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Publications

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    • All HBS Web  (528)
      • Faculty Publications  (72)

      Climate Finance Remove Climate Finance →

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      • December 2022 (Revised January 2023)
      • Case

      Marfrig's Quest for Greener Beef

      By: Jose B. Alvarez, Pedro Levindo and Ruth Costas
      Marfrig, one of the world’s leading meatpackers, strived to comply with its commitment to have a deforestation-free value chain in Brazil by 2030. The company also pledged to reduce its emissions of greenhouse gases in accordance with the guidelines set by the...  View Details
      Keywords: Agribusiness; Animal-Based Agribusiness; Plant-Based Agribusiness; Acquisition; Family Business; Communication Strategy; Environmental Management; Climate Change; Environmental Regulation; Environmental Sustainability; Bonds; Food; Global Strategy; Goods and Commodities; Government and Politics; Political Elections; Leading Change; Marketing; Product Marketing; Product Positioning; Supply Chain; Supply Chain Management; Corporate Social Responsibility and Impact; Business and Government Relations; Business and Stakeholder Relations; Partners and Partnerships; Strategy; Adaptation; Business Strategy; Commercialization; Competitive Strategy; Corporate Strategy; Diversification; Expansion; Agriculture and Agribusiness Industry; Food and Beverage Industry; Brazil; Latin America; Argentina; Uruguay; North America; United States; Europe; Asia; China
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      Alvarez, Jose B., Pedro Levindo, and Ruth Costas. "Marfrig's Quest for Greener Beef." Harvard Business School Case 523-073, December 2022. (Revised January 2023.)
      • December 2022
      • Technical Note

      Risks and Opportunities from the Transition to a Low Carbon Economy: A Business Analysis Framework

      By: George Serafeim
      The transition to a low carbon economy introduces many risks and opportunities for businesses. Risks emerge from regulatory actions, such as carbon taxes and cap and trade systems, technological innovation that develop alternatives for customers making existing...  View Details
      Keywords: Risk Assessment; Opportunities; Environmental Sustainability; Carbon Footprint; Risk Management; Competitive Dynamics; Business Analysis; Climate Change; Accounting; Finance; Valuation; Business and Shareholder Relations; Technological Innovation; Transition; Product Positioning; Renewable Energy; Analysis
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      Serafeim, George. "Risks and Opportunities from the Transition to a Low Carbon Economy: A Business Analysis Framework." Harvard Business School Technical Note 123-014, December 2022.
      • 2022
      • Article

      Climate Change Vulnerability and Currency Returns

      By: Alex Cheema-Fox, George Serafeim and Hui (Stacie) Wang
      Using measures of physical risk from climate change, we develop a methodology to allocate currency pairs according to a country’s vulnerability and construct portfolios with decreasing vulnerability to physical risk. We show that non-G10 currencies are more vulnerable...  View Details
      Keywords: Climate Finance; Vulnerabilities; Currencies; Foreign Exchange; Climate Change; Currency; Natural Disasters
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      Cheema-Fox, Alex, George Serafeim, and Hui (Stacie) Wang. "Climate Change Vulnerability and Currency Returns." Financial Analysts Journal 78, no. 4 (2022): 37–58.
      • 2022
      • Working Paper

      How Do Investors Value ESG?

      By: Malcolm Baker, Mark Egan and Suproteem K. Sarkar
      Environmental, social, and governance (ESG) objectives have risen to near the top of the agenda for corporate executives and boards, driven in large part by their perceptions of shareholder interest. We quantify the value that shareholders place on ESG using a revealed...  View Details
      Keywords: Investment; Investment Portfolio; Corporate Social Responsibility and Impact; Business and Shareholder Relations; Environmental Sustainability; Governance; Financial Services Industry; United States
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      Baker, Malcolm, Mark Egan, and Suproteem K. Sarkar. "How Do Investors Value ESG?" NBER Working Paper Series, No. 30708, December 2022. (Harvard Business School Working Paper, No. 23-028, November 2022.)
      • 2022
      • Working Paper

      The Issuance and Design of Sustainability-linked Loans

      By: Maria Loumioti and George Serafeim
      Sustainability-linked loans (i.e., syndicated loans for which pricing is linked to a sustainability performance indicator) have rapidly evolved into a significant private debt product. We find that sustainability-linked lending has been available mostly to borrowers...  View Details
      Keywords: Sustainability; Sustainability Management; Credit Products; Loan Contracts; Loans; Corporate Finance; Credit Risk; Environment; ESG; ESG Ratings; Climate Change; Finance; Borrowing and Debt; Risk and Uncertainty; Credit
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      Loumioti, Maria, and George Serafeim. "The Issuance and Design of Sustainability-linked Loans." Harvard Business School Working Paper, No. 23-027, November 2022.
      • October 17, 2022
      • Article

      When Climate Collaboration Is Treated as an Antitrust Violation

      By: Matteo Gasparini, Knut Haanaes and Peter Tufano
      Carbon emissions transcend firms and borders—they are a massive, unpriced externality. Companies across industries are increasingly waking up to the need to cooperate in the fight against climate change but the law might get in the way. Across Europe and the U.S.,...  View Details
      Keywords: Climate Impact; Climate Finance; Antitrust; Anti-trust; Climate Change; Environmental Regulation; Law
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      Gasparini, Matteo, Knut Haanaes, and Peter Tufano. "When Climate Collaboration Is Treated as an Antitrust Violation." Harvard Business Review (website) (October 17, 2022).
      • October 2022
      • Case

      Masdar City: Aiming for Sustainable and Profitable Real Estate

      By: Boris Vallee and Fares Khrais
      Masdar City broke ground in 2008 and was conceived by the Abu Dhabi government to be an international beacon of innovation in sustainable energy and real estate. It was also to be a profitable investment for the government. At first glance, the two goals pulled in...  View Details
      Keywords: Analysis; Green Building; Business Growth And Maturation; Decisions; Public Sector; Financial Crisis; Construction; Climate Change; Green Technology; Borrowing And Debt; Corporate Finance; Capital; Capital Budgeting; Capital Structure; Cost Of Capital; Equity; REIT; Financial Management; Financial Strategy; Initial Public Offering; Innovation; Growth And Development Strategy; Emerging Markets; Urban Development; Middle East; United Arab Emirates; Sustainable Cities; Green Buildings; Business and Government Relations; Decision Choices and Conditions; Financing and Loans; Real Estate Industry; Construction Industry; Energy Industry; Green Technology Industry; Abu Dhabi
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      Vallee, Boris, and Fares Khrais. "Masdar City: Aiming for Sustainable and Profitable Real Estate." Harvard Business School Case 223-036, October 2022.
      • 2022
      • Working Paper

      Can Finance Save the World? Measurement and Effects of Coal Divestment Policies by Banks

      By: Daniel Green and Boris Vallée
      We study whether divestment policies are an effective tool to address climate change, using coal lending bans by banks around the world as a laboratory. In contrast to theories arguing divestment is ineffective because capital is highly subsitutable, we find large...  View Details
      Keywords: Coal Power; Climate Change; Investment; Environmental Sustainability; Policy; Financing and Loans; Energy Industry; Banking Industry
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      Green, Daniel, and Boris Vallée. "Can Finance Save the World? Measurement and Effects of Coal Divestment Policies by Banks." Working Paper, August 2022.
      • June 2022
      • Case

      PFA Pensions: The Climate Plus Product

      By: Daniel Green, Victoria Ivashina and Alys Ferragamo
      The case explores whether alternative investments play a unique role in achieving low carbon dioxide emissions at the portfolio level. This case is set in April of 2020 and follows Kasper Ahrndt Lorenzen, Chief Investment Officer, and Peter Tind Larsen, Head of...  View Details
      Keywords: Carbon Emissions; Carbon Footprint; Alternative Assets; Alternative Investment Vehicles; Pension Fund Investing; Private Equity; Renewable Energy; Investment Portfolio; Corporate Social Responsibility and Impact; Environmental Sustainability; Denmark
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      Green, Daniel, Victoria Ivashina, and Alys Ferragamo. "PFA Pensions: The Climate Plus Product." Harvard Business School Case 222-088, June 2022.
      • April 2022
      • Supplement

      PG&E and the First Climate Change Bankruptcy

      By: Stuart C. Gilson
      Keywords: Chapter 11; Utilities; Liabilities; Restructuring; Insolvency and Bankruptcy; Debt Securities; Legal Liability; Climate Change; Utilities Industry; United States
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      Gilson, Stuart C. "PG&E and the First Climate Change Bankruptcy." Harvard Business School Spreadsheet Supplement 222-714, April 2022.
      • March 2022 (Revised April 2022)
      • Teaching Note

      Spotify's Audio-First Strategy: Leading the Podcasting Market

      By: Hong Luo and Carol Lin
      Teaching Note for HBS Case No. 721-439. Within 15 years, CEO Daniel Ek had led Spotify from an ambitious startup to a multi-billion dollar company that had transformed the music industry. As part of Spotify’s next phase of growth, the platform would invest heavily in...  View Details
      Keywords: Business Startups; Growth and Development Strategy; Business Divisions; Customer Relationship Management; Revenue; Music Industry
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      Luo, Hong, and Carol Lin. "Spotify's Audio-First Strategy: Leading the Podcasting Market." Harvard Business School Teaching Note 722-443, March 2022. (Revised April 2022.)
      • 2021
      • Working Paper

      The Green Bonding Hypothesis: How Do Green Bonds Enhance the Credibility of Environmental Commitments?

      By: Shirley Lu
      This paper proposes and provides evidence on a green bonding hypothesis, where green bonds act as a commitment device that subjects firms to institutions holding them accountable to their environmental promises. I find that green-bond issuers face higher climate change...  View Details
      Keywords: Bonding Hypothesis; Sustainable Finance; Climate Change; Corporate Social Responsibility and Impact; Environmental Sustainability; Bonds; Corporate Accountability
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      Lu, Shirley. "The Green Bonding Hypothesis: How Do Green Bonds Enhance the Credibility of Environmental Commitments?" SSRN Working Paper Series, No. 3898909, December 2021.
      • October 2021 (Revised February 2022)
      • Case

      Green Hydrogen in Chile

      By: Tarun Khanna, Jenyfeer Martínez Buitrago and Mariana Cal
      In 2020, the Chilean government wants to promote green hydrogen, a technology with high potential to help mitigate climate change. President Sebastián Piñera, aware of the country's advantages to produce green hydrogen competitively, asks Energy Minister Juan Carlos...  View Details
      Keywords: COVID-19 Pandemic; Decision Making; Alternative Energy; Renewable Energy; Climate Change; Environmental Sustainability; Green Technology; Financial Instruments; Energy Policy; Government Administration; Strategy; Government and Politics; Social Issues; Energy Industry; Latin America; South America; Chile
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      Khanna, Tarun, Jenyfeer Martínez Buitrago, and Mariana Cal. "Green Hydrogen in Chile." Harvard Business School Case 722-361, October 2021. (Revised February 2022.)
      • Article

      Decarbonization Factors

      By: Alex Cheema-Fox, Bridget LaPerla, George Serafeim, David Turkington and Hui (Stacie) Wang
      In the face of accelerating climate change, investors are making capital allocations seeking to decarbonize portfolios by reducing the carbon emissions of their holdings. To understand the performance of portfolio decarbonization strategies and investor behavior...  View Details
      Keywords: ESG; Investment Management; Factor Investing; Investor Behavior; Climate Change; Environmental Sustainability; Investment; Management
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      Cheema-Fox, Alex, Bridget LaPerla, George Serafeim, David Turkington, and Hui (Stacie) Wang. "Decarbonization Factors." Journal of Impact and ESG Investing 2, no. 1 (Fall 2021): 47–73.
      • October 2021
      • Article

      Shareholder Activism and Firms' Voluntary Disclosure of Climate Change Risks

      By: Caroline Flammer, Michael W. Toffel and Kala Viswanathan
      This paper examines whether—in the absence of mandated disclosure requirements—shareholder activism can elicit greater disclosure of firms’ exposure to climate change risks. We find that environmental shareholder activism increases the voluntary disclosure of climate...  View Details
      Keywords: Transparency; Reporting; Shareholder Engagement; Shareholder Activism; Climate Change; Risk and Uncertainty; Environmental Management; Investment Activism; Corporate Disclosure; Communication Strategy; Information Publishing; Measurement and Metrics; Corporate Social Responsibility and Impact; Problems and Challenges; United States
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      Flammer, Caroline, Michael W. Toffel, and Kala Viswanathan. "Shareholder Activism and Firms' Voluntary Disclosure of Climate Change Risks." Strategic Management Journal 42, no. 10 (October 2021): 1850–1879. (Featured in Harvard Business Review.)
      • 2021
      • Article

      Decarbonizing Everything

      By: Alex Cheema-Fox, Bridget LaPerla, George Serafeim, David Turkington and Hui (Stacie) Wang
      We analyze how the use of different climate risk measures leads to different portfolio carbon outcomes and risk-adjusted returns. Our findings are synthesized in a rules-based investment framework, which selects a different type of climate metric across industries and...  View Details
      Keywords: Climate Risk; ESG; ESG (Environmental, Social, Governance) Performance; ESG Disclosure; ESG Disclosure Metrics; ESG Ratings; Investing; Investing For Impact; Investment Strategy; Environment; Decarbonization; Climate Change; Environmental Sustainability; Environmental Management; Environmental Accounting; Investment; Strategy; Investment Portfolio; Investment Return
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      Cheema-Fox, Alex, Bridget LaPerla, George Serafeim, David Turkington, and Hui (Stacie) Wang. "Decarbonizing Everything." Financial Analysts Journal 77, no. 3 (2021): 93–108.
      • May 2021
      • Case

      André Hoffmann: Beyond Philanthropy

      By: Lauren Cohen, Hao Gao, Jiawei Ye and Spencer C.N. Hagist
      André Hoffmann is a leader of one of the world's largest pharmaceutical companies. His exceptional tenure in philanthropy over the past several decades, including being president of the WWF and the vice-president of the MAVA Foundation, has allowed him access to a far...  View Details
      Keywords: Strategy; Philanthropy and Charitable Giving; Restructuring; Social Entrepreneurship; Values and Beliefs; Corporate Social Responsibility and Impact; Environmental Sustainability; Cash Flow; Macroeconomics; Ethics; Business and Stakeholder Relations; Switzerland; United States; Japan
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      Cohen, Lauren, Hao Gao, Jiawei Ye, and Spencer C.N. Hagist. "André Hoffmann: Beyond Philanthropy." Harvard Business School Case 221-093, May 2021.
      • April 22, 2021
      • Article

      Shareholders Are Pressing for Climate Risk Disclosures. That's Good for Everyone

      By: Caroline Flammer, Michael W. Toffel and Kala Viswanathan
      Does shareholder activism induce firms to voluntarily disclose climate change risks? And how do markets respond to these disclosures? New research finds that the extent of climate-risk disclosure increases by approximately 4.6% for each environment-related proposal...  View Details
      Keywords: Reporting; Transparency; Activism; Shareholder Activism; Shareholder Engagement; Climate Change; Corporate Disclosure; Investment Activism; Business and Shareholder Relations
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      Flammer, Caroline, Michael W. Toffel, and Kala Viswanathan. "Shareholders Are Pressing for Climate Risk Disclosures. That's Good for Everyone." Harvard Business Review Digital Articles (April 22, 2021).
      • April 2021 (Revised July 2021)
      • Case

      Public Equities Impact Investing at BlackRock

      By: Shawn A. Cole, Vikram S. Gandhi, Michael Norris and John Masko
      In early 2021, BlackRock—the world’s largest asset manager with $9 trillion in assets under management (AUM)—sought to become a leader in promoting environmental and social sustainability. Over the previous ten years, CEO Larry Fink had written an annual open letter to...  View Details
      Keywords: Impact Investing; Renewable Energy; Climate Change; Environmental Sustainability; Equity; Corporate Social Responsibility and Impact; Financial Management; Investment Funds; Investment Return; Mission and Purpose; Organizational Change and Adaptation; Financial Services Industry; United States
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      Cole, Shawn A., Vikram S. Gandhi, Michael Norris, and John Masko. "Public Equities Impact Investing at BlackRock." Harvard Business School Case 221-066, April 2021. (Revised July 2021.)
      • March 2021 (Revised April 2021)
      • Case

      Making Impact Investing Markets: IFC (A)

      By: Shawn A. Cole, John Masko and T. Robert Zochowski
      In 2017, the International Finance Corporation (IFC) faced the first big investment decision in its new Scaling Solar project. Founded in 1956, IFC was an international investment body with national governments as shareholders, whose mission was to promote economic...  View Details
      Keywords: Impact Investing; Development Economics; Developing Countries and Economies; Renewable Energy; Climate Change; Environmental Sustainability; Borrowing and Debt; Credit; Equity; Bonds; Financing and Loans; Growth and Development; Emerging Markets; Non-Governmental Organizations; Corporate Social Responsibility and Impact; Investment; Decision Making; Financial Services Industry; Energy Industry; Zambia
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      Cole, Shawn A., John Masko, and T. Robert Zochowski. "Making Impact Investing Markets: IFC (A)." Harvard Business School Case 221-061, March 2021. (Revised April 2021.)
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