INSPIRE Funded Projects

INSPIRE commissions research developed by its advisory committee in consultation with the NGFS’s members and the broader research community.

INSPIRE issued two comprehensive research calls that incorporated a broad range of research topics aligned to the NGFS’s three dedicated workstreams. INSPIRE’S third call for research proposals, released in early 2020, is the first in a series of targeted calls focusing on specific research priorities that cross-cut the NGFS workstreams.

Navigate to the main INSPIRE landing page. 

Theme 1

Macroprudential regulation, disclosure, climate change, and environment

Mandatory ESG disclosure and financial stability

Dragon Yongjun Tang,*  University of Hong-Kong; Rui Zhong, University of Western Australia

Supervision beyond the business cycle: A framework for long-term financial supervision.

Ben Caldecott,* University of Oxford; and Jakob Thomä, 2° Investing Initiative

Management of climate risks in the financial industry of a resource based economy: A Canadian scenario analysis.

Olaf Weber,* University of Waterloo; Truzaar Dordi, University of Waterloo; Adeboye Oyegunle, University of Waterloo

Environmental and social risk management in Brazilian banking: from an environmental and social management structure to climate scenario analysis development

Guilherme Teixeira,* SITAWI Finance for Good; Gustavo Pimentel, SITAWI Finance for Good; Beatriz Maciel, SITAWI Finance for Good

How could the US Federal Reserve and other financial market supervisors incorporate climate considerations into their responsibilities?

Adele Morris,* The Brookings Institution; and Warwick McKibbin, The Brookings Institution and Australian National University

Working Group on Banking Supervision and Sustainable Development in The Americas.

Kevin P. Gallagher,* Boston University; Janine Ferretti, Boston University; Daniel Schydlowsky, Boston University
Theme 2

Macro-financial risk, macroprudential regulation, financial instability, and climate change

Climate-related financial policy in a world of radical uncertainty – towards a precautionary approach

Josh Ryan-Collins,* University College London; Hugues Chenet, University College London; Frank van Lerven,New Economics Foundation. Download the paper here

Low-carbon transitions and systemic risk

Jason Eis,* Vivid Economics; Rosie Dollman, Vivid Economics; Giulio Vannicelli, Vivid Economics; Emanuele Campiglio, WU Vienna University of Economics and Business

The stochastic impact of extreme weather events

Amit Kara,* National Institute of Economic and Social Research; Ian Hurst, National Institute of Economic and Social Research; Iana Liadze, National Institute of Economic and Social Research).

Assessing forward-looking climate risks in investors’ portfolios: from theory to practice

Stefano Battiston* (University of Zurich), Antoine Mandel (Panthéon-Sorbonne University), Irene Monasterolo (WU Vienna University of Economics and Business)

Prudential instruments to scale up green finance: simulating the impact of green prudential regulations in an agent-based macrofinancial model

Paola D’Orazio,* Ruhr-Universität Bochum and Lilit Popoyan, University of Naples Parthenope

What are the options for sustainable crisis response measures?

Kate Levick,* Third Generation Environmentalism; Claire Healy, Third Generation Environmentalism; Ronan Palmer, Third Generation Environmentalism; Aziz Durrani, South East Asian Central Banks (SEACEN) Research and Training Centre; Ulrich Volz, SOAS, University of London and German Development Institute; Dimitri Zenghelis, University of Cambridge
Theme 3

Evaluating risk differentials based on environmental factors

Is credit risk lower for banks’ green assets?

Rui Zhong,* University of Western Australia; Jing Yu, University of Western Australia; Xiaoyan Zhou, University of Oxford

Using credit risk as an empirical basis for the development of ‘brown’ investment taxonomies.

Charles Donovan,* Imperial College London; Bob Buhr, Imperial College London; Alexandre Köberle, Imperial College London; Anastasiya Ostrovnaya, Imperial College London

Estimating the impact of climate physical risks on default probability of mortgage loans

Tianyin Sun,*Tsinghua University; Ma Jun,* Tsinghua University; Gabriela Aznar Siguan, Eidgenössische Technische Hochschule and MeteoSwiss;  David Bresch, Eidgenössische Technische Hochschule
Theme 4

Monetary policy, direct and indirect monetary instruments, climate change and the environment

The role of monetary policy under a low-carbon transition.

Jason Eis,* Vivid Economics; Rosie Dollman, Vivid Economics; Giulio Vannicelli, Vivid Economics; Pablo Anton Arnal, Vivid Economics; Warwick McKibbin, Australian National University

Greening the Eurosystem collateral framework.

Yannis Dafermos,* SOAS, University of London; Daniela Gabor, University of the West of England; Maria Nikolaidi, University of Greenwich; Frank van Lerven, New Economics Foundation

Central banks’ mandate in green credit guidance: beyond prudential regulation.

Muriuki Muriungi,* University of Nairobi

Theme 5

Sovereign bonds and climate- and environment-related risk

Climate change and sovereign credit ratings

Matthew Agarwala,* University of Cambridge and University of East Anglia; Patrycja Klusak, University of Cambridge and University of East Anglia; Moritz Kramer, Goethe-University; Kamiar Mohaddes, University of Cambridge; Naoki Funada, University of Cambridge

The impact of country SDG performance on sovereign bond spreads.

Eline ten Bosch,* Rotterdam School of Management; Dirk Schoenmaker, Rotterdam School of Management; Mathijs van Dijk, Rotterdam School of Management

Sovereign risk and climate change.

Ulrich Volz,* SOAS, University of London and German Development Institute; John Beirne, Asian Development Bank Institute; Adrian Fenton, WWF Singapore; Emilie Mazzacurati, Four Twenty Seven and University of California, Davis; Nuobu Renzhi, Asian Development Bank Institute; Jeanne Stampe, SOAS, University of London
Theme 6

Assessing the real-world effectiveness and impact of central bank and supervisory policies in greening the financial system

Energy transition intrasectoral dependencies under different monetary and supervisory policy scenarios

Moutaz Altaghlibi*, Sustainable Finance Lab, Utrecht University; Rens van Tilburg, Sustainable Finance Lab, Utrecht University

Assessing the effectiveness and impact of central bank and supervisory policies in greening the financial system across Asia

Adrian Fenton*, WWF-Singapore, Asia Sustainable Finance; Sylvain Augoyard, WWF-Singapore, Asia Sustainable Finance; Aziz Durrani, South East Asian Central Banks (SEACEN) Research and Training Centre; Jeanne Stampe, SOAS University of London, SOAS Centre for Sustainable Finance; Ulrich Volz, SOAS University of London, SOAS Centre for Sustainable Finance

Green Monetary Policy: Implications for Emissions, Investment, and Inflation

Kai Lessmann*, Potsdam Institute for Climate Impact Research; Emanuel Mönch, Deutsche Bundesbank, Goethe University Frankfurt

The Financial Geography of Green Finance Policy: Evaluating Policy Effectiveness across over 50 countries

Theodor Cojoianu*, University College Dublin, Queen’s University Belfast; Andreas Hoepner, University College Dublin & EU Technical Expert Group on Sustainable Finance; Michael Urban, University of Oxford; Dariusz Wojcik, University of Oxford

Climate change and central bank asset purchases: An empirical investigation for the euro area and the UK

Yannis Dafermos*, SOAS University of London; Daniela Gabor, University of the West of England; Maria Nikolaidi, University of Greenwich; Frank van Lerven, New Economics Foundation(NEF)