The Centre for Climate Finance & Investment undertakes cutting-edge research.

Our strategic aims guide the Centre’s work as we shape the future of climate-aligned finance and deliver practical impact across research and industry.

The Centre acts as an institutional bridge:

Between science and financial markets, converting climate, nature, and environmental data into decision-useful metrics for investors, corporates, financial institutions, and other market participants.

Between academic research and market innovation, developing novel methodologies with industry relevance, adoption, and scalability.

Between technology and finance, using advanced analytics, AI, and data-driven methods to strengthen risk assessment, scenario analysis, and investment decision-making.

Between risk and opportunity, helping organisations manage uncertainty while identifying investable pathways for resilience, clean energy, adaptation, economic security, and sustainable growth.

Recent Research Papers

 

Climate Transition Risk and Sustainable Finance 

  • Allen, F., Barbalau, A., & Zeni, F. (2026). Reducing Carbon Using Regulatory and Financial Market Tools. Working paper. Link 
  • Cenci, S., & Biffis, E. (2026). Growth Opportunities at Risk Under Increasingly Ambitious Mitigation Pathways. Manuscript.  Link 
  • Döttling, R., & Rola-Janicka, M. (2025). Too Levered for Pigou: Carbon Pricing, Financial Constraints, and Leverage Regulation. Journal of Financial Economics, 172, 104105.  Link 
  • Kacperczyk, M. (2026). What Is the Carbon Premium a Premium On? Working paper.  Link 
  • Kacperczyk, M. (2025). Transition Risk in the Banking Sector: Climate Finance. Nature Climate Change, 15(9), 923–924.  Link 
  • Ostrovnaya, A., Ahrens, J., Smart, J., Theocharidou, A., & Buhr, B. (2026). Carbon Cost Pass-Through and Access to Capital Shape Firms’ Carbon Strategies. Communications Earth & Environment.  Link 

Physical Climate Risks and Adaptation 

  • Bolton, P., Chavez, E., & Masselot, P. The Missing Climate Millions. Working paper.  Link 
  • Harrison, S., et al. Land Management to Mitigate the Risks of Future Fire in the Mediterranean Region: Strategies and Barriers to Their Adoption. Forthcoming, Frontiers in Environmental Science.  Link

Carbon Pricing/Accounting and Carbon Projects 

  • Biagini, S., Biffis, E., & Salezadeh Nobari, K. Short-lived Gases, Carbon Markets, and Climate Risk Mitigation. Working paper.  Link 
  • Cenci, S., & Biffis, E. (2025). Lack of Harmonisation of Greenhouse Gases Reporting Standards and the Methane Emissions Gap. Nature Communications, 16, 1537.  Link 
  • Colmer, J., Martin, R., Muûls, M., & Wagner, U. J. (2025). Does Pricing Carbon Mitigate Climate Change? Firm-Level Evidence from the European Union Emissions Trading System. Review of Economic Studies, 92(3), 1625–1660.  Link 
  • Song, J., Rolandi, T., Novocky, A., Knottenbelt, W., & collaborators. Manipulation-resistant Oracles via Continuous Peer Prediction. Forthcoming, MARBLE 2026.  Link 

Nature and Biodiversity Finance 

  • Allen, F., Behr, P., Cosenza, R., & Nowak, E. (2026). Do Investors Care About the Rainforest? Evidence from Voluntary Carbon Offsets Around the World. Review of Finance, 30(1), 321–349.  Link 
  • Liang, H., Bolton, P., Slade, E. M., & Biffis, E. (2026). Pricing Biodiversity-Related Impacts for Business and Investment Decisions. Manuscript.   
  • Pearse, W. D., Allen, F., Cenci, S., Liang, H., Morris, O. F., Pates, N. J., Slade, E. M., Somekh, L., & Biffis, E. (2026). Reversing Biodiversity Loss Requires a World Biodiversity Organisation that Can Bridge Finance and Nature. EcoEvoRxiv preprint. Link 
  • Climate Policy, Corporate Decarbonisation and International Cooperation 
  • Allen, F., Barbalau, A., Chavez, E., & Zeni, F. (2025). Leveraging the Capabilities of Multinational Firms to Address Climate Change: A Finance Perspective. Journal of International Business Studies, 56(4), 461–480.  Link 
  • Cenci, S., & Biffis, E. (2026). Corporate Emission Targets and the Consistency of Decarbonisation Actions with Climate Goals. Manuscript. Link 
  • Mehling, M., Dolphin, G., & Ritz, R. (2025). The European Union’s CBAM: Averting Emissions Leakage or Promoting the Diffusion of Carbon Pricing? Journal of Environmental Policy & Planning. Link 

Energy Transition and Infrastructure Finance 

  • Baumgärtner, S., Cardenas, M., Hepburn, C., & Ritz, R. (2026). A New Approach to Cost of Equity for Private Infrastructure. Working paper. Link 
  • Muûls, M., Khanna, S., & Martin, R. Building Virtual Power Plants: Incentives and Automation for Demand-Side Flexibility. GOV.UK report. Link 
  • Williams, R. The Cost of Balancing Wind and Solar. Working paper.  Link 
  • Williams, R. Lower Prices for Longer Renewable Contracts? Working paper. Link 
  • Williams, R. Blackout Insurance: The Anatomy of an Insurance Cycle. Working paper. Link 

Climate Risk Financing, Insurance and Blended Finance 

  • Biffis, E., & P. Hughes (2025). Insurance Products and Sustainability. In Quantitative Sustainable Finance (eds. P. Tankov and R. Zhang), Chapman & Hall/CRC Financial Mathematics Series.  Link 
  • Bolton, P., Edenhofer, O., Kleinnijenhuis, A., Rockström, J., & Zettelmeyer, J. (2025). Why Coalitions of Wealthy Nations Should Fund Others to Decarbonize. Nature, 639, 574–576. Link 

 

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