2023 E-axes Forum Research Prize: Honorable Mention

Mayank Kumar (University of Michigan) argues in his paper “Getting Dirty Before You Get Clean: Institutional Investment in Fossil Fuels and the Green Transition” argues that private investment in fossil fuel companies does not adversely affect climate outcomes but rather it can support the green transition by financing clean technologies. Specifically, the paper studies the effects of PE investment in fossil fuel on solar energy technologies.

Homeward Bound: How Migrants Seek Out Familiar Climates

Charles A. Taylor (Harvard Business School) and Marco Tabellini (Harvard Business School) introduce the concept of “climate matching” as a driver of migration and establish several new results. They show that climate strongly predicts the spatial distribution of immigrants in the US, as movers select destinations with climates similar to their place of origin.

Reducing Carbon using Regulatory and Financial Market Tools

Adelina Barbalau (University of Alberta) shows how carbon-contingent securities can provide carbon reduction incentives that are equivalent to a carbon tax, and can thus offer a decentralized alternative to regulation which is not subject to political constraints.

Green Credit Guidance

Historically, central banks and other financial policymakers have played far larger roles in supporting structural economic transformations through the use of credit policies. In this Digest, Katie Kedward (UCL Institute for Innovation and Public Purpose) reflects upon the potential relevance of credit policies to support the green transition.

Growth and Global Warming

Ishan Nath (Federal Reserve of San Francisco) highlights the effects of global warming on economic growth and discusses why some related research reaches contradicting conclusions.

Green Investments and Rising Interest Rates

Jens van’t Klooster (University of Amsterdam) and Eric Monnet (Paris School of Economics and CEPR) look at how tight monetary policy impacts low-carbon investments. Most importantly, they suggest green credit policy instruments, central banks can use, that will enable them to address inflationary pressures without jeopardizing the long-term decarbonization of the economy.

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