Atmospheric CO2 concentrations and surface temperature reconstructions in the study period 1850-2017 are used to estimate observed equilibrium climate sensitivity. Comparison of climate sensitivities in the first and second halves of the study period and a study of climate sensitivities in a...

The catastrophic events are characterized by "low frequency and high severity". Nevertheless, during the last decades, both the frequency and the magnitude of these events have been significantly rising worldwide. In 2021, the European Commission adopted a new Strategy on Adaptation to Climate...

We document that climate uncertainty negatively affects corporate investment. The effect is more pronounced for firms with higher capital intensity, higher operating inflexibility, and less redeployable capital. Our results are robust to using an instrumental variable approach and to using...