NBER-SAIF Climate Finance and the Sustainable Energy Transition

James M. Poterba and Hong Yan, Organizers

June 20-21, 2024

Authors: 20 minutes, Discussants: 10 minutes, General Discussion: 5 minutes

Thursday, June 20

8:00 pm

Opening Remarks

James Poterba, President of NBER and Mitsui Professor of Economics at Massachusetts Institute of Technology
Shijun Cheng, Chair Professor of Accounting and Executive Dean, Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University

8:14 pm

Session I
Chair: Hong Yan, Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University

8:15 pm

Counterproductive Sustainable Investing:the Impact Elasticity of Brown and Green Firms

Discussant:

Yongjun Tang, The University of Hong Kong (HKU)

8:50 pm

The ESG-Innovation Disconnect: Evidence from Green Patenting

Discussant:

Xiaoyun Yu, Shanghai Jiao Tong University

9:25 pm

Transition Risk under Capital Misallocation: The Deployment of Solar Power Plants in China

Discussant:

Hao Liang, Singapore Management University

10:00 pm

Break

10:09 pm

Session II
Chair: Jun Pan, Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University

10:10 pm

Carbon Bubble, Stranded Assets and the Path of Carbon Emission Reduction

Discussant:

James B. Bushnell, University of California, Davis and NBER

10:45 pm

Green Credit, TFP Heterogeneity and Allocation Efficiency

Discussant:

Kai Li, Peking University

11:20 pm

Adjourn

Friday, June 21

7:59 am

Session III
Chair: James Poterba, Massachusetts Institute of Technology and NBER

8:00 am

Climate Transition Risk and the Energy Sector

Discussant:

Deborah J. Lucas, Massachusetts Institute of Technology and NBER

8:35 am

Carbon Home Bias (slides)

Discussant:

Laura Starks, University of Texas at Austin and NBER

9:10 am

Keynote Address: Climate Change, Directed Innovation, and Energy Transition: The Long-Run Consequences of the Shale Gas Revolution

Daron Acemoglu, Massachusetts Institute of Technology and NBER
(joint work with Philippe Aghion, Lint Barrage and David Hémous)

10:00 am

Break

10:09 am

Session IV
Chair: Jiang Wang, Massachusetts Institute of Technology, Shanghai Advanced Institute of Finance, and NBER

10:10 am

The Real Effects of China’s Carbon Dioxide Emissions Trading Program (slides)

Discussant:

Diego R. Känzig, Northwestern University and NBER

10:45 am

Ray of Hope? China and the Rise of Solar Energy

Discussant:

Ravi Jagannathan, Northwestern University and NBER

11:20 am

Closing Remarks
Hong Yan, Chair Professor of Finance and Deputy Dean, Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University
James Poterba, President of NBER and Mitsui Professor of Economics at Massachusetts Institute of Technology

11:30 am

Adjourn