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

Samuel M. Hartzmark, Boston College and NBER
Kelly Shue, Yale University and NBER

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

Discussant:

Yongjun Tang, University of Hong Kong

8:50 pm

Lauren Cohen, Harvard University and NBER
Umit Gurun, University of Texas at Dallas
Quoc H. Nguyen, DePaul University

The ESG-Innovation Disconnect: Evidence from Green Patenting

Discussant:

Xiaoyun Yu, SAIF

9:25 pm

Zhanhui Chen, Hong Kong University of Science and Technology
Zhuang Chu, Hong Kong University of Science and Technology

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

Feng Dong, Tsinghua University
Yandong Jia, The People's Bank of China
Haoning Sun, Tsinghua University

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

Discussant:

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

10:45 pm

Yushan Xu, Shanghai Advanced Institute of Finance, SITU
Hong Yan, Shanghai Advanced Institute of Finance

Green Credit, TFP Heterogeneity and Allocation Efficiency

Discussant:

Kai Li, Peking University HSBC Business School (PHBS)

11:20 pm

Adjourn

Friday, June 21

7:59 am

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

8:00 am

Viral V. Acharya, New York University and NBER
Stefano Giglio, Yale University and NBER
Stefano Pastore, New York University
Johannes Stroebel, New York University and NBER
Zhenhao Tan, Yale University

Climate Transition Risk and the Energy Sector

Discussant:

Deborah J. Lucas, Massachusetts Institute of Technology and NBER

8:35 am

Patrick Bolton, Columbia University
Marc Eskildsen, Copenhagen Business School
Marcin Kacperczyk, Imperial College London

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

Jingzhe Liu, Tsinghua University
Hao Wang, Tsinghua University

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

Discussant:

Diego R. Känzig, Northwestern University and NBER

10:45 am

Ignacio Banares-Sanchez, London School of Economics
Robin Burgess, London School of Economics
Dávid László, London School of Economics
John Van Reenen, London School of Economics and NBER
Pol Simpson, London School of Economics
Yifan Wang, London School of Economics

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