Climate Finance
Organized by Caroline Flammer and Stefano Giglio
Supported by Norges Bank Investment Management
October 10, 2025
Royal Sonesta Hotel, 40 Edwin H. Land Blvd.,Cambridge, MA
Thursday, October 9
11:30 am

PhD Student Workshop on Climate Finance

Faculty advisors:
Douglas Almond, Columbia University and NBER
Ran Duchin, Boston College
Caroline Flammer, Columbia University and NBER
Stefano Giglio, Yale University and NBER
6:30 pm
Dinner - Royal Sonesta Hotel, Charles Suite
Friday, October 10
8:00 am
Continental Breakfast
8:30 am

The Fiscal Impact of Biodiversity Loss and a Pathway for Conservation Finance

Anya Nakhmurina, Yale University
Dale T. Manning, Univeristy of Tennessee
Eli Fenichel, Yale University

Discussant:
Wolfram Schlenker, Harvard University and NBER
9:20 am

Marginal Willingness to Pay for Nature-Based Solutions: Evidence from Transaction Prices of Drained Peatland

Harrison Hong, Columbia University and NBER
Charles A. Taylor, Harvard University and NBER
Jiangmin Xu, Peking University

Discussant:
Matthew Kotchen, Yale University and NBER
10:10 am
Break
10:30 am

Do Carbon Markets Undermine Private Climate Initiatives?

Pat Akey, ESSEC Business School
Ian R. Appel, University of Virginia
Aymeric Bellon, University of North Carolina at Chapel Hill
Johannes Klausmann, University of Virginia

Discussant:
Laura Starks, University of Texas at Austin and NBER
11:20 am

Carbon Pricing and Investment

James R. Brown, Texas A&M University
Gustav Martinsson, Stockholm University
Per Stromberg, Stockholm School of Economics
Christian Thomann, Stockholm School of Economics

Discussant:
Geoffrey Heal, Columbia University and NBER
12:10 pm
Lunch
1:10 pm

A Deep Learning Analysis of Climate Change, Innovation, and Uncertainty

Michael Barnett, Arizona State University
William Brock, University of Wisconsin - Madison
Lars P. Hansen, University of Chicago and NBER
Ruimeng Hu, University of California, Santa Barbara
Joseph Huang, University of Pennsylvania

Discussant:
Philippe Aghion, Collège de France
2:00 pm

Norm-setting Divestment: the World's Largest Investor's Coal Exit and Global Emissions

Fenella Carpena, Oslo Metropolitan University
Marco Castelluccio, University College London
Jonas Hjort, University College London

Discussant:
Lars Sendstad, Norges Bank Investment Management
2:50 pm
Break
3:10 pm

Insurers’ Coal Underwriting Policies

Olimpia Carradori, Swiss Finance Institute
Felix von Meyerinck, University of Zurich
Zacharias Sautner, University of Zurich

Discussant:
Sumudu W. Watugala, Indiana University
4:00 pm

Weathering the Storm: The Effects of Natural Disasters on Households under Universal Insurance

Espegren Caroline, BI Norwegian Business School
Sigurd Galaasen, Bank of Norway
Emilia Garcia-Appendini, University of St. Gallen
Mathis Mehlum, Bank of Norway

Discussant:
Parinitha R. Sastry, University of Pennsylvania
4:50 pm
Adjourn