Wednesday, May 22, 2024
09:15 – 09:30 Welcome address by Emmanuelle ASSOUAN (Banque de France)
SESSION 1: MACROECONOMICS OF BIODIVERSITY – Chair: Olivier de BANDT (Banque de France)
The design of public policies and their impact on supply/demand and biodiversity
09:30-10:20 KEYNOTE on BIODIVERSITY FINANCE by Caroline FLAMMER (Columbia) (Paper)
10:20 – 11.05 Anouch MISSIRIAN (TSE), Christopher COSTELLO (University of California), Olivier DESCHENES (University of California), Gavin McDONALD (University of California), and Michael MELNYCHUK (University of Washington)
Demand vs. Supply Side Preservation Policies: The Case of Ocean Biodiversity and Fisheries (presentation)
Discussant: Anna CRETI (Dauphine)
11:30 – 12.20 KEYNOTE on CLIMATE FINANCE by Patrick BOLTON (Imperial College London)
SESSION 2: MACROECONOMICS OF CLIMATE CHANGE AND GREENFLATION – Chair: Stéphane DEES (Banque de France)
Disparities in climate risk exposure, inflation consequences of the ecological transition and insights for macroeconomic modelling
13:30 – 14.15 Adrien BILAL (Harvard), and Esteban ROSSI-HANSBERG (University of Chicago)
Anticipating Climate Change Across the United States (presentation)
Discussant: Charles SERFATY (Banque de France)
14:15 – 15.00 Jean-Guillaume SAHUC (Banque de France), Frank SMETS (ECB), and Gauthier VERMANDEL (Polytechnique)
The New Keynesian Climate Model (presentation)
Discussant: Francesca DILUISO (Bank of England)
SESSION 3: BANKING REGULATION AND CLIMATE RISK – Chair: Laurent CLERC (Banque de France)
Climate risks, the role and exposure of financial intermediaries, and consequences for prudential regulation
15:30 – 16.15 Martin OEHMKE (LSE), and Marcus M. OPP (Stockholm School of Economics)
Green Capital Requirements (presentation)
Discussant: Magdalena ROLA-JANICKA (Imperial)
16:15 – 17.00 Hyejoon JUNG (NY Fed), João A. C. SANTOS (NY Fed) and Lee SELTZER (NY Fed)
US Banks’ Exposures to Climate Transition Risks (presentation)
Discussant: Maria LOUMIOTI (University of Texas, Dallas)
17:00 – 18:30 PANEL ON MONETARY POLICY, BIODIVERSITY AND CLIMATE
Chair: Alexandre GARABEDIAN (L’Agefi)
With the participation of: Maud ABDELLI (WWF), Orith AZOULAY (Natixis), Mathieu LEFEBVRE (Waga Energy, CEO), Olivier GARNIER (Banque de France), Christian GOLLIER (TSE)
Thursday, May 23, 2024
09:00 – 09:50 Keynote THE CLIMATE-BIODIVERSITY NEXUS by Geoffrey HEAL (Columbia University) | Chair : Ulrich Hege (TSE)
SESSION 4: NATURE AND THE RISK & VALUATION OF FINANCIAL ASSETS – Chair: Jean BOISSINOT (ACPR)
Nature and biodiversity loss and its impact on the pricing and risk of financial assets
09:50 – 10.35 Alexandre GAREL (Audencia Business School), Arthur ROMEC (Toulouse Business School), Zacharias SAUTNER (University of Zurich), and Alexander F. WAGNER (University of Zurich)
Do Investors Care About Biodiversity? (presentation)
Discussant: Marie BRIERE (Amundi, Dauphine University)
11:00 – 11.45 Andreas G.F. HOEPNER (University College Dublin), Johannes KLAUSMANN (University of Virginia), Markus LEIPPOLD (University of Zurich), and Jordy RILLAERTS (University of Zurich)
Beyond Climate: The Impact of Biodiversity, Water, and Pollution on the CDS Term Structure
Discussant: Jean-Paul RENNE (HEC Lausanne)
SESSION 5: FINANCING THE ECOLOGICAL TRANSITION – Chair: Edith GINGLINGER (Dauphine)
Public finances and the challenge of the energy and ecological transition
11:45 – 12.30 Luigi LOVINO (Bocconi University), Thorsten MARTIN (Frankfurt School of Finance & Management), and Julien SAUVAGNAT (Bocconi University)
Corporate Taxation and Carbon Emissions (presentation)
Discussant: Jean BOISSINOT (ACPR)
12:30 – 13.15 Stéphane DEES (Banque de France), and Caterina SEGHINI (Swiss Finance Institute)
The Green Transition and Public Finances (presentation)
Discussant: Fanny HENRIET (AMSE)
13:15 – 13:30 Concluding Remarks by Christian GOLLIER (TSE)