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Macrofinancial Risks of the Transition to a Low-Carbon Economy

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  • Emanuele Campiglio
  • Frederick van der Ploeg

Abstract

A disorderly transition to a low-carbon economy may pose significant costs for both financial and nonfinancial firms through the stranding of physical assets, firms’ defaults, and volatility in asset prices. The spread of these disruptions through production and financial networks may exacerbate transition costs. Green financial and monetary policies may help to mitigate the cost of transitioning to a low-carbon future, but coordination among public institutions (governments, central banks, and financial supervisors) is needed. We discuss qualitative, empirical, modeling, policy, and institutional research on this topic and identify priorities for future research.

Suggested Citation

  • Emanuele Campiglio & Frederick van der Ploeg, 2022. "Macrofinancial Risks of the Transition to a Low-Carbon Economy," Review of Environmental Economics and Policy, University of Chicago Press, vol. 16(2), pages 173-195.
    • Handle: RePEc:ucp:renvpo:doi:10.1086/721016
    DOI: 10.1086/721016
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