Climafin
Science-based solutions for climate financial risk assessment
Climate financial risk metrics
Scenario-contingent default probability and Loss Given Default, financial valuation adjustment, Value at Risk, readily integrable into your financial risk management framework.
Leading scientific expertise
A unique track record of top publications on climate financial risks assessment and network of partners in the scientific community.
Regulatory COMPLIANCE
CLIMAFIN is best positioned to help your business to align with financial regulation. CLIMAFIN’s metrics and methods are used by key financial supervisors and institutions in the world.
How we can help you
Solutions
The CLIMAFIN team has pioneered the development of climate financial risk assessment services that contributed to shaping supervisory disclosure and supervisory risk assessment in several jurisdictions.
CLIMAFIN can support your business in mainstreaming climate financial risk assessment in all your operations, tailored to your business and reporting needs.
Climate Risk Platform
Datasets of climate scenario-contingent credit risk metrics and assets valuation that extend our work with financial regulators, including the NGFS short-term scenarios, strengthening your climate risk modelling and regulatory alignment.
Climate Risk Management Software
Our flexible software platform supports climate risk analysis across all asset classes. Deployed as a standalone tool or integrated within your existing risk management framework, it enables to assess and manage exposures to transition and physical risks.
Climate Risk Consulting
Our experts team provides tailored consulting services to help institutions build climate risk strategies, design scenario-based stress tests and meet regulatory expectations. From portfolio diagnostics to custom analytics and network building, we guide your transition to climate-informed finance.
Climate financial risk data
We offer a set of financial risk metrics that leverage on granular, geolocalized asset-level information, for climate physical and transition risk analysis. Our data is available for direct online purchase and immediate download. BUY NOW
CLIMAFIN delivers its services by building on core scientific know-how on climate financial risk.
CLIMAFIN combines the analysis of large datasets on financial and industrial relationships with new financial network algorithms to estimate the propagation of climate shocks towards firms and the resulting impacts on financial assets.
Climate stress-testing (for physical and transition risk) of your portfolio to meet supervisory requirements
Geolocalized, asset-level, revenues-based climate financial risk assessment, for firms and investors
Climate scenario-contingent financial valuation and climate credit risk of securities and contracts
Climate macroeconomic and financial analyses at the country or regional level
Credentials
Chosen by international financials institutions
The CLIMAFIN team has supported leading international financial institutions, including the Network for Greening the Financial System (NGFS), central banks and financial regulators, development banks, think-tanks and non-governmental organizations in mainstreaming climate financial risk assessment in all their operations, to meet their business and reporting needs.
Financial Regulators
Since 2024, CLIMAFIN is collaborating with the Network for Greening the Financial System (NGFS) at the development of the short-term climate scenarios. This work entails close collaboration with all major central banks and financial regulators at the global level (link to tab of the scenario explored for the NGFS short-term scenarios to be added).
CLIMAFIN has developed climate stress-tests and performed pilot stress-testing exercises for financial regulators including The European Insurance and Occupational Pension Authority (EIOPA, 2019), The Austrian National Bank (OeNB, 2020), The European Banking Authority (EBA, 2020), The Swiss National Bank (SNB, 2022), the Monetary Authority of Singapore (MAS, 2023), Banco De Mexico (2024)..
Publications in banks’ financial stability reviews document/advertise these collaborations
Banking
CLIMAFIN climate credit risk models are used by key players in the banking industry for risk-assessment, stress-testing, ESG, and reporting processes. Users include top 20 global commercial banks, development banks (AFD, WB), and service providers to the banking industry (SS&C Algorithmics).
Insurance
CLIMAFIN climate risk assessment models are used by key players in the insurance industry for integrating climate-related risks across risk management, investment, asset-liability management (ALM), ESG, and reporting processes. Users include leading insurers (CCR) as well as service providers to the insurance industry (SEQUANTIS, SS&C Algorithmics).
Asset-Management
CLIMAFIN databases are used by asset-managers in their asset-allocation and reporting processes.
Economic Research
DECIPHER project ‘Holistic decision-making for climate & environment’, funded by the European Union’s Horizon Europe programme. DECHIPER develops a new assessment framework beyond mainstream economics, integrating advanced economic and biophysical models, empirical methods, and stakeholder participation.
ST4TE project ‘Strategies for just and equitable transitions in Europe, funded by the European Union’s Horizon Europe programme. ST4TE provides a comprehensive view of the drivers of the Twin Transition, the inequalities that emerge and a set of policies to build greener, more equal and more productive societies.
Climafin builds on methods published in top scientific journals
Our publications
Science
Climate stress-test
Battiston S. Monasterolo, I., Riahi, K., and van Rujiven, B. (2021). Accounting for finance is key for climate mitigation pathways. Science, 372(6545), 918-920.
Battiston S., Mandel A, Monasterolo I., Schuetze F. & G. Visentin (2017). A Climate stress-test of the EU financial system. Nature Climate Change, 7, 283–288.
Asset-level climate risk assessment
Mandel, A., Battiston, S., & Monasterolo, I. (2025). Mapping global financial risks under climate change. Nature Climate Change, 1-6.
Bressan, G., Đuranović, A., Monasterolo, I., & Battiston, S. (2024). Asset-level assessment of climate physical risk matters for adaptation finance. Nature Communications, 15(1), 5371.
Climate scenario-contingent financial valuation and credit risk
Battiston, S., Mandel, A., Monasterolo, I. and Roncoroni, A. (2023). Climate credit risk model: a structural approach. Working paper, available upon request.
Battiston, S., Jakubik, P., Monasterolo, ea. (2019). Climate risk assessment of sovereign bonds’ portfolio of European insurers. EIOPA Financial Stability Report, 2019.
Macro-financial impacts of climate risks and policies
Dunz, N., Mazzocchetti, A., Monasterolo, I., Essenfelder, A., Raberto, M. (2023). Compounding COVID-19 and climate risks: the interplay of banks’ lending and government’s policy in the shock recovery. Journal of Banking and Finance, 106303.
Monasterolo, I., Raberto, M (2018). The EIRIN flow-of-funds behavioral model of green fiscal policies and green sovereign bonds. Ecological Economics, 144, 228-243.
Who we are
Team
Climate change is a complex issue, so be sure you are dealing with experts.
The founders of CLIMAFIN rank among the leaders in global climate impact research, and are pioneers in assessment of climate related financial risks.
Stefano Battiston
Professor of Sustainable Finance and Networks, University of Zurich. Professor of Economics, University of Venice. CEPR Research Fellow.
CLIMAFIN Senior partner and cofounder.
Antoine Mandel
Professor of Applied Mathematics, Paris School of Economics.
CLIMAFIN Senior partner and cofounder.
Irene Monasterolo
Professor of Climate Finance, Utrecht University. CEPR Research Fellow.
CLIMAFIN Senior partner and cofounder.
Visit CLIMAFIN LinkedIn page
Are you prepared for climate-related financial risk and opportunities?
One of the most significant, and perhaps most misunderstood, risks that organizations face today relates to climate change. The large-scale and long-term nature of the problem makes it uniquely challenging
The NGFS recognises that there is a strong risk that climate related financial risks are not fully reflected in asset valuation.
Climate-related risks are a source of financial risk. It is therefore within the mandates of central banks and supervisors to ensure the financial system is resilient to these risks.