Climate Finance
Organized by Caroline Flammer and Stefano Giglio
Supported by Norges Bank Investment Management
October 22-23, 2026
Royal Sonesta Hotel, 40 Edwin H. Land Blvd.,Cambridge, MA
Thursday, October 22
11:45am

PhD Student Workshop on Climate Finance
Faculty Advisors
Eli Fenichel, Yale University
Caroline Flammer, Columbia University and NBER
Stefano Giglio, Yale University and NBER
Marcin Kacperczyk, Imperial College London
6:30 pm
Dinner, Royal Sonesta Hotel
Friday, October 23
8:00 am
Continental Breakfast
8:30am

The Energy Cost of AI and Data Centers

Olivier Darmouni, HEC Paris
Clemens Lehner, Columbia University
Yuqi Zhang, Columbia University

Discussant:
Meredith Fowlie, University of California, Berkeley and NBER
9:20am

When Trade Dries Up: Infrastructure Constraints and Firm Performance

Nora Pankratz, University of Toronto

Discussant:
Mathias Kruttli, Indiana University
10:10 am
Break
10:30am

Natural Capital and Municipal Debt

Emma A. Gjerdseth, Yale University
Eli Fenichel, Yale University
Anya Nakhmurina, Yale University

Discussant:
gunnar eskeland, Norwegian School of Economics (NHH)
11:20am

Migrant Remittances and Sovereign Credit Risk: Insuring Consumption Against Disasters

Harrison Hong, Columbia University and NBER
José A. Scheinkman, Columbia University and NBER
Jiangmin Xu, Peking University

Discussant:
Solomon Hsiang, Stanford University and NBER
12:10 pm
Lunch
1:10pm

Private Value of Mangrove Coastal Protection Benefits

Teng Liu, University of California, Santa Cruz
Michael Beck, University of California, Santa Cruz
Brook Constantz, University of California, Santa Cruz
Borja Reguero, University of California, Santa Cruz
Galina Hale, University of California, Santa Cruz and NBER
David Gutierrez Barcelo, University of California, Santa Cruz

Discussant:
lulie Aslaksen, Statistics Norway
2:00pm

Corporate Emissions and Profits

Marianne Bertrand, The University of Chicago and NBER
Frederik Kohl, London Business School
Christian Leuz, The University of Chicago and NBER

Discussant:
Patrick Bolton, Imperial College London
2:50 pm
Break
3:10pm

What is the carbon premium a premium on?

Marcin Kacperczyk, Imperial College London

Discussant:
Robert F. Stambaugh, University of Pennsylvania and NBER
4:00pm

Selection and Scale in Carbon Offset Markets

Eduardo M. Azevedo, University of Pennsylvania
Susanna B. Berkouwer, University of Pennsylvania and NBER
Prakash Mishra, Dartmouth College
Anna Russo, Harvard University
Arthur A. van Benthem, University of Pennsylvania and NBER

Discussant:
Nicholas Ryan, Yale University and NBER
4:50 pm
Adjourn