees, Banque de France
  • Antoine Godin, Agence Française de Développement
  • Frédéric Ghersi, CIRED
  • Delphine Lautier, Université Paris-Dauphine-PSL
  • Antoine Mandel, Paris 1
  • Cristina Penasco-Paton, Banque de France
  • Romain Svartzman, Banque de France
  • Stéphane Voisin, Institut Louis Bachelier
  • Olivier-David Zerbib, ENSAE

Organising Committee

  • Sandra Daniel, Banque de France
  • Ryadh Benlahrech, Institut Louis Bachelier
  • Iona Pelletier, Banque de France