The E-axes Forum on Climate Change, Macroeconomics, and Finance

Benoit Mojon

“Green bonds and carbon emissions: exploring the case for a rating system at the firm level”

Event description

Benoit Mojon presented the paper “Green bonds and carbon emissions: exploring the case for a rating system at the firm level” he co-authored with Torsten Ehlers and Frank Packer. From the abstract:

Green bonds are debt instruments whose proceeds finance projects with various environmental benefits – including climate change mitigation. So far, however, green bond projects have not necessarily translated into comparatively low or falling carbon emissions at the firm level. We discuss the potential benefits of a firm-level rating based on carbon intensity (emissions relative to revenue) to complement existing project-based green labels. We argue that such a rating system could provide a useful signal to investors and encourage firms to reduce their carbon footprint.

Moderator:

Pierre Monnin
Senior Fellow, CEP

Benoit Mojon

Benoit Mojon was appointed Head of Economic Analysis at the Bank for International Settlements in 2018. Before joining the BIS, he worked at the Bank of France, where he was Head of the Monetary Policy Division from 2008 until 2011. He then became Director of Monetary and Financial Studies and a member of the Eurosystem Monetary Policy Committee. Previously, he held research positions at the Federal Reserve Bank of Chicago (2007-08) and the European Central Bank (1998-2006). He holds a PhD in economics from the University of Paris Nanterre. He taught at the University of Aix-Marseille (2004-06) and Sciences-Po (2008-10) and was an adjunct professor at Ecole Polytechnique (2011-18) and INSEAD (2018).”

Paper and slides

"Green bonds and carbon emissions: exploring the case for a rating system at the firm level" (Paper)

"Green bonds and carbon emissions: exploring the case for a rating system at the firm level" (Slides)

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