Our publications

Research & Publications on Climate Financial Risk

Climate Stress-Testing & Scenario Analysis

  • 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.

  • Roncoroni, A., Battiston, S., Escobar-Farfán, L. O. L., & Martinez-Jaramillo, S. (2021). Climate risk and financial stability in the network of banks and investment funds. Journal of Financial Stability, 54, 100870.

  • Battiston ea (2021). Financing a net-zero economy: measuring and addressing climate transition risks for banks. Analysis for CERES report, https://bit.ly/3B850Jp

  • Battiston ea (2021). Financing a net-zero economy: The Consequences of Physical Climate Risk for Banks. Analysis for CERES report, https://bit.ly/2WAAg4C

  • Battiston, S., Guth, M., Monasterolo, I., Nuerdorfer, B., Pointner, W. (2020). The exposure of Austrian banks to climate-related transition risk. OeNB Financial Stability Report 2020: https://www.oenb.at/en/Publications/Financial-Market/Financial-Stability-Report.html

  • Monasterolo, I., Jiani I. Zheng and Battiston, S. (2018). Climate transition risk and development finance: a climate stress-test of China’s overseas energy portfolios. China & World Economy 26(6), 116–142.

  • 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.

  • Calabrese, R., Dombrowski, T., Mandel, A., Pace, R. K., & Zanin, L. (2024). Impacts of extreme weather events on mortgage risks and their evolution under climate change: A case study on Florida. European Journal of Operational Research, 314(1), 377-392.

  • Battiston, S., Monasterolo, I., Montone, M. (2023). Technological greenness and long-run performance. Working paper, available at SSRN 4639787.

  • Bressan, G., Monasterolo, I, Battiston, S. (2022). Sustainable investing and climate transition risk: a portfolio rebalancing approach. Journal of Portfolio Management, special issue “Novel risks”.

  • Battiston, S., Monasterolo, I., van Ruijven, B., Krey, V. (2022). Mapping economic activities into climate scenarios and transition risk classes: the NACE-CPRS-IAM classification, Technical report. Available on the NGFS scenarios database explorer and at SSRN (https://bit.ly/3tssBSG).

  • Alessi, L., Battiston, S., Melo, A.  Travelling down the green brick road: a status quo assessment of the EU taxonomy. ECB Macroprudential Bulletin, Oct. 2021, https://www.ecb.europa.eu/pub/financial-stability/macroprudential-bulletin/html/ecb.mpbu202110_2~ea64c9692d.en.html

  • Alessi, L., Battiston, S., Melo, A., & Roncoroni, A. (2019). The EU Sustainability Taxonomy: a Financial Impact Assessment. European Commission: https://ec. Europa.eu/jrc/en/publication/eusustainability-taxonomy-financial-impact-assessment.

Climate Valuation, Credit Risk & Financial Stability

  • Battiston, S., Mandel, A., Monasterolo, I. and Roncoroni, A. (2023). Climate credit risk model: a structural approach. Working paper, available upon request.

  • Battiston, S., Monasterolo, I. (2020). On the dependence of investor’s probability of default on climate transition scenarios. Available at SSRN (abstract_id=3743647).

  • Battiston S., Mandel A, Monasterolo I. (2019). CLIMAFIN handbook: pricing forward-looking climate risks under uncertainty. Available at SSRN (https://bit.ly/3uLvOgz).

  • 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 & Climate Policy

  • Gourdel, R., Monasterolo, I., Gallagher, K. (2025). Climate transition spillovers and sovereign risk: evidence from Indonesia. Energy Economics, 108211.

  • Monasterolo, I., Pagano, M., Pacelli, A., Russo, C. (2025). A European climate bond. Economic Policy, eiae065, https://doi.org/10.1093/epolic/eiae065.

  • Monasterolo, I., Mandel, A., Battiston, S. et al. (2024). The role of green finance sector initiatives in the low-carbon transition: a theory of change. Global Environmental Change 89, 102915.

  • Gourdel, R., Monasterolo, I, Dunz, N., Mazzocchetti, A. and Parisi, L. (2024). The double materiality of climate physical and transition risks in the euro-area. Journal of Financial Stability, 71, 101233.

  • 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., Dunz, ea. (2021). Financial risk assessment and management in times of compounding climate and pandemics shocks. Brookings Institute, Future Development series (https://brook.gs/3IjmqWX)

  • Monasterolo, I. (2020). Embedding finance in the macroeconomics of climate change: research challenges and opportunities ahead. CESIfo Forum, 4/2020, p.25-33 

  • 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.