Climate and Nature Finance
Organized by Janis Berzins, Caroline Flammer, Stefano Giglio, Salvatore Miglietta, Bogdan Stacescu, Johannes Stroebel, Stephen Szaura, and Adam Winegar
Supported by Norges Bank Investment Management
April 23-24, 2026
BI Norwegian Business School - Campus Oslo, Nydalsveien 37, 0484, Oslo
Register Here
Friday, April 24
8:30 am
Registration and Coffee
9:00 am

Session 1: Climate Risk, Hedging, and Asset Pricing

Climate Risk Pricing

Lasse H. Pedersen, Copenhagen Business School

The Value of Compliance Offsets in Cap-and-Trade Markets

Aymeric Bellon, University of North Carolina at Chapel Hill
Deeksha Gupta, Johns Hopkins University
Tarun Ramadorai, London School of Economics
Federica Zeni, The World Bank
10:20 am
Coffee Break
10:30 am

Session 2: Financial Frictions and the Green Investment Channel

Lost in Transition: Financial Barriers to Green Growth

Philippe Aghion, Collège de France
Antonin Bergeaud, HEC Paris
John Van Reenen, London School of Economics and Political Science (LSE) and NBER
Maarten De Ridder, London School of Economics and Political Science (LSE)

Financing Investment in Electricity

Olivier Darmouni, HEC Paris
Clemens Lehner, Columbia University
Parinitha R. Sastry, University of Pennsylvania
12:00 pm
Lunch and Poster Session

Pricing and Transmission of Climate Risk in Corporate Loan

Natalia Madrid, University of California, San Diego
Max Yang, University of California, San Diego

Carbon in the Cloud

Tingyu Yu, University of Zurich

Impact Investing and Private Equity: Cross-Country Determinants and Economic, Social, and Environmental Outcomes

Mahdieh Vosough Gohari, BI Norwegian Business School

The Effects of Green and Social Bond Issuance on Firms’ ESG Performance

Rodrigo A. Graça, Norwegian University of Science and Technology (NTNU)
Rui Henriques, University of Lisbon
Rita Pimentel, Norwegian University of Science and Technology (NTNU)

One Price Fits All? Cross-Subsidies in Uniformly Priced Natural Perils Insurance

Espegren Caroline, Bank of Norway

Biodiversity as an Asset: A Critical Analysis of Investor Narratives and Their Justice Implications

Catalina A. Papari, Utrecht University
Helen Toxopeus, Utrecht University
Qixiang Fang, Utrecht University

Global Warming, Ecosystems and Inequality

Rémi R. Turquier, University of Paris 1
Ignacio Oliva, University of California, Davis

Can Investor Coalitions Drive Corporate Climate Action?

Nikolaus Hastreiter, London School of Economics and Political Science (LSE)

The Value of Nature-Based Adaptation – Evidence that Tree Cover Protects Urban Revenue from Heat

Andie Creel, Yale University

The Unintended Consequences of Carbon Markets

Lior Shabtai, Northwestern University

Incident-Driven ESG Engagement

Hao Liang, Singapore Management University
Yongheng Sun, Singapore Management University
Mandy Tham, Nanyang Technological University

Taxonomy Talks, Credit Walks: The EU's Climate Disclosure Framework and Bank Lending

Karolin Kirschenmann, ZEW - Leibniz Centre for European Economic Research
Felicitas Koch, ifo Institute
Marie-Theres von Schickfus, ifo Institute
Christa Hainz, ifo Institute
1:30 pm

Session 3: Firm Networks, Reallocation, and Environmental Shocks

Two Centuries of U.S. Innovation: Firms' Internal Networks and Resilience to Disasters

Mathias Kruttli, Indiana University
Noah Stoffman, Indiana University
Sumudu W. Watugala, Indiana University

Canaries in the Coal Mine: Firm Response to Biodiversity Transition Risk

Jesus R. Pena Manrique, University of Texas at Austin
Shikhar Singla, University of Texas at Austin
2:50 pm
Coffee Break
3:00 pm

Session 4: Environmental Policy Effectiveness and Real Resource Allocation

Restoring Nature, Creating Wealth: Evidence from Rural Households in Africa

Geoffrey Heal, Columbia University and NBER
Claudio Rizzi, IESE Business School
Simon Xu, Harvard University

Green Waste

Ingvil Gaarder, The University of Chicago
Morten Grindaker, Statistics Norway
Tom G. Meling, The Ohio State University
Magne Mogstad, The University of Chicago and NBER