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CEPR/EBRD/ECB Symposium on “Climate change, finance and green growth”

Monday, 14 and Tuesday, 15 June 2021
Video conference (by invitation only)

This symposium will feature state-of-the-art academic research on the interaction between financial markets and the green transition. Individual papers will address various issues relating to climate risk, climate policies, adaptation and sustainable development. The symposium underlines the ECB’s increasing commitment to better understanding the consequences of climate change for output and inflation and to exploring the role that central banks can play in transitioning to a low-carbon economy.


Times are Central European Time (UTC+1)

* indicates the presenter

Monday, 14 June 2021

Session 1 - Climate risk and sustainable development

Session chair: Luc Laeven, European Central Bank


Welcome address: From market neutrality to market efficiency

Isabel Schnabel, Member of the Executive Board, European Central Bank


Sustainable investing in equilibrium

  • Lubos Pastor, University of Chicago
  • Robert Stambaugh, University of Pennsylvania
  • Lucian Taylor*, University of Pennsylvania

Discussant: Eugenie Dugoua, London School of Economics


Pricing Poseidon: Extreme weather uncertainty and firm return dynamics

  • Mathias Kruttli, Federal Reserve Board
  • Brigitte Roth Tran, Federal Reserve Board
  • Sumudu Watugala*, Cornell University

Discussant: Zacharias Sautner, Frankfurt School of Finance & Management


Moderated discussion
Climate change, climate policies and sustainable growth

  • Diana Urge-Vorsatz, Central European University and Intergovernmental Panel on Climate Change
  • Michael Spence, Stanford University

Moderator: Martin Sandbu, Financial Times


End of day one

Tuesday, 15 June 2021

Session 2 - Climate change adaptation and policies

Session chair: Beata Javorcik, European Bank for Reconstruction and Development


On the effectiveness of climate policies

  • John Hassler, Institute for International Economic Studies, Stockholm University
  • Per Krussell, Institute for International Economic Studies, Stockholm University
  • Conny Olovsson*, Sveriges Riksbank
  • Michael Reiter, Institute for Advanced Studies (IHS), Vienna

Discussant: Emanuel Moench, Deutsche Bundesbank


Real effects of climate policy: Financial constraints and spillovers

  • Sohnke Bartram*, University of Warwick and CEPR
  • Kewei Hou, Ohio State University
  • Sehoon Kim, University of Florida

Discussant: Steven Ongena, University of Zurich


The macro effects of climate policy uncertainty

Stephie Fried, Arizona State University

Discussant: Lena Boneva, European Central Bank


Climate change and adaptation in global supply-chain networks

  • Nora Pankratz, Maastricht University
  • Christoph Schiller*, Arizona State University

Discussant: Michael Koetter, Halle Institute for Economic Research (IWH)


End of the symposium

This programme may be subject to change without notice.

All sessions will be recorded.

General information
Conference language English
Organising committee
  • Britta Bertram, European Central Bank
  • Ralph De Haas, European Bank for Reconstruction and Development
  • Lucie Newman, European Bank for Reconstruction and Development
  • Alexander Popov, European Central Bank

Alexander Popov
+49 69 1344 8428

Britta Bertram
+49 171 3392459