Our research

The Centre for Climate Finance and Investment undertakes cutting-edge research on how capital markets are responding to global climate change. Helping investors and policy makers overcome the lack of clarity about risk and return in clean energy, low-carbon technologies, and green infrastructure.

The Centre works closely with the Grantham Institute – Climate Change and the Environment and the Brevan Howard Centre for Financial Analysis. Imperial College Business School launched the MSc Climate Change, Management & Finance in September 2016 in partnership with the Grantham Institute.

Cost of Capital

Introducing the report on the impact of Climate Change on the Cost of Capital for Developing Countries, as covered in the Financial Times and created in conjunction with SOAS and UN Environment.

Research in Development & Thought Pieces

Flying blind in climate change investing

Huge volumes of private sector capital will not flow to low carbon and clean tech until there is clear empirical evidence,  capital markets research must address key questions.

Lessons from the collapse at GE

Investors worried about carbon risks need to be looking at industries beyond coal, oil and gas.

Can the oil and gas majors transition to zero carbon?

Are the major oil and gas companies really prepared for a low-carbon energy system? We’re developing a new approach to help investors find out.

The dangers of subsidy-free renewable energy

Almost all European countries want to get rid of subsidies for renewable energy projects, but exposing producers to greater market risk may be both inefficient and counterproductive.

Recent Reports

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

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

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

Going Beyond Green: Do Listed Clean Energy Infrastructure Shares Make Financial Sense for Investors?

Growing Green Finance


Understanding Green Bonds

Understanding Green Bonds

Firm Power Parity: A Framework for Understanding the Disruptive Threat of Solar & Storage

Notes to Researchers

The CCFI works closely with other researchers and centres within Imperial College London. If you are interested to work with the Centre for Climate Finance and Investment please be in touch here 

Current Opportunities

Research Associate in Economics, Data Science and Energy Demand  Find out more here 

Selected academic publications

Biffis E, Blake D, Pitotti L, et al., 2016, The Cost of Counterparty Risk and Collateralization in Longevity Swaps, Journal of Risk and Insurance, Vol:83, ISSN:0022-4367, Pages:387-419


Rujeerapaiboon N, Kuhn D, Wiesemann W, 2016, Robust Growth-Optimal Portfolios, Management Science, Vol:62, ISSN:0025-1909, Pages:2090-2109


Slowak AP, Taticchi P, 2015, Technology, policy and management for carbon reduction: A critical and global review with insights on the role played by the Chinese Academy, Journal of Cleaner Production, Vol:103, ISSN:0959-6526, Pages:601-619


Martin R, Muuls M, de Preux LB, et al., 2014, Industry Compensation under Relocation Risk: A Firm-Level Analysis of the EU Emissions Trading Scheme, American Economic Review, Vol:104, ISSN:0002-8282, Pages:2482-2508


Staffell I, Green R, 2014, How does wind farm performance decline with age?, Renewable Energy, Vol:66, ISSN:0960-1481, Pages:775-786


Martin R, de Preux LB, Wagner UJ, 2014, The impact of a carbon tax on manufacturing: Evidence from microdata, Journal of Public Economics, Vol:117, ISSN:0047-2727, Pages:1-14