Centre for Climate Finance & Investment Past Research

Energy in Transition: Coal, Solar, and India’s Next Decade

The newest research from the CCFI exploring energy transition scenarios for India over the next decade, and in particular the impact for coal as solar grows in power, sponsored by Standard Chartered bank.

Transition Finance: Managing Funding to Carbon-Intensive Firms

This discussion paper seeks to advance the concept of transition finance as a channel for systemic decarbonization of the global economy.

Credit Risk Sensitivity to Carbon Price - GRASFI 2020 Best Climate Finance Paper

The winner of the GRASFI 2020 Best Climate Finance Paper sponsored by Imperial College London CCFI was written by Vincent Bouchet, Caisse des Depots and Theo Le Guenedal, Amundi Asset Management

Estimating Financial Risks from the Energy Transition

Facing financial losses and financial instability from climate change, investors and regulators are urgently seeking to identify, quantify, and manage climate related-risks. This study proposes a sophisticated financially model to asses impacts.

Energy Investing: Exploring Risk and Return in the Capital Markets

A Joint Report by the International Energy Agency and the Centre for Climate Finance & Investment. Going into the COVID-19 crisis, the trend towards renewable power was accelerating, yet investments in clean energy are still falling short.

The High Cost of Electricity Price Uncertainty

Removing subsidies and revenue stability for renewable power generators will come at a cost. We estimate that exposure to volatile wholesale power prices will drive up the cost of capital for new renewable power projects.

Credit Risks and Investment Taxonomies - Research in Progress

Credit Risks and Investment Taxonomies is a forthcoming research paper by CCFI and funded by INSPIRE by ClimateWorks. The aim of this research project is to understand the forward-looking risks associated with investments in “brown” industries.

A net-zero emissions economic recovery from COVID-19

The COVID-19 emergency has several parallels to the climate emergency. This background paper provides greater detail behind the proposals in a COP26 Universities Network Briefing for UK BEIS.

Do Investors Care About Climate Risk?

Exploring whether carbon emissions affect stock returns, the paper finds that investors are demanding compensation for their exposure to carbon risk.

The green swan Central banking and financial stability in the age of climate change

The Green Swan: Climate Change and financial stability

Central banking and financial stability in the age of climate change. Landmark research on addressing climate change risks within central banks’ financial stability mandate. Lead author Prof Patrick Bolton is the Research Director of the CCFI.

Financing Low-Carbon Infrastructure

In this report we examine strategies to mobilise private capital and facilitate greater financial sector development in support of the transition to more sustainable economic growth.

Lending to Low Carbon Technologies

Responding to climate change is fundamentally an investment challenge. This report aims to demystify the sector by applying standard tools of investment risk analysis to clean energy.

Climate Change Investment Risks: Exploring the Implications for Optimal Portfolio Construction

We present in this paper an alternative approach which can be used by institutional investors to assess and manage energy transition risks.

Strategic Positioning of the Oil and Gas Majors Amidst a Global Energy Transition

In this paper, we introduce a methodology for identifying strategic differentiation amongst major international oil and gas companies with regards to a low-carbon energy transition.

Climate Change and the Cost of Capital in Developing Countries (UN Environment, 2018)

Growing Green Finance

A new report out today from TheCityUK and Imperial College Business School makes the case for the UK to better seize the opportunities presented by its position as a leading centre for green finance.

Understanding Green Bonds

Our research reveals that granular data on the nature of green bond demand and the motives of buy-side market participants remains elusive.

Going Beyond the Green

We know that low-carbon infrastructure investing is good for the planet, but does it make financial sense for big, mainstream investors?

Firm Power Parity

This paper proposes a new conceptual framework for understanding competition in electricity markets.

Electricity markets, incentives & zero subsidy renewables

A review of the electricity market arrangements in the UK and looking at fundamental reform as a result of the rising share of variable renewables such as wind and solar power.

Past Research