We study the effect of changes in firms' ESG ratings on the cost of debt of U.S. firms using a methodology change of an ESG rating provider. We find that loan spreads of downgraded ESG-rated firms in the secondary corporate loan market increase by about 10% compared to non-downgraded ESG-rated...

Los escenarios de mitigación climática son una herramienta esencial para analizar las implicaciones macroeconómicas y financieras del cambio climático (riesgo físico), y cómo podría desarrollarse la transición hacia una economía baja en carbono (riesgo de transición). La Red para la...

Evitar la materialización del cambio climático es uno de los principales retos de nuestro tiempo. En esta tarea, el sector financiero desempeña un papel fundamental, motivando a economistas académicos a desarrollar un nuevo campo de investigación, las finanzas climáticas. A la vez, el uso...

Private investment and a robust private sector are fundamental drivers of economic growth and job creation, which are key ingredients to help tackle poverty. Development finance institutions (DFIs), with their core mandates to promote economic growth through their financing, risk sharing and...

This report analyses the impacts that changes in trade structures, economic growth and technology have had on the greenhouse gas emissions (GhG) generated in the continent. It sets out climate change adaptation and mitigation strategies in the context of Africa's economic transformation and...

Effective weather and climate information services ('climate services') are essential to enable people across the world to cope with climate variability and change. Accurate, timely, relevant and usable information can help people to understand their climate-related risks and act appropriately....

What are the characteristics of recipient countries that attract more climate finance in mitigating and adapting to climate change? In this study, we address this question by looking at recipients in 43 Sub-Sahara African countries for the period 2006-2017, and implement several panel regression...

This report explores the relationship between oil and gas dependency and a country's debt burden, where repayments are potentially reliant on fossil fuel revenues. In particular, by looking at the interaction between oil and gas prices and public finances over a 11-year period (2010-2020) for a...