Green Finance Research Advances 2026

The Institut Louis Bachelier and the Banque de France are pleased to welcome you to the 11th edition of the Green Finance Research Advances (GFRA) Conference, which will take place on December 8–9, 2026, at the Banque de France Auditorium in Paris and online. 

This international conference brings together academics, regulators and practitioners each year to present the latest advances in sustainable finance research and foster dialogue between the academic community and financial sector stakeholders.

A conference dedicated to financing resilience

The 2026 edition will focus on financing resilience in a changing world, with particular emphasis on physical climate risks, nature and water-related challenges, energy sovereignty, sustainable investment after the ESG backlash, and the implications of technological and regulatory uncertainty for the transition

Registration

Programme

08:30 – 09:00 Welcome remarks

  • Laurent Clerc, Banque de France
  • Institut Louis Bachelier representative (TBC)

09:00 – 10:00 Keynote Ben Groom (University of Exeter)

Provisional title: Valuing Nature in a Changing Climate: Biodiversity, Resilience and Long-Term Finance
Introduced by Peter Tankov
Ben Groom is Professor of Biodiversity Economics and Dragon Capital Chair at the University of Exeter. His research focuses on biodiversity and climate change economics, natural capital valuation, intergenerational equity, and social discounting. He is a member of HM Treasury’s Biodiversity Working Group, which examines how biodiversity should be incorporated into cost-benefit analysis of public policy and investment. He has advised governments and international organisations on environmental policy and long-term public investment.
 

10:00 – 11:00 Roundtable 1

Modelling Nature-Related Risks: From Ecosystem Dependencies to Financial Impacts
Chair: Elise Kremer
 

11:00 – 11:30 Coffee Break

11:30 – 13:00 Parallel Session

Session A – Auditorium
Corporate Environmental Disclosure and Reporting
Proposed chair: Paul Verdier

  • Where Disclosure Binds: Entity-Level Obligations and Product-Level Reporting
    Presenters: Carmelo Latino (SAFE); Loriana Pelizzon (SAFE)
  • Real effects of suppliers’ environmental and social impact disclosure
    Presenter: Lucas Mahieux (Tilburg University)
  • Green to be Seen and Strategic Environmental Disclosure
    Presenter: Silvia Rossetto (Toulouse School of Economics)

Session B – Room 4
Nature, Biodiversity and Finance
Proposed chair: Romain Svartzman

  • Speaking of Nature: Central Bank Communication Beyond Climate
    Presenters: Elise Kremer (Banque de France)
  • Simplifying Nature Away? Ex-Ante Evidence on the EFRAG ESRS Cuts from Three Years of European Nature Disclosures
    Presenter: Jochen Krimphoff World Wide Fund for Nature (WWF)
  • Blended Finance for Biodiversity Conservation
    Presenter: Davide Stocco (CREST, ENSAE, IP Paris)

13:00 – 14:00 Lunch and poster session

  • Decarbonizing Commercial Real Estate: Evidence from a Regression Discontinuity Design
    Presenter: Rachel Paya (ESSEC)
  • Granular Pricing and Effective Withdrawal in Climate-Exposed Household Insurance in France
    Presenter: Raphael Dalbarade (CREST, ENSAE, IP Paris)
  • The hidden credit costs of green commitments
    Presenter: Kanying Xu (University of Vaasa).
  • Energy Bills and Mortgage Default Risk: Evidence from an Expenditure Shock
    Presenter: Bálint Várgedő (Magyar Nemzeti Bank)
  • Discriminating Models of Physical Climate Risk Financial Impacts
    Presenter: Paul Vigneron (Institut Louis Bachelier)

14:00 – 15:30 Parallel Session

Session C – Auditorium
Sustainable Debt Markets and Asset Pricing
Proposed chair: David Zerbib

  • Do Sustainability Penalties Matter for Success? Evidence from Sustainability-Linked Bonds
    Presenter: Aleksandra Filippova (University of Geneva; Geneva Finance Research Institute (GFRI); Swiss Finance Institute (SFI))
  • The Reversal of the Green Bond Premium
    Presenter: Laura Wollny (University of Utrecht)
  • Mutual Funds’ Appetite for Sustainability in European Auto ABS
    Presenters: Carmelo Latino (UK – University of Oxford); Loriana Pelizzon (SAFE)

Session D – Room 4
Energy Transition, Critical Materials and Technology
Proposed chair: Cristina Peñasco

  • Measuring Critical Raw Material Dependence
    Presenter: Lishu ZHANG (CREST, ENSAE, IP Paris)
  • The Carbon Cost of Computing: AI, Data Externalities, and Climate Policy
    Presenter: Julia M. Schmidt (Université Paris Dauphine – PSL)
  • Green Silence: Double machine learning \\ carbon emissions under sample selection bias
    Presenter: Abraham Lioui (EDHEC Business School)

15:30 – 15:45 Coffee Break

15:45 – 16:45 Roundtable 2 – Physical Climate Risk and Financial Resilience: From Measurement to Action
Chair: Stephane Voisin

16:45 – 18:00 Parallel Session

Session E – Auditorium
Climate Policy, Sovereign Finance and Expectations
Proposed chair: Jean-Guillaume Sahuc

  • Climate Risk Spillovers and Sovereign Financing
    Presenter: Lukas Rischen (Humboldt University Berlin)
  • Uncertain Climate Policy as a Source of Macro-Financial Shocks: Evidence from Carbon Futures Volatility
    Presenter: Serena Ionta (Bocconi University)
  • Climate Change, Carbon Pricing and Household Inflation Expectations
    Presenter: Marie Jézéquel-Royer (Université d’Orléans)

Session F – Room 4
Sustainable Investment, Investor Beliefs and Stewardship
Proposed chair: Elise Gourier

  • From Proposal to Commitment: The Life Cycle of Climate Shareholder Activism
    Presenter: Victor Saint-Jean (ESSEC Business School)
  • Belief Dispersion, Climate Risks, and Returns on Sustainable Investing
    Presenter: Yrjo Koskinen (University of Calgary)
  • Making SRI Visible: Label Salience, Fund Supply, and ESG Quality.
    Presenter: Jean-Stephane MESONNIER (Banque de France and Sciences Po)

08:30 – 10:00 Parallel Session

Session G – Auditorium
Physical Climate Risks: Firm Outcomes and Spatial Effects
Proposed chair: Lionel Melin

  • The Impact of Floods on Firm Performance and Relocation
    Presenter: Chloé Zapha (Banque de France)
  • The Macroeconomic Effects and Spatial Propagation of Extreme Weather Events
    Presenter: Hélia Costa (OECD)
  • Shake it till you strand it? Economic assessment of clay shrinkage-swelling risk in a warming France.
    Presenter: Edouard Civel (Edhec Business School)

Session H – Room 4
Climate Policies and Credit Pricing
Proposed chair: Antoine Mandel

  • Prudential Regulation and Transition Risk: Evidence from Bank Lending and Firm Emissions
    Presenter: Matteo Gasparini (University of Oxford)
  • The Propagation of Environmental Risk Through Production Networks: Borrowing Cost Effects
    Presenter: Elisa Luciano (University of Turin, CCA & Bachelier Institute)
  • Financing the Energy Transition: Credit Allocation and Lender Expertise after the Inflation Reduction Act
    Presenter: Mengjie Shi (Deutsche Bundesbank)

10:00 – 11:00 Keynote Natalia Fabra (CEMFI and CEPR)

Physical Climate Risks in the Power Sector
Introduced by Cristina Penasco
Natalia Fabra is a Professor of Economics at CEMFI. She is the Founder and Director of EnergyEconLab and Principal Investigator of the ERC Advanced project (2025-2030) ENERGY-IN-TRANSITION. She has extensively worked on the analysis of electricity markets and environmental policies. Natalia is Research Fellow at the Centre for Economic Policy Research (CEPR), and Associate Member of the Toulouse School of Economics.
 

11:00 – 11:15 Coffee Break

11:15 – 12:00 Parallel Session

Session I – Auditorium
Energy shocks
Proposed chair: Frédéric Ghersi

  • Energy Shocks, Employment Response, and Heterogeneous Credit Access
    Presenter: Costanza Tomaselli (Imperial College London)
  • Do Energy Shocks Create Incentives for the Low-Carbon Transition?
    Presenter: F. VINAS (Banque de France)

Session J – Room 4
Portfolio Decarbonisation and Sustainability Information
Proposed chair: Peter Tankov

  • Optimal portfolio choice under green transition timing risk
    Presenter: Emma Kroell (University of Copenhagen)
  • Portfolio Decarbonization under Incomplete Carbon and Transition Information
    Presenter: Ruben Haalebos (CREST-IP Paris)

Session K
Extreme Weather: Industrial and Macroeconomic Spillovers
Proposed chair: Stéphane Dees

  • Impacts of droughts on industrial production
    Presenter: Thibaut Tarabbia (Paris School of Economics)
  • Growth-at-Risk under Climate Change Stress: Empirical Insights from Albania
    Presenter: GERTI SHIJAKU (Bank of Albania)

12:00 – 12:15 Banque de France Young Researchers in Green Finance Prize — Award ceremony presented by Agnès Bénassy-Quéré

12:15 – 12:45 Laureate presentation(s)

12:45 – 13:00 Closing remarks

Scientific committee

  • Jean Stephane Mesonnier, Banque de France
  • Peter Tankov (Co-chair of the Scientific Committee), ENSAE
  • Jeff Althouse, Independent consultant
  • Marie Briere, Amundi
  • Laurent Clerc, Banque de France
  • Stéphane Dees, Banque de France
  • Antoine Godin, AFD
  • Antoine Mandel, Pantheon - Sorbonne
  • Cristina Penasco (Co-chair of the Scientific Committee), Banque de France
  • Stéphane Voisin, Institut Louis Bachelier
  • Gauthier Vermandel, Paris Dauphine
  • Jean Guillaume Sahuc, Banque de France
  • Elsa Allman, Banque de France
  • Fulvia Marotta, De Nederlandsche Bank
  • Maria Eugenia Sanin, Université Paris-Est Créteil
  • Elise Kremer,Banque de France
  • Frederic Ghersi,CIRED
  • David Zerbib,ENSAE Paris Tech
  • Elise Gourier,ESSEC Business School
  • Chiara Colesanti Senni,University of Zurich
  • Lionel Melin,EDHEC Business School
  • Stephane Crepey,Universite Paris Cite

Organising Committee

  • Stephane Voisin, Institut Louis Bachelier
  • Peter Tankov, Institut Louis Bachelier
  • Elise Kremer, Banque de France
  • Sandra Daniel, Banque de France
  • Lea Grisey, Banque de France
  • Thibaut Tarabbia, Banque de France
  • Feriel Bettaieb, Institut Louis Bachelier
  • Camille Diliberto, Institut Louis Bachelier
  • Quitterie Lasserre, Institut Louis Bachelier
  • Cristina Penasco, Banque de France

Live

Question & answser