Climate finance

Abstract

NBER WORKING PAPER SERIES CLIMATE FINANCE Stefano Giglio Bryan T. Kelly Johannes Stroebel Working Paper 28226 http://www.nber.org/papers/w28226 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 December 2020 Prepared for Annual Reviews (www.annualreviews.org). AQR Capital Management is a global investment management firm, which may or may not apply similar investment techniques or methods of analysis as described herein. Stroebel acknowledges financial support from NBIM through their grant to the Volatility and Risk Institute at NYU Stern. The views expressed herein are those of the authors and do not necessarily reflect the views of the AQR or the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2020 by Stefano Giglio, Bryan T. Kelly, and Johannes Stroebel. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Climate Finance Stefano Giglio, Bryan T. Kelly, and Johannes Stroebel NBER Working Paper No. 28226 December 2020 JEL No. G0 ABSTRACT We review the literature studying interactions between climate change and financial markets. We first discuss various approaches to incorporating climate risk in …

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