Ming Deng, Markus Leippold, Alexander Wagner, Qian Wang, 21 April 2022

Is the geopolitical crisis due to the Russian invasion of Ukraine likely to accelerate or retard the transition to a low-carbon economy? This column argues that stock prices reactions offer a preview of the future economic impact of the Russia-Ukraine war. These reactions suggest that the speed of transition to a low-carbon economy appears to be diverging between the US and Europe. These results obtain while controlling for ESG measures, inflation exposure, and international exposure of firms.

Niels Thygesen, Roel Beetsma, Massimo Bordignon, Xavier Debrun, Mateusz Szczurek, Martin Larch, Matthias Busse, Mateja Gabrijelcic, Laszlo Jankovics, Janis Malzubris, 16 March 2022

One of the key challenges for the next decade is how to facilitate the green transition. Governments are expected to scale up public investment, buffer the costs of more severe weather-related shocks, and deploy other fiscal tools in a way that facilitates a smooth private sector transition, as well as handle the unavoidable distributive effects of a higher carbon price. This column discusses this year’s conference of the European Fiscal Board, at which a prominent line-up of speakers had an open and inspiring exchange on how the greening challenge could be addressed in the future of the EU fiscal framework. 

Ralph De Haas, 22 November 2019

We think about climate policies as moderating or interceding in markets. 
But a new paper implies that when stock markets play a bigger part in the economy, polluting industries become cleaner. Tim Phillips asks Ralph De Haas of the European Bank for Reconstruction and Development whether we already have a green finance initiative under our noses.

Ralph De Haas, 15 June 2018

In the 2015 Paris Agreement, participating countries committed to trying to limit the increase in the global temperature to no more than 2 degrees, requiring a major transition in the way we produce products and services. Ralph de Haas explains his research on how this Green Transition can be financed, and whether certain types of finance - in particular stock vs. credit markets - are better suited to achieving 'greener growth'. This video was recorded at CEPR's Third Annual Spring Symposium.

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