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Aggressive Climate Policies Needed to Preserve Global Equity Values, Warns New Study"In a new study, How Does Climate Risk Affect Global Equity Valuations? A Novel Approach, EDHEC-Risk Climate Impact Institute addresses key limitations of current climate-aware valuation approaches to produce novel insights. See more Aggressive decarbonisation key to preventing stock market write-offs"(...) New research from the EDHEC-Risk Climate Impact Institute finds gaps in valuation techniques that investors rely on. Adapting a new methodology, the research team led by the institute’s scientific director Riccardo Rebonato, reports that the impact of climate risk on equity valuations could be more significant than what previous estimates suggest. (...) See more 40% of global equity value at risk unless decarbonisation efforts accelerate'"Climate risk poses ‘significant’ impact on global equity valuations, the EDHEC-Risk Climate Impact Institute has claimed, as it calls on ‘aggressive’ climate policies to preserve valuations. See more The Market’s Next Black Swan Is Climate Change" (...) Failing to do more to slow the planetary heating caused by greenhouse-gas emissions will gouge 40% from global equity valuations, estimates a new study by the EDHEC-Risk Climate Impact Institute. Accounting for climate-change-accelerating “tipping points” such as Amazon-rainforest dieback or a Big Burp of gas from melting permafrost, the market losses rise to 50%. On the other hand, if the world gets its act together and limits warming to 2 degrees Celsius above preindustrial averages, then the hit to stock prices will be just 5% to 10%. See more Climate-related global equity losses could “exceed 50%”, say academics"Over 40% of global equity value is at risk unless decarbonisation efforts accelerate, according to academic research. See more Fact-Checking Vrai Faux: La valeur des actifs est insensible au changement climatique"FAUX. Selon la dernière étude de l’Edhec Risk Climate Impact Institute, des combinaisons très plausibles de politiques et de résultats physiques peuvent avoir un impact important sur l'évaluation des actions ; et le risque de perte est beaucoup plus important que le risque d'augmentation - plus de 40 % de la valeur des actions mondiales est menacée si les efforts de décarbonation ne s'accélèrent pas et les pertes pourraient dépasser 50 % si les points de basculement cl imat iques sont proches." See more Quels problèmes posent les scénarios climatiques, et comment les résoudre ?"Article issu de The Conversation, écrit par Riccardo Rebonato, Professor of finance and scientific director (EDHEC-Risk Climate Impact Institute), EDHEC Business School. See more ESG round-up: Most German corporate giants to report on climate under EU rules, survey finds“ (...) Academic think-tank the EDHEC-Risk Climate Impact Institute has found that a lack of government action on climate would wipe out global equity valuations by 40 percent, using a novel climate scenario analysis framework. The findings contrast with current climate scenario practices which have been criticised for suggesting that financial "portfolios would only be marginally impacted, even in high-temperature scenarios that pose existential challenges to our societies". Unlike conventional scenarios which look at the impact of a handful of pre-selected variables, the EDHEC-Risk analysis captures the impacts of a wider range of possible economic and climate outcomes. (...)" See more Quels problèmes posent les scénarios climatiques, et comment les résoudre ?"Face aux incertitudes qui entourent le changement climatique, les décideurs politiques comme les investisseurs ont besoin de savoir ce qui peut arriver et avec quel niveau de probabilité. Malheureusement, les scénarios actuels ne répondent qu’à la première question, et encore, partiellement. Les recherches menées par l’Edhec Risk Climate Impact Institute tentent d’apporter des réponses approximatives mais « exploitables » à la deuxième question. (...) See more Corporate debt could become more attractive than equity under climate scenarios"Analysis by France’s EDHEC Business School has concluded that, under a business-as-usual scenario – where only incremental policy interventions are made to manage the impacts of climate change – equity losses could surpass 50%. (...) See more Un partenariat aux Etats-Unis bouscule la notation ESG européenne"Le 1er juillet, l'agence de notation américaine Moody's annonçait abandonner son activité de notation ESG (les critères environnementaux, sociaux et de gouvernance pour apprécier les performances et risques extra-financiers d'une entreprise) pour nouer un "partenariat stratégique" avec le fournisseur d'indice MSCI. (...) See more Take Five: Growing Pains" (...) Whether they are actively engaged with carbon-intensive firms or not, many asset owners have struggled to alight on scenario analysis frameworks that offer realistic and reliable readings of climate change’s impact on the value of their equity portfolios. Faced with the many uncertainties involved in bringing high-level impacts down to the asset level, approaches built on traditional finance sector methodologies and assumptions have frequently underwhelmed investors by seemingly underplaying the financial impacts and existential risks that temperature rises pose to society. A paper from Riccardo Rebonato, Scientific Director of the EDHEC-Risk Climate Impact Institute, may provide a more credible – if sobering – alternative. See more Aggressive climate policies needed to preserve equity values"New EDHEC-Risk Climate Impact Institution research extends valuation techniques to estimate the effect on global equity values of climate and economic uncertainties, financial contingencies, transition costs and physical risks. See more Aggressive Climate Policies Needed To Preserve Global Equity Values, Warns New Study: EDHEC-Risk Climate Impact Institution Research"New EDHEC-Risk Climate Impact Institution research: Extends valuation techniques to estimate the effect on global equity values of climate and economic uncertainties, financial contingencies, transition costs and physical risks. See more Aggressive Climate Action Needed to Preserve Stocks' Value, Paper Says"Decision makers should pursue aggressive policies to bring climate change under control if they want to avoid losses in the value of global stocks that could top 50%, think-tank EDHEC-Risk Climate Impact warned in a 74-page paper published on Wednesday.(...) See more Le risque climatique pourrait réduire de plus de 50 % la valeur des actions mondiales"Une étude récente du groupe de réflexion EDHEC-Risk Climate Impact indique que les valeurs boursières mondiales pourraient subir de graves pertes si des mesures énergiques ne sont pas prises pour lutter contre le changement climatique. Le rapport de 74 pages, publié mercredi, souligne les risques financiers potentiels associés au changement climatique, notamment les dommages physiques et les coûts de transition qui pourraient avoir une incidence importante sur la valeur des actions. (...) See more Une action climatique agressive est nécessaire pour préserver la valeur des actions, selon un document"Les décideurs devraient mettre en œuvre des politiques agressives pour maîtriser le changement climatique s'ils veulent éviter des pertes de valeur des actions mondiales qui pourraient atteindre 50 %, a averti le groupe de réflexion EDHEC-Risk Climate Impact dans un document de 74 pages publié mercredi.(...) See more Le partenariat entre MSCI et Moody’s porte un nouveau coup à la notation ESG européenne"L’agence de rating américaine va progressivement abandonner son activité de notation ESG, celle-là même qu’elle avait acquise en rachetant le français Vigeo en 2019. Une décision qui devrait avoir d’importantes répercussions sur les investisseurs responsables. (...) See more Stakeholders wary of market consolidation as Moody's closes ESG ratings business“Moody's impending exit from the ESG ratings space could accelerate consolidation within the ESG ratings sector, put upward pressure on prices, and leave a gap in the market, according to users. (...) See more La finance durable fait-elle vraiment fuir les pétroliers européens ?"(...) L'impact de ces politiques d'investissement sur la capacité de financement des entreprises du secteur pétrolier est difficile à mesurer précisément, étant donné la multiplicité des facteurs en jeu. D'autant que sur le marché secondaire, lorsqu'un investisseur vend son action, un autre l'achète, ce qui limite la pression à la baisse sur le cours du titre. Néanmoins, la recherche académique tend à valider l'hypothèse d'un impact. "Les travaux théoriques font le lien explicite entre le développement de l'investissement verts d'un côté et l'évolution du coût du capital et/ou de l'activité des industries polluantes de l'autre, et les résultats empiriques sont cohérents avec les prédictions des modèles" note Frédéric Ducoulombier, directeur de Climate Impact Institute. See more The problems with climate scenarios, and how to fix them"Faced with the uncertainties surrounding climate change, policymakers and investors need to know what can happen and how likely these outcomes may be. Unfortunately, current scenarios answer only the first question – and at that, only partially. Research carried out at the EDHEC Risk Climate Institute tries to provide approximate but “actionable” answers to the second. (...) See more Quatre ans après la vente de Scientific Bêta, l’Edhec présente un plan d’investissement de 270 millions d'ici 2028" (...) Le 13 juin 2024, Emmanuel Métais, DG de l’Edhec, a présenté le plan à 2028, baptisé cette fois "Générations 2050". (...) See more With A Forward-Looking Strategic Plan, France’s EDHEC Cements Focus On Climate & Sustainability" (...)The new plan outlines the school’s actions through 2028 with an eye to the year 2050 – a milestone for both the planet and EDHEC itself. 2050 is the target year set by many governments, scientists, and organizations to reach net-zero carbon emissions or risk grave climate consequences. 2050 is also the year that babies born in the next four years will come to and graduate from EDHEC. See more Il green bond certificato conviene: investitori pronti a pagare un premio extra" (...)Conviene a un’azienda finanziarsi con un green bond? La risposta è sì perché c’è il greenium. Quest’ultimo non è altro che il prezzo più alto che gli investitori sono disposti a pagare per un’obbligazione verde rispetto a quelle tradizionali. Differenza di prezzo che può oscillare tra i 4,5 e 5 punti base a condizione, però, che vi sia la second party opinion ovvero la validazione di una società terza indipendente.  Tutto ciò emerge da uno studio realizzato da quattro professori universitari che hanno analizzato 3mila green bond. I prof in questione sono Marco Ghitti (Università di Padova), Gianfranco Gianfrate e Marco Spinelli (Edhec) e Florencio Lopez-de-Silanes (Nber). (...) See more Webinar Announcement: Analyzing Climate Risk Effects On Global Equity Valuations" Date: Tuesday, July 2nd, 2024   Time: 8pm SGT | 2pm CEST | 1pm BST | 8am EST See more Establecer una definición de greenwashing"(...)Un obstáculo para definir el lavado verde – greenwashing – es que la mayoría de los informes de desempeño ambiental son voluntarios y no están auditados. El profesor Gianfrate espera que sean necesarias dos décadas o más de resistencia, lobby y compromiso antes de que se pueda implementar adecuadamente un sistema adecuado de presentación de informes con sanciones y castigos. See more “Death by a thousand cuts” - why climate risk isn’t priced in"Riccardo Rebonato, professor at EDHEC Business School doesn't believe climate change will trigger a Minsky moment, he explains why investors should still be wary of current valuations See more Opponents of mandatory Scope 3 reporting are ‘confusing the symptom for the cause’"(...)Opponents of mandatory Scope 3 emissions reporting, who say that it is “unfeasible” or “too costly”, are “confusing the symptoms for the cause”, says a report by France-based academic think-tank the EDHEC-Risk Climate Impact Institute. (...) See more A powerful tool for businesses"The role of business in the global effort to combat climate change is becoming increasingly essential. And for good reason: since the start of the industrial revolution, more than two thirds of global emissions have been produced by large companies. See more Le prix interne du carbone : un outil puissant pour les entreprises"(...)avant toute chose, les entreprises doivent évaluer leurs émissions directes et indirectes de carbone, qu’elles proviennent de leurs propres sources, de leur consommation d’énergie, des opérations de leur chaîne d’approvisionnement ou de la gestion des déchets. Par « émissions directes » on désigne celles qui résultent de sources détenues ou contrôlées par l’entreprise, comme les émissions produites lors de la combustion dans les chaudières d’une entreprise ou de son parc automobile. Les émissions indirectes proviennent de la consommation d’énergie achetée par l’entreprise, comme l’électricité, la chaleur ou le froid. Enfin, d’autres émissions indirectes sont issues de la chaîne d’approvisionnement, lors du transport des matériaux ou de l’élimination des déchets. (...) See more Research for Institutional Money Management"In this EDHEC-Risk Climate Impact Institute issue of Research for Institutional Money Management, we present groundbreaking research extending climate scenario analysis. See more Scope 3 : Les données actuelles sont “inadaptées” à la construction de portefeuille"(...)La nébuleuse autour du scope 3 tarde à s’éclaircir. Dans un nouveau rapport publié ce 28 mars, l’EDHEC-Risk Climate Impact Institute dresse un état des lieux à 360° sur la prise en compte des émissions de gaz à effet de serre de scope 3, qui concernent toute la chaîne de valeur d’une entreprise. Malgré une importante hausse de ces publications volontaires, l'étude constate que les rapports “restent trop souvent un exercice de greenwashing, sont incomplets et ciblent peu les sources matérielles”. Cela, alors que ces données restent encore “naïvement” utilisées par les gérants d’actifs. Un manque de précaution que relevait en juin dernier l’Autorité des Marchés Financiers (AMF) après un contrôle SPOT relatif aux données extra-financières.(...) See more France’s EDHEC Business School Launches An Online MBA" EDHEC Business School in France announced this week (March 18) the launch of a new MBA, 100% online. It will have two intakes per year, the first beginning this fall with another in spring. Each will enroll about 20 students.(...) See more Best Sustainable Finance/ ESG Courses & Certifications (2024)" (...)These courses and certifications have been designed to teach the principles and concepts of sustainable finance and ESG Investing and help you become a leader in the field.(...) See more Crisi Esg, negli Stati Uniti c’è chi vuol fare diventare reato l’investimento green" (...)«Se Donald Trump vincerà la corsa alla presidenza degli Stati Uniti penso che potrebbe fare un passo deciso nel divieto a investire in modalità Esg – afferma Gianfranco Gianfrate, docente di finanza all’Edhec Business School in Francia –. Alcune grandi società di asset management hanno annusato l’aria e hanno deciso di riposizionarsi». Si spiega così la fuga dalle alleanze contro il climate change di alcuni grandi gruppi finanziari. Decisioni che hanno mandato in frantumi, in particolare, la Net Zero Insurance Alliance, passata da 30 a 11 componenti.La stessa ClimateAction100+ sta perdendo pezzi. Non sembra, per ora, mostrare segni di crisi la Nzba, l’alleanza per il Net-Zero creata dagli istituti bancari. (...) See more SEC approves long-awaited climate disclosure rule"The Securities and Exchange Commission (SEC) approved major new rules on climate disclosure yesterday, but experts say they won’t be enough to satisfy investor demand for sustainability information. (...) See more SEC adopts landmark – but weakened – climate disclosure rules“ (...) Corporates urgently need to get their own houses in order – to determine and then begin reducing the emissions they have direct control over,” Ofir Eyal, director at consultancy Marakon, said in statement. “It’s been a case of willing procrastination for too many businesses, which have used the complexity involved in calculating Scope 3 emissions as an excuse for delaying the development of a meaningful strategy to reduce their direct emissions. See more SEC adopts landmark - but weakened - climate disclosure rules"The US Securities and Exchange Commission has voted to adopt the country’s first federal requirements for public companies to disclose information on their climate-related risks and greenhouse gas emissions. See more Revolutionary Research Offers Probabilistic Tools for Climate Scenario Analysis in Finance" A groundbreaking White Paper titled “Climate Scenario Analysis and Stress Testing for Investors: A Probabilistic Approach,” authored by Professor Rebonato and his team, has introduced an innovative method for augmenting climate scenarios with probabilistic information. This approach is set to revolutionize how financial professionals assess and manage climate-related risks.(...) See more Viewpoint: The SEC should not diverge on Scope 3" (...) Investor advocacy for value-chain emissions (Scope 3) reporting and its possible incorporation within a US Securities and Exchange Commission (SEC) climate-disclosure rule have sparked fierce resistance from fossil-fuel interests. (...) See more Einfluss von Klimawandel-Nachrichten auf Aktienportfolios"Jean-Michel Maeso und Dominic O’Kane vom EDHEC-Risk Climate Impact Institute haben in einem Research Paper den Einfluss von (unerwarteten) klimawandelbezogenen News auf die Performance von Aktienportfolios untersucht. Mit neun verschiedenen Language-Modellen und fünf englischsprachigen Zeitungen, darunter Financial Times and New York Times, konstruieren die Autoren je einen Climate News Index (CNI) sowie einen über alle Quellen aggregierten Index. (...) See more Uni Ulm glänzt mit Top-Forschung in den Aktuarwissenschaften - Daykin Prize 2023 für Prof. An Chen & Dr. Fangyuan Zhan" (...)„Wir freuen uns sehr über diese Auszeichnung. Sie macht unsere wissenschaftliche Arbeit weltweit noch sichtbarer und zeigt auch, dass die Universität Ulm zu den Top-Standorten auf dem Gebiet der Aktuarwissenschaften gehört“, so Professorin An Chen, die an der Universität Ulm das Institut für Versicherungswissenschaften leitet. Die international renommierte Wissenschaftlerin forscht zu versicherungswirtschaftlichen Fragen mit dem Schwerpunkt Altersvorsorge. Besonders im Fokus: Lebensversicherungen und Pensionssysteme. Dr. Fangyuan Zhang kam über das Double Degree Programm „Master of Finance“ von der renommierten chinesischen Fudan Universität an die Universität Ulm und schloss hier 2022 ihre Promotion ab. See more Viewpoint: Investor climate scenarios need to be probability-aware" Riccardo Rebonato argues that climate scenarios need to come with probabilities if they are to be useful for investors. See more Q&A: ‘Climate change scenarios are not created with investors in mind’" (...) The Institute’s research looking at Dynamic Integrated Climate-Economy (DICE) models concluded they have been inappropriately used for scenario analysis. As a result Professor Rebonato and his team are developing a solution that attaches approximate probabilities to climate scenarios in an effort to reflect the uncertainty of making investment decisions based on climate change. (...) See more Investors' scenario testing not recognising full climate risk, warns academic"(...) The scenarios most investors are using were ultimately created for the purpose of policymakers, but not for the use of investors to assist with decision-making, warned Riccardo Rebonato, scientific director of the Risk Climate Impact Institute at the EDHEC Business School in Nice. (...) See more Aktienmarkt unterschätzt Klimarisiken" Riccardo Rebonato vom EDHEC-Risk Climate Impact Institute untersucht in einem Research Paper, ob Klimarisiken hinreichend in Aktienkursen eskomptiert sind und welche Risiken bei mangelhafter Einpreisung bestehen. Die Ergebnisse bisheriger Studien, ob die Risiken des Klimawandelns in Aktienkursen berücksichtigt werden, sind uneindeutig und wenig robust. Es scheint, dass Asset-Preise, wenn überhaupt, nur in geringem Maße von Klima-Informationen beeinflusst werden. (...)" See more Why Investors Need Climate Change Probabilities Not ‘Certainties’" (...) Investors need to know what is a reasonable central estimate, and what is the spread of possible outcomes. The two potential issues here that must be reiterated are a lack of communication of the degree of uncertainty, and the ‘low-balling’ effect on risk stemming from the inappropriate use of an outdated model. See more L’Af2i récompense un travail de recherche sur le non coté" "L’Association française des investisseurs institutionnels a remis son prix Académique 2023. (...) See more EDHEC-Risk Climate Institute Challenges Overly Optimistic Climate Projections In Pension Fund Reports"A recent position paper from EDHEC-Risk Climate Impact Institute has raised significant concerns about the misleading nature of climate-risk advice given to pension funds, particularly those under the UK Local Government Pension Scheme (LGPS). The paper, titled “Portfolio Losses from Climate Damages: A Guide for Long-Term Investors,” authored by Professor Riccardo Rebonato, Scientific Director at the institute, critically examines the advice provided to pension trustees and its implications. (...) See more Emmanuel Métais : «A l'Edhec, nous avons diminué le nombre d'admissions sur titre»"LE FIGARO ÉTUDIANT.- Quel bilan tirez-vous de l'année 2022-2023 ? See more