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SFI Seminar: Financing the Low-Carbon Transition in Europe : Evidence from the EU ETS

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The Sustainable Finance and Investment Seminar (CEE 157/257), led by Soh Young In, is a 1-unit course which aims to equip the Stanford community with the knowledge and networks required to undertake significant future work on sustainable finance and investment. The course is open to students, faculty, and staff in the Stanford community. CEE 157/257 meets every Friday from 8:30 - 9:20 am PST (with noted exceptions) during fall quarter (Remote: Synchronous).

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Using evidence from the EU emissions trading system, Olimpia Carradori, Margherita Giuzio, Sujit Kapadia, Dilyara Salakhova, and Katia Vozian collect verified emissions of close to 4,000 highly polluting and mostly non-listed firms responsible for 26% of EU’s emissions. Over the period 2013 - 2019, they find a non-linear relationship between leverage and emissions. A firm with higher leverage has lower emissions in subsequent years. However, when leverage exceeds 50%, a further increase is associated with higher emissions. Their difference-in-differences approach sheds light on the existence of a group of firms that are too indebted to successfully accomplish the low-carbon transition, even when they are exposed to the steeply increasing cost of their emissions.

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Speaker bio:

Olimpia Carradori is a PhD candidate in finance at the University of Zurich (Swiss Finance Institute) and academic consultant at the European Central Bank, where she pursues research in the field of sustainable finance. Her research interests are sustainable finance, its intersections with climate justice and climate risks to financial stability. 


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Open to all students, faculty and staff in the Stanford community. RSVP for fall quarter Zoom access (Registration required. Please use your Stanford email address.)