Workshop on “Measuring, managing and hedging indirect climate-transition risk”




Inizio: Lug 12 | 09:30 am

Fine : Lug 12 | 04:30 pm

Climate Change |
pnrr |
risk management

Via Lambruschini, 4B 20156 Milano MI

Google Map - Link Esterno

Politecnico di Milano (Bovisa Campus)
Sala Consiglio – Department of Management, Economics and Industrial Engineering (Building 26)
Via R. Lambruschini 4/B, 20156 Milano


Climate change can directly affect the stability of financial and economic systems through more frequent and severe disasters affecting the economy, while the uncertainty related to the conversion process towards a low-carbon economy and its timing and speed have the potential to produce negative indirect consequences especially in carbon-intensive sectors.

Despite the growing attention of scholars and policy makers to the risks of climate change for the economy, the debate on how to correctly measure externalities and design adequate policies is still heated. Many economic activities are, in fact, not immune from direct and indirect exposures to climate change and economic transition.

The transmission mechanisms of risks from environmental threats and climate change to economic systems and individual institutions are still largely unknown and their study envisions a multidisciplinary research agenda.

The Workshop aims to present and discuss multiple perspectives on transition risk for firms and financial systems, focusing on the indirect risks related to the interconnections among economic activities.



9.30 – 9.45: Welcome Coffee and Introduction

Morning Session

  • 9.45 – 10.30: “Mitigating foreign exchange risk exposure with supply chain flexibility: A real option analysis”,
    Roberta Pellegrino
    (Politecnico di Bari)
  • 10.30 – 11.15:The effect of Foreign Direct Investments on CO2 emissions: evidence from Asia
    Alessandro Spelta
    (Università di Pavia)
  • 11.15 – 12.00: “What drives the European carbon market? Macroeconomic factors and forecasts
    Andrea Bastianin
    (Università degli Studi di Milano – Statale)

12.00 -14.00: Lunch

Afternoon Session

  • 14.00 – 14.45: “Emission-allowance price shocks in real time
    Marco Taboga
    (Banca d’Italia)
  • 14.45 – 15.30: “Active Fund Management when ESG Matters
    Andrea Tarelli
    (Università Cattolica del Sacro Cuore)
  • 15.30 – 16.15:Systemic risk: a network analysis based on green bond volumes
    Edit Rroji (Università degli Studi di Milano – Bicocca)

16.15 – 16.30: Conclusion


Participation in the workshop is free of charge subject to registration.

Please, click here to register.


Local Organizing Committee
Andrea Flori
(Politecnico di Milano)

Daniele Marazzina (Politecnico di Milano)

Scientific Committee
Alessia Amighini (Università del Piemonte Orientale)
Andrea Flori (Politecnico di Milano)
Gianluca Fusai (Università del Piemonte Orientale)
Annamaria Gambaro (Università del Piemonte Orientale)
Daniele Marazzina (Politecnico di Milano)
Luca Regis (Università di Torino)
Luca Trapin  (Università di Bologna)



The Workshop is funded by the European Union – NextGenerationEU under the National Recovery and Resilience Plan (NRRP), Mission 4, Component 2, Investment 1.1, Call for tender PRIN 2022 PNRR No. 1409 published on 14.9.2022 by the Italian Ministry of University and Research (MUR) (Cod id. P20228CHNL, CUP: D53D23017690001).



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