Gianfranco Gianfrate speaking on internal carbon princing
Written on 11 Dec 2020.
Gianfranco Gianfrate, Professor of Finance, EDHEC Business School and head of the Impact on Climate Change of Financing and Investment Decisions programme at EDHEC-Risk Institute has been invited to present his latest research on internal carbon pricing at the Green Finance Research Advances conference.
The conference was the 5th edition of a yearly event co-organized by Institut Louis Bachelier and Banque de France, with the participation of Finance For Tomorrow and the Institute for Climate Economics -I4CE.
The objective of the conference was to bring together academics, finance practitioners and regulators, to discuss together research issues related to the integration of climate risks (more generally environmental issues) into macro-economic modelling/forecasting and into the risk assessment of the financial sector.
On December 9, Gianfranco Gianfrate, participated in the plenary session entitled Alignment assessment methodologies – use cases, limits and the way forward", wich aimed at exploring topics such as the transition of climate risks, carbon pricing and investment value, together with:
- Pierre-François Weber (Deputy Director – Banque de France).
- Irene Monasterolo (Vienna University of Economics and Business, IIASA)
- Julian Kölbel (University of Zurich)
During this session followed by over 300 attendees, Gianfranco Gianfrate discussed the relation between company climate targets and the use of internal carbon pricing mechanisms. EDHEC research findings suggest that companies with ambitious climate targets (1.5° degree) implement financial management tools that actually deliver on carbon footprint reduction.
Out now: Replay "Green Finance Research Advances"
Full information on the conference can be found on the Institut Louis Bachelier website.
You can access Gianfranco’ research paper "Determinants of Internal Carbon Pricing", published recently in Energy Policy.
He explores the factors that explain the adoption of internal carbon prices (ICP) among global companies reporting to the Carbon Disclosure Project between 2015 and 2017. He specifically tests whether the macroeconomic, regulatory, industry, and firm-specific characteristics affect the disclosed level of the ICPs. Results show that the ICPs depend to a large extent on the national climate policy, country's development, industry, and corporate governance. Findings shed light on the factors that contribute to the dissemination of carbon pricing in society.
Gianfranco Gianfrate is Associate Professor of Finance at EDHEC Business School. He writes and researches on topics related to innovation financing, corporate valuation, and climate change finance. Prior to joining EDHEC Business School, he held teaching and research positions at Erasmus University (Netherlands), Harvard University (USA), and Bocconi University (Italy). Gianfranco also has extensive experience in the financial industry, having worked, among others, for Deloitte Corporate Finance (Italy), Hermes Investment Management (UK), and iStarter (UK). Gianfranco holds a BA and a PhD in Business Administration from Bocconi University and a Master in Public Administration from Harvard University. For detailed information, please consult the conference programme.
About EDHEC
Operating from campuses in Lille, Nice, Paris, London and Singapore, EDHEC is one of the world’s top 15 business schools. Fully international and directly connected to the business world, EDHEC commands a strong reputation for research excellence and the ability to train entrepreneurs and managers capable of breaking new ground. EDHEC functions as a genuine laboratory of ideas and produces innovative solutions valued by businesses. The School’s teaching is inspired by its research work and a focus on “learning by doing”, all with the aim of equipping people with the skills to succeed in business.
