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Banks and Climate Risks: A Research Agenda with impact

Venue: Online

This event is part of the Research Centres Impact Day hosted by the School of BEI.

Accounting and Finance Research Centre 

Director: Prof Emmanuel Mamatzaki, Professor of Finance (Accounting and Finance), Department of Management, University of Birkbeck 

Banks and Climate Risks: A Research Agenda with impact

One of the concerns in the debate on climate change is whether financial flows contribute to the reduction of emissions. This presentation looks at the role bond market- and bank-based debt play in the allocation of resources to fossil fuel in the context of the risk of stranded assets. The presentation shows that banks continue to provide financing to fossil fuel firms that the bond market would not finance as long as they do not price the risk of stranded assets. In this setting, stranded assets risks may have shifted to large banks.




Steven Ongena is a professor of banking in the Department of Banking and Finance at the University of Zurich, a senior chair at the Swiss Finance Institute, a research professor at KU Leuven, a research professor at the Norwegian University of Science and Technology NTNU Business School, and a research fellow in financial economics of CEPR. He is also a research professor at the Deutsche Bundesbank and a regular research visitor at the European Central Bank. Before moving to Zurich, he taught at CentER-Tilburg University and BI Norwegian Business School and was at the University of Oregon (PhD), SOR-BE (OF-1), University of Alberta (MA), and KU Leuven (MBA, Hir).

Emmanuel is a Professor of Finance at the Department of Management of the School of Business, Economics and Informatics, Birkbeck College. He holds a DPhil in Economics from the University of London, Queen Mary College, a MSc in Economics from the University of Warwick and a BSc in Economics from the Department of Economics of the National and Kapodistrian University of Athens. His research is primarily driven by its impact on the real economy.

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