Conference on Climate and Energy Finance

Overview

The School of Economics and Management of Leibniz University Hannover and the Hannover Center of Finance and Insurance e.V. will host the Conference on Climate and Energy Finance on 3 & 4 November 2023.

The aim of the conference is to present and discuss high-quality research in all areas of climate and energy finance.
We welcome submissions from all areas related to climate and energy finance, including:

Micro and macroeconomic analysis
Pricing, Hedging, and risk analysis
Climate econometrics
Portfolio allocation and optimization
Coroprate finance and risk management
Regulation and central bank policy
Decision models
Real option analysis
Managerial accounting & economics
Global and regional trade
The role of developing countries

Keynote Speakers

Jennifer Castle

University of Oxford

Michael Goldstein

Babson College

Paper Submission

The deadline for paper submissions is midnight EST July 31, 2023. Papers must be in pdf format. Please submit one version without identifying author information and one full version with such information to the following address:

submission@fcm.uni-hannover.de

Venue & Accomodation

The conference will take place at the school of Economics and Management of Leibniz University Hannover which is located in the city center of Hannover. Hannover is the state capital of Lower Saxony and can be easily reached by plane or train. There are direct flights to all major European airports and direct train connections to all major German cities. Accommodation recommendations can be found here.

Instructions on how to get from selected hotels to the conference venue:

If your hotel is not listed above and you have trouble figuring out on how to get the conference venue, please do not hesitate to contact us at submission@fcm.uni-hannover.de

Conference Venue

The Conference will take place in the School of Economics and Management of Leibniz University Hannover located at Königsworther Platz 1, 30167 Hannover.

Conference Organizers

Lena Dräger
Marcel Prokopczuk
Judith Schneider
Jens Robert Schöndube
Marina Schröder
Philipp Sibbertsen
Maximilian Todtenhaupt
Nils Foege
Hannover Center of Finance and Insurance e.V.

Participation Fee

The participation fee is € 250 (Full-time PhD students € 150). The fee includes lunches, coffee breaks, and a conference dinner.

Journal of Commodity Markets, Special Issue

The Journal of Commodity Markets will publish a special issue devoted to the theme of the conference. More details on the submission process will be provided at the conference and on the conference webpage.

General Schedule Overview

Friday, 03.11.2023
Time	Room 1501\|063	Room 1501\|112	Room 1501\|142
08:00-09:00	Registration in the Foyer
09:00 – 10:00	Keynote 1 in room 1507\|002 Jennifer Castle (Oxford University)
10:00 – 10:30	Coffee in the Foyer
10:30 – 12:00	Session 1a: Funds and Sustainable Finance	Session 1b: Climate Risk and Bond Markets	Session 1c: Electricity Markets
12:00 – 13:00	Lunch in the Foyer
13:00 – 14:30	Session 2a: Carbon Pricing	Session 2b: Oil Market, Storage and Transportation	Session 2c: Machine Learning in Energy and Climate Finance
14:30 – 15:00	Coffee in the Foyer
15:00 – 16:00	Session 3a: Climate Preferences in the Equity Market	Session 3b: Speculation in Energy and Carbon Markets	Session 3c: Banking and Climate Risk
16:15 – 17:15	Keynote 2 in room 1507\|002 Michael Goldstein (Babson College)
starting 18:30	Drinks, at Brauhaus Ernst August Schmiedestraße 13 30159 Hannover
starting 19:00	Dinner, at Brauhaus Ernst August Schmiedestraße 13 30159 Hannover
Saturday, 04.11.2023
09:00 – 10:30	Session 4a: Econometric Modelling of Climate Risk	Session 4b: Corporate Finance, Energy and Carbon Markets	Session 4c: Impact of Weather and Pollution
10:30 – 11:00	Coffee in the Foyer
11:00 – 12:30	Session 5a: Impact and Performance of Green Finance	Session 5b: Renewable Transition	Session 5c: Corporate Strategy: Incentives and Inequality
12:30 – 14:00	Lunch in the Foyer

Session Overview, Friday 03.11.2023

Keynote 1 in room 1507\|002 Time: 09:00 - 10:00 Jennifer Castle (Oxford University): Econometric Forecasting of Climate Change
Session 1A: Funds and Sustainable Finance Chair: Rita Laura D'Ecclesia Location: 1501\|063 Time: 10:30 - 12:00	Session 1B: Climate Risk and Bond Markets Chair: Lena Dräger Location: 1501\|112 Time: 10:30 - 12:00	Session 1C: Electricity Markets Chair: Tony Klein Location: 1501\|142 Time: 10:30 - 12:00
Are Investors Paying to Be Green? Evidence from Mutual Funds	Who pays the greenium?	Vulnerability of European Electricity Markets: A Quantile Connectedness Approach
Joop Huij (Rotterdam School of Management) Dries Laurs (Vrije Universiteit Amsterdam) Philip Stork (Vrije Universiteit Amsterdam) Remco C.J. Zwinkels (Vrije Universiteit Amsterdam) Discussant: Diana Mykhalyuk	Daniel Fricke (Deutsche Bundesbank) Stephan Jank (Deutsche Bundesbank) Christoph Meinerding (Deutsche Bundesbank) Discussant: Inès Barahhou	Helena Chuliá (Universitat de Barcelona) Tony Klein (Queen’s University Belfast) Jorge A. Muñoz Mendoza (University of Concepcion, Chile) Jorge M. Uribe (Open University of Catalonia) Discussant: Dongchen He
Resilience of Mutual Funds to Climate Transition Shocks	A framework to align sovereign bond portfolios with net zero trajectories	Electricity Forward Premium: Renewable Integration and Skewness Preference
Diana Mykhalyuk (University of the Basque Country) Javier Ojea-Ferreiro (Bank of Canada) Manuel Moreno (University of Castilla-La Mancha) Discussant: Rita Laura D'Ecclesia	Inès Barahhou (Kepler Cheuvreux) Philippe Ferreira (Kepler Cheuvreux) Yassine Maalej (Kepler Cheuvreux Solutions) Discussant: Haibo Jiang	Dongchen He (Tilburg Univerisity) Ronald Huisman (Erasmus University Rotterdam) Bert Willems (Tilburg Univerisity) Discussant: Manuel Moreno
Are the Green ETFs Really Green?	Oil Prices, Inflation Expectations, and Bond Risk Premiums	Pricing electricity derivatives: A mean-reverting and seasonal approach
Rita Laura D'Ecclesia (Sapienza University of Rome) Giacomo Morelli (Sapienza University of Rome) Kevyn Stefanelli (Sapienza University of Rome) Discussant: Dries Laurs	Haibo Jiang (University of Quebec at Montreal) Discussant: Christoph Meinerding	Ana Simonovic (Universitat Pompeu Fabra) Luca Schmiemann (Universitat Pompeu Fabra) Manuel Moreno (University of Castilla-La Mancha) Federico Platania (Institut Superieur de Gestion (ISG)) Discussant: Tony Klein

Session 2a: Carbon Pricing Chair: Christian Thomann Location: 1501\|063 Time: 13:00 - 14:30	Session 2b: Oil Market, Storage and Transportation Chair: Lazaros Symeonidis Location: 1501\|112 Time: 13:00 - 14:30	Session 2c: Machine Learning in Energy and Climate Finance Chair: Judith C. Shneider Location: 1501\|142 Time: 13:00 - 14:30
Carbon Pricing and Firm-Level CO2 Abatement: Evidence from a Quarter of a Century-Long Panel	The Dynamics of Storage Costs	Don't Lead Me This Way: Central Bank Guidance at the Age of Climate Change
Gustav Martinsson (Royal Institute of Technology, Stockholm) Per Strömberg (Stockholm School of Economics) László Sajtos (Swedish Agency for Growth Policy Analysis) Christian Thomann (Royal Institute of Technology, Stockholm) Discussant: Manuel Moreno	Andrei Stancu (Newcastle University) Lazaros Symeonidis (University of Essex) Chardin Wese Simen (University of Liverpool) Lei Zhao (ESCP Business School, Paris) Discussant: Lingjie Ma	Pauline Cizmic (Université Paris-Dauphine) Anna Cretí (Université Paris-Dauphine) Marc Joëts (ESEG School of Management) Discussant: Rita Laura D'Ecclesia
The Impact of the EU Emissions Trading System on CO2 Emissions A Matrix Completion Analysis	Forecasting the price of crude oil with a structural model	Mitigating Shortcut Learning Bias in ML: A Case Study in Energy Consumption Prediction
Francesco Biancalani (IMT School for Advanced Studies, Lucca) Giorgio Gnecco (IMT School for Avanced Studies, Lucca) Rodolfo Metulini (University of Bergamo) Massimo Riccaboni (IMT School for Advanced Studies, Lucca) Discussant: Christian Thomann	Lingjie Ma (University of Illinois) Discussant: Ioannis C. Moutzouris	Matthew Caron (University of Paderborn) Johannes Kriebel (University of Muenster) Oliver Müller (University of Paderborn) Discussant: Pauline Cizmic
Pricing of futures on CO2 emission allowances: an empirical approach based on seasonal mean-reverting models	Determinants of the Price Premium for Eco Vessels	The ESG Score and the financial statement: the European case
Alexandra Balado-Alves (Deloitte) Manuel Moreno (University of Castilla-La Macha) Discussant: Francesco Biancalani	Malvina Marchese (Bayes Business School) Ioannis C. Moutzouris (Bayes Business School) Nikos C. Papapostolou (Bayes Business School) Michael N. Tamvakis (Bayes Business School) Discussant: Lazaros Symeonidis	Rita Laura D'Ecclesia (Sapienza University of Rome) Susanna Levantesi (Sapienza University of Rome) Kevyn Stefanelli (Sapienza University of Rome) Discussant: Johannes Kriebel

Session 3a: Climate Preferences in the Equity Market Chair: Marcel Prokopczuk Location: 1501\|063 Time: 15:00-16:00	Session 3b: Speculation in Energy and Carbon Markets Chair: Alireza Zarei Location: 1501\|112 Time: 15:00-16:00	Session 3c: Banking and Climate Risk Chair: Jinhong Wu Location: 1501\|142 Time: 15:00-16:00
Is decarbonization priced in? - Evidence on the carbon risk hypothesis from the European Green Deal leakage shock	EU ETS Market Expectations and Rational Bubbles	Climate Risk and Bank Capital Structure
Lukas Müller (Technical University of Darmstadt) Marc Ringel (Nuertingen Geislingen University) Dirk Schiereck (Technical University of Darmstadt) Discussant: Arthur Stalla-Bourdillon	Tony Klein (Queen's University Belfast) Robinson Kruse-Becher (University of Hagen) Christoph Wegener (Leuphana University Lüneburg) Discussant: Alireza Zarei	Yassine Bakkar (Queen's University Belfast) Discussant: Jinhong Wu
Environmental Preferences and Sector Valuations	The Other Side of the Coin: Speculation in Bearish Natural Gas Markets	Climate Risks and Bank Lending
Tristan Jourde (Banque de France) Arthur Stalla-Bourdillon (Banque de France) Discussant: Lukas Müller	Chanaka N. Ganepola (Alliance Manchester Business School) Uchenna Tony-Okeke (Coventry University) Alireza Zarei (Durham University) Discussant: Christoph Wegener	Jinhong Wu (Copenhagen Business School) Discussant: Yassine Bakkar
Keynote 2 in room 1507\|002 Time: 16:15 - 17:15 Michael Goldstein (Babson College) Climate Finance: Past, Present and Future

Session Overview, Saturday 04.11.2023

Session 4a: Econometric Modelling of Climate Risk Chair: Philipp Sibbertsen Location: 1501\|063 Time: 09:00 - 10:30	Session 4b: Corporate Finance, Energy and Carbon Markets Chair: Yufeng Mao Location: 1501\|112 Time: 09:00 - 10:30	Session 4c: Impact of Weather and Pollution Chair: Stephen Szaura Location: 1501\|142 Time: 09:00 - 10:30
Global Sea ice volume forecasts for the next 100 years using score-driven threshold climate models	Renewable Portfolio Standards and the value of cash	Climate and sovereign risk: the Latin American experience with ENSO events
Szabolcs Blazsek (Francisco Marroquín University) Álvaro Escribano (University Carlos III of Madrid) Erzsébet Kristóf (Eötvös Loránd University) Discussant: Elisa Ossola	Ning Gao (Alliance Manchester Business School) Wenfeng Wu (Shanghai Jiao Tong University) Chang Yang (Shanghai Jiao Tong University) Discussant: Santanu Kundu	Olivier Damette (University of Lorraine) Clément Mathonnat (University of Lorraine) Julien Thavard (University of Lorraine) Discussant: Buvaneshwaran Venugopal
Green risk in Europe	Internal Carbon Markets and Carbon Emissions	Environmental Pollution and Business Activity: Evidence from Toxic Chemical Spills
Nuno Cassola (University of Libson) Claudio Morana (University of Milano-Bicocca) Elisa Ossola (University of Milano-Bicocca) Discussant: Tomás Del Barrio Castro	Santanu Kundu (University of Mannheim) Discussant: Yufeng Mao	George Zhe Tian (University of Houston) Buvaneshwaran Venugopal (University of Central Florida) Vijay Yerramilli (University of Houston) Discussant: Stephen Szaura
Modeling Seasonalities in Paleoclimate Data	Decoding Corporate Green Bonds: What Issuers Do With the Money and Their Real Impact	Weather Variance Risk Premia
Tomás Del Barrio Castro (Universitat de les Illes Balears) Discussant: Vivien Less	Yufeng Mao (University of Washington) Discussant: Chang Yang	Joon Woo Bae (Case Western Reserve) Yoontae Jeon (McMaster University) Stephen Szaura (BI Norwegian Business School) Virgilio Zurita (Baylor) Discussant: Julien Thavard

Session 5a: Impact and Performance of Green Finance Chair: Viktória Vidaházy Location: 1501\|063 Time: 11:00 - 12:30	Session 5b: Renewable Transition Chair: Nina Lange Location: 1501\|112 Time: 11:00 - 12:30	Session 5c: Corporate Strategy: Incentives and Inequality Chair: Lea Tschan Location: 1501\|142 Time: 11:00 - 12:30
Net-Zero Transition Paths: Facts and Fiction	Price determinants in the carbon neutral hydrogen market	Nash Equilibria in Greenhouse Gas Offset Credit Markets
Kateryna Chekriy (Universität Duisburg-Essen) Rüdiger Kiesel (Universität Duisburg-Essen) Gerhard Stahl (HDI Group) Discussant: Viktória Vidaházy	José Manuel Cueto (Universidad Pontificia Comillas) Isabel Figuerola Ferreti (Universidad Pontoficia Comillas) Ignacio Segarra Tamarit (Universidad Pontificia Comillas) Discussant: George Krivorotov	Liam Welsh (University of Toronto) Sebastian Jaimungal (University of Toronto) Discussant: Jonathan Harris
ESG principles: The Limits to Green Benchmarking	Assessing the Profitability of Large-Scale Batteries in the UK Electricity Market	Green Investments and Top Income Inequality
Charles-Henri DiMaria (STATEC Research) Discussant: Kateryna Chekriy	Nina Lange (Technical University of Denmark) Stefan Røpke (Technical University of Denmark) Valdemar Frisgaard Øhlenschlæger (Technical University of Denmark) Nikolaj Hansen (Technical University of Denmark) Valdemar Frisgaard Øhlenschlæger (Technical University of Denmark) Discussant: Isabel Figuerola Ferreti	Lea Tschan (University of St. Gallen) Ola Mahmoud (University of St. Gallen) Discussant: Liam Welsh
The Impact of Natural Disasters on Capital Flows	Sectoral Transition Risk in an Environmentally Extended Production Network Model	Pricing Investor Impact
Viktória Vidaházy (Geneva Graduate Institute) Discussant: Charles-Henri DiMaria	George Krivorotov (Office of the Comptroller of the Currency, US Treasury) Discussant: Nina Lange	Jonathan Harris (Total Portfolio Project) Discussant: Lea Tschan

Handout

Handout

3 & 4 November 2023

Leibniz University Hannover

Jennifer Castle

University of Oxford

Michael Goldstein

Babson College

Friday, 03.11.2023

Saturday, 04.11.2023

Jennifer Castle (Oxford University): Econometric Forecasting of Climate Change

Session 1A: Funds and Sustainable Finance Chair: Rita Laura D'Ecclesia Location: 1501|063 Time: 10:30 - 12:00

Session 1B: Climate Risk and Bond Markets Chair: Lena Dräger Location: 1501|112 Time: 10:30 - 12:00

Session 1C: Electricity Markets Chair: Tony Klein Location: 1501|142 Time: 10:30 - 12:00

Resilience of Mutual Funds to Climate Transition Shocks

Session 2a: Carbon Pricing Chair: Christian Thomann Location: 1501|063 Time: 13:00 - 14:30

Session 2b: Oil Market, Storage and Transportation Chair: Lazaros Symeonidis Location: 1501|112 Time: 13:00 - 14:30

Session 2c: Machine Learning in Energy and Climate Finance Chair: Judith C. Shneider Location: 1501|142 Time: 13:00 - 14:30

Session 3a: Climate Preferences in the Equity Market Chair: Marcel Prokopczuk Location: 1501|063 Time: 15:00-16:00

Session 3b: Speculation in Energy and Carbon Markets Chair: Alireza Zarei Location: 1501|112 Time: 15:00-16:00

Session 3c: Banking and Climate Risk Chair: Jinhong Wu Location: 1501|142 Time: 15:00-16:00

Climate Risks and Bank Lending

Michael Goldstein (Babson College) Climate Finance: Past, Present and Future

Session 4a: Econometric Modelling of Climate Risk Chair: Philipp Sibbertsen Location: 1501|063 Time: 09:00 - 10:30

Session 4b: Corporate Finance, Energy and Carbon Markets Chair: Yufeng Mao Location: 1501|112 Time: 09:00 - 10:30

Session 4c: Impact of Weather and Pollution Chair: Stephen Szaura Location: 1501|142 Time: 09:00 - 10:30

Modeling Seasonalities in Paleoclimate Data

Session 5a: Impact and Performance of Green Finance Chair: Viktória Vidaházy Location: 1501|063 Time: 11:00 - 12:30

Session 5b: Renewable Transition Chair: Nina Lange Location: 1501|112 Time: 11:00 - 12:30

Session 5c: Corporate Strategy: Incentives and Inequality Chair: Lea Tschan Location: 1501|142 Time: 11:00 - 12:30

Nash Equilibria in Greenhouse Gas Offset Credit Markets

The Impact of Natural Disasters on Capital Flows

Jennifer Castle (Oxford University):
Econometric Forecasting of Climate Change

Session 1A:
Funds and Sustainable Finance
Chair: Rita Laura D'Ecclesia
Location: 1501|063
Time: 10:30 - 12:00

Session 1B:
Climate Risk and Bond Markets
Chair: Lena Dräger
Location: 1501|112
Time: 10:30 - 12:00

Session 1C:
Electricity Markets
Chair: Tony Klein
Location: 1501|142
Time: 10:30 - 12:00

Session 2a:
Carbon Pricing
Chair: Christian Thomann
Location: 1501|063
Time: 13:00 - 14:30

Session 2b:
Oil Market, Storage and Transportation
Chair: Lazaros Symeonidis
Location: 1501|112
Time: 13:00 - 14:30

Session 2c:
Machine Learning in Energy and Climate Finance
Chair: Judith C. Shneider
Location: 1501|142
Time: 13:00 - 14:30

Session 3a:
Climate Preferences in the Equity Market
Chair: Marcel Prokopczuk
Location: 1501|063
Time: 15:00-16:00

Session 3b:
Speculation in Energy and Carbon Markets
Chair: Alireza Zarei
Location: 1501|112
Time: 15:00-16:00

Session 3c:
Banking and Climate Risk
Chair: Jinhong Wu
Location: 1501|142
Time: 15:00-16:00

Michael Goldstein (Babson College)
Climate Finance: Past, Present and Future

Session 4a:
Econometric Modelling of Climate Risk
Chair: Philipp Sibbertsen
Location: 1501|063
Time: 09:00 - 10:30

Session 4b:
Corporate Finance, Energy and Carbon Markets
Chair: Yufeng Mao
Location: 1501|112
Time: 09:00 - 10:30

Session 4c:
Impact of Weather and Pollution
Chair: Stephen Szaura
Location: 1501|142
Time: 09:00 - 10:30

Session 5a:
Impact and Performance of Green Finance
Chair: Viktória Vidaházy
Location: 1501|063
Time: 11:00 - 12:30

Session 5b:
Renewable Transition
Chair: Nina Lange
Location: 1501|112
Time: 11:00 - 12:30

Session 5c:
Corporate Strategy: Incentives and Inequality
Chair: Lea Tschan
Location: 1501|142
Time: 11:00 - 12:30