This year the 4th Annual GRASFI Conference will be hosted virtually.

The Programme is indicative and is subject to change; all listed times are London British Summer Time (BST) / China Standard Time (CST)

  • 31 August
  • 1 September
  • 2 September
  • 3 September

12:00-15:00 London / 19:00-22:00 Beijing

PhD Workshop

Pre-selected PhD students will be invited to present their papers or projects and faculty and senior researchers from GRASFI universities will provide feedback, as well as advice on research, publications, and careers.

13:30-15:00 London / 20:30-22:00 Beijing

Side Event

Panel Discussions on ESG Measurements & Standards

Organised by Sim Kee Boon Institute, Singapore Management University; Singapore Green Finance Centre.

With the growth of sustainable, responsible, and impact (SRI) investing, how to measure and assess environmental, social, and governance (ESG) impacts of investment is increasingly becoming an imperative issue. As trillions of dollars are invested based on firms’ ESG performance and impact, the reliability of existing ESG and impact measures and the proper disclosure of ESG-related information are of foremost importance to investors, managers, and policymakers.

Please note, this event requires pre-registration. To register please visit

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10:00 - 11:30 London / 17:00 - 18:30 Beijing

Side Event

Biodiversity Finance – The frontier of green finance

Co-organised by the International Institute of Green Finance at Central University of Finance and Economics and the Centre for Sustainable Finance at SOAS, University of London

Environmental degradation and biodiversity loss have been recognised as major threats to economic prosperity and financial stability. The protection of ecosystems has consequently received more attention, with growing awareness also in financial markets for the need to account for environmental risks and impacts. Biodiversity finance has become one of the hottest issues in finance. The side event explores biodiversity finance from a holistic view to discuss recent developments and challenges.

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12:00 - 12:15 London / 19:00 - 19:15 Beijing


Wang Yao, Director General, International Institute of Green Finance (IIGF), Central University of Finance and Economics

Rob Bauer, Professor of Finance, School of Business and Economics, Maastricht University

Ben Caldecott, Director, Oxford Sustainable Finance Programme, Smith School of Enterprise and the Environment; Lombard Odier Associate Professor & Senior Research Fellow of Sustainable Finance; Supernumerary Fellow, Oriel College, University of Oxford; Director, UK Centre for Greening Finance & Investment (CGFI);  COP26 Strategy Advisor for Finance, Cabinet Office

Christoph Nedopil (Moderator), Associate Professor Economics, FISF Fudan University, Director Green Finance & Development Center, FISF Fudan University

12:15 - 13:15 London / 19:15 - 20:15 Beijing

Opening Keynotes

Armida Salsiah Alisjahbana, Executive Secretary, Executive Secretary of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP)

Steven Billiet, CEO APAC and Head of Global Client Group, BNP Paribas Asset Management

Vitor Gaspar, Director, Fiscal Affairs Department, International Monetary Fund

Additional lighting speeches by:

Barbara Buchner, Global Managing Director and Executive Director, Climate Finance, CPI

Emily Shuckburgh, Director, Cambridge Zero

Cobus van Staden, Senior Researcher, South African Institute of International Affairs

Terry Townshend, Fellow, Paulson Institute 

13:15 - 14:30 London / 20:15 - 21:30 Beijing

Panel 1 - Central Banks and regulators

Central banks and supervsiors have recognised climate change as a material risk for macrofinancial stability. They are also starting to work on other environmental challenges including biodiversity risk. A consensus is building that their policies and operational frameworks need to be adjusted in order to mitigate climate and other environmental risks and support the scaling up of sustainable finance and the transition of economies and financial systems to net-zero. This session will take stock of the developments to date, discuss the major challenges facing central banks and supervisors with regards to implementation, and give an outlook on the future direction of travel.

Key questions:

  • What are the key priorities for your institution for addressing climate and other environmental risks?
  • What are specific policies and instruments that your institution has already introduced? What policies and instruments are you planning to introduce?
  • What are the main challenges and bottlenecks?


Ulrich Volz (Moderator), Professor of Economics and Director of the Centre for Sustainable Finance, SOAS, University of London

Mariana Escobar Uribe, Head of Sustainable Finance, Superintendencia Financiera de Colombia

Chris Faint, Head of Division & Head of the Bank’s Climate Hub, Bank of England

Irene Monasterolo, Assistant Professor of Climate Economics and Finance, Vienna University of Economics and Business

Najwa Mouhaouri, Lead of the Green Finance Unit, Bank Al-Maghrib

Ye Yanfei, Senior Inspectorate Advisor of the Policy Research Bureau, China Banking and Insurance Regulatory Commission

14:30 - 16:00 London / 21:30 - 23:00 Beijing

Paper Session 1 - Green Finance Policy and Regulators


Session Chair: Professor Olaf Weber, Professor at the School of Environment, Enterprise and Development & Research Chair in Sustainable Finance, University of Waterloo

Deliberative policy work for sustainable finance: A European Commission ‘experiment’ to tackle grand challenges.     

Authors: Stephanie Giamporcaro, Jean-Pascal Gond and Céline Louche

The Effects of Mandatory ESG Disclosure around the World.

Authors: Rui Zhong, Dragon Tang, Philipp Krueger and Zacharias Sautner

Financial Policy, Green Transition and Recovery after the COVID-19.

Authors: Dongyang Pan, Chuanqi Chen, Michael Grubb and Yao Wang

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Paper Session 2 - Insurance, Risk and Climate Change


Session Chair: Dr. SUN Tianyin, Deputy Director, Research Center for Green Finance Development, Tsinghua University

Pricing of Climate Risk Insurance: Regulatory Frictions and Cross-Subsidies.

Authors: Ishita Sen and Ana-Maria Tenekedjieva Louche

Sustainability assurance and cost asymmetry.

Authors: Alexander Bassen, Laura-Maria Gastone, Kerstin Lopatta, Anna R. Rudolf and Sebastian A. Tideman

In search of climate distress risk.

Authors: Quyen Nguyen, Ivan Diaz-Rainey and Duminda Kuruppuarachchi

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Paper Session 3 - Asset Allocation and climate change (1)


Session Chair: Professor DING Mingfa, Assistant Professor, Chinese Academy of Finance and Development, Central University of Finance and Economics

Climate Change and Long-Horizon Portfolio Choice: Combining Theory and Empirics.

Authors: Mathijs Cosemans, Xander Hut and Mathijs Van Dijk

Sea Level Rise and Portfolio Choice.

Author: Emirhan Ilhan

Climate Change Concerns and Mortgage Lending.

Authors: Tinghua Duan and Frank Weikai Li

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16:00 - 17:30 London / 23:00 - 00:30 Beijing (+1)

Side Event

Better Finance: Level EEI – Level the Playing Field for Energy efficiency investment products

Organised by LEVEL EEI Consortium (Better Finance, 2° Investing Initiative , Maastricht University and WWF)


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09:30 - 10:30 London / 16:30 - 17:30 Beijing

Side Event

Stewardship: A powerful and multi-faceted investor tool to drive sustainability

Organised by BNP Paribas Asset Management.

Stewardship has emerged as a critical component of investors’ sustainable investment approaches. But what are the concrete ways through which investors can use stewardship to drive improved sustainability practices and make better informed investment decisions?

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 11:00 – 12:30 London / 18:00 – 19:30 Beijing 

Paper Session 4 - Green Banking

Session Chair: Dr. Julia Kapraun, Assistant Professor, Finance Department, Goethe University Frankfurt

Banking Barriers to the Green Economy

Authors: Tarik Roukney, Hans Degryse and Joris Tielens

Inequality, discrimination, and the financial system: How gender and law shape banker mobility, bank-firm relationships and bank activity

Authors: Marco Ceccarelli, Christoph Herpfer and Steven Ongena

Investing in influence: Investors, portfolio firms, and political giving

Authors: Eyub Yegen, Marianne Bertrand, Matilde Bombardini, Ray Fisman and Francesco Trebb

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Paper Session 5 - Stewardship

Session Chair: Professor Hao LIANG, Associate Professor of Finance & Lee Kong Chian Fellow, Singapore Management University

Beyond “One Size Fits All”: Configuring Collaborative Shareholder Engagement on Climate Change

Authors: Jean-Pascal Gond, Rieneke Slager, Kevin Chuah, Santi Furnari and Mikael Homanen

Corporate Directors Learn From Environmental Engagements: Causal Evidence From Withdrawn Shareholder Proposals

Authors: Colin Tissen, Rob Bauer and Jeroen Derwall

When the Mainstream Matters: Coalition Composition in Collective Shareholder Activism on ESG Issues

Author: Kevin Chuah

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Paper Session 6 - Green Bonds

Session Chair: Professor Martina Linnenluecke, Professor & Director, Center for Corporate Sustainability and Environmental Finance, Macquarie University

Green finance links investment to firms’ environmental performance

Authors: Julien Xavier Daubanes, Shema Frédéric Mitali and Jean-Charles Rochet

Is Carbon Risk Priced in the Cross-Section of Corporate Bond Returns?

Authors: Tinghua Duan, Frank Weikai Li and Quan Wen

The Preferential Treatment of Green Bonds.

Authors: Matthias Kaldorf, Francesco Giovanardi, Lucas Radke and Florian Wicknig

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13:00 - 14:00 London / 20:00 - 21:00 Beijing

Panel 2 - Emerging Markets Finance

Many emerging markets for decades have been able to attract global investments from both private and public financial institutions. This has lifted billions of people out of poverty and has partly improved equity in many emerging economies. In the aftermath of COVID-19, however, future economic development in emerging economies looks challenging with debt crises, a continued health crisis, lack of economic opportunities risking social unrest, and unresolved as well as accelerating environmental issues. The IMF predicts that all inequality improvements made since 2008 could be wiped out.

Against this backdrop, this panel will discuss recent development and challenges for sustainable finance and investment in emerging economies, including the question of China’s increasing footprint in emerging markets finance. With leading experts from all major regions and sectors, questions on financing priorities, responsibilities and sustainability standards will be discussed.

Christoph Nedopil (Moderator), Associate Professor Economics, FISF Fudan University, Director Green Finance & Development Center, FISF Fudan University


Sanaa Abouzaid, Country Manager for Central America, International Finance Corporation, World Bank Group

Kevin Gallagher, Professor of Global Development Policy; Director, Global Development Policy Center, Boston University

Paul Milon, Head of Stewardship, Asia Pacific at BNP Paribas Asset Management

ZHAO Zheng, Deputy General Manager of the International Department, SINOSURE China 

Anzetse Were, Senior Economist, FSD Kenya

 14:00 - 15:30 London / 21:00 - 22:30 Beijing

Paper Session 7 - Climate Finance

Session Chair: Dr. Xiaoyan Zhou, Lead, Performance, Oxford Sustainable Finance Programme, University of Oxford.

A recipe for fast-growing wind financial markets.

Authors: Jamie Rickman, Francesca Larosa and Nadia Ameli

Outsourcing Climate Change.

Authors: Rui Dai, Rui Duan, Hao Liang and Lilian Ng

A climate investment trap in developing economies.

Authors: Nadia Ameli, Olivier Dessens, Matthew Winning, Jennifer Cronin, Hugues Chenet, Paul Drummond, Alvaro Calzadilla,

Gabrial Anandarajah and Michael Grubb

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Paper Session 8 - Asset Allocation and climate change (2)

Session Chair: Dr. Rui ZHONG, Senior lecturer in finance, UWA Business School, University of Western Australia 

Who Owns the Emissions: Equity Ownership and the Carbon Underground 200.

Authors: Truzaar Dordi, Sebastian Gehricke, Alain Naef and Olaf Weber

Understanding Macro and Asset Price Dynamics During the Climate Transition.

Authors: Michael Donadelli, Patrick Grüning and Steffen Hitzemann

Strategic Asset Allocation with Climate Change.

Authors: Sally Shen, Alexey Rubtsov and Alex LaPlante

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Paper Session 9 - Corporate Governance

Session Chair: Dr. Sudheer Chava, Alton M. Costley Chair and Professor of Finance, Scheller College of Business, Georgia Institute of Technology

Do High Ability Managers Choose ESG Projects that Create Shareholder Value?

Authors: Aaron Yoon and Kyle Welch

The Response of Local Corporate Sustainability to Environmental Disasters: Evidence from Wildfires.

Authors: Ioannis Branikas, Gabriel Buchbinder, Yugang Ding and Nan Li

Does CEO Debt-like Compensation Mitigate Corporate Social Irresponsibility?

Authors: Long Chen, Guanming He and Gopal Krishnan

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 15:30 - 16:30 London / 22:30 - 23:30 Beijing

Fireside chat

Sovereign debt post COVID-19 and how to finance sustainable recovery


Balázs Horváth, Chief Economist for Asia-Pacific in UNDP

Hannah Wanjie Ryder, CEO, Development Reimagined

Cobus van Staden (Moderator), Senior Researcher, South African Institute of International Affairs.

 20:00 - 21:30 London / 03:00 -04:30 Beijing (+1)

Side Event

Biodiversity and Financial Stability – Exploring the case for action

Organised by the International Network for Sustainable Financial Policy Insights, Research, and Exchange (INSPIRE)

A growing number of central banks and supervisors have recognised the need to extend their focus from climate change to the challenges of addressing the implications of broader nature-related risks and the conservation of nature and biodiversity. Doing this will involve understanding the impact of finance on the provision of key ecosystem services as well as the consequences of biodiversity loss for financial stability. To respond to this emerging agenda, the NGFS and the International Network for Sustainable Financial Policy Insights, Research, and Exchange (INSPIRE) – one of the NGFS research stakeholders – have launched a joint Study Group on ‘Biodiversity and Financial Stability’. The study group was established in April 2021 to establish a research-based approach to how central banks and supervisory authorities can fulfil their mandates in the context of biodiversity loss. It is co-chaired by Dr Ma Jun (Director of the Center for Finance & Development at Tsinghua University and chair of the NGFS Workstream on Research) and Professor in Practice Nick Robins (London School of Economics and INSPIRE).

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09:30 - 11:00 London / 16:30 - 18:00 Beijing

Side Event

Connect to the Future: Fill the gap in sustainable research between universities and the market

Organised by the International Institute of Green Finance (IIGF), Central University of Finance and Economics

China is one of the most dynamic countries for responding to climate change, which also plays a crucial role in realizing the global “Carbon Neutrality” goal. The current problem is that green finance, as an emerging field, has not yet fully walk into the public’s vision, and sustainable investment led by ESG is just a vague concept for most investors.

At present, the academic disciplines associate with sustainable development are relatively scattered globally. Combining multidisciplinary education with finance as a touchpoint is an emerging but urgent need research area. Developing and innovating related subjects is one of the effective ways in guiding the students’ sustainable development awareness.

The post-millennial generation is living in the era of internet information explosion so that they have a more obvious impact on climate change and a sense of self-responsibility. However, they are not yet clear enough how individuals can contribute to climate change and realize self-worth at the same time.

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11:00-12:30 London / 18:00-19:30 Beijing

Paper Session 10 - Green Financing


Session Chair: Professor Dr. Kerstin Lopatta, Chair of Financial Accounting, Auditing and Sustainability, Faculty of Business, Economics and Social Sciences, University of Hamburg

Do Investors Care About Impact?

Authors: Florian Heeb, Julian Kölbel, Falko Paetzold and Stefan Zeisberger

Biodiversity finance – pushing the frontier.

Author: Christoph Nedopil

CAROs: Climate Risk-Adjusted Refinancing Operations.

Authors: Chiara Colesanti Senni and Florian Böser

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Paper Session 11 - Green ESG and Asset Pricing


Session Chair: Dr. LI Jing, Dr. LI Jing, Research Associate, Research Center for Green Finance Development, Tsinghua University PBC School of Finance

ESG Preference, Institutional Trading, and Stock Return Patterns.

Authors: Weiming Zhang, Sheridan Titman, Xintong Zhan and Jie Cao

Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement.

Authors: Aaron Yoon and George Serafeim

Do Active Fund Managers Exploit Material ESG Information?.

Authors: Linquan Chen, Yao Chen, Alok Kumar and Woon Sau Leung

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12:30 – 14:00 London / 19:30 – 21:00 Beijing

Paper Session 12 - Sustainable Investment Choices and Investor Behaviour


Session Chair: Professor Alexander Bassen, Leading the Climate and Energy Finance group, University of Otago

Economics and Social Sciences, University of Hamburg

Green sentiment, stock returns, and corporate behavior.

Authors: Marie Brière and Stefano Ramelli

Socially Responsible Investments: Costs and Benefits for University Endowment Funds.

Authors: George Aragon, Yuxiang Jiang, Juha Joenvaara and Cristian Tiu

Do sustainable consumers prefer socially responsible investments? A study among the users of robo advisors.

Authors: Ann-Christine Brunen and Oliver Laubach

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Paper Session 13 - Disclosure and Reporting for Sustainable Finance


Session Chair: Professor Ivan Diaz-Rainey, Associate Professor in Finance, University of Otago

Navigating the corporate disclosure gap: Multiple Imputation of Missing Not at Random Carbon Data.

Authors: Malgorzata Olesiewicz, Sonja Greven and Jaakko Kooroshy

Institutional Investors and Carbon Emissions: Evidence from the US EPA’s Semi-scientific Reporting Mandate.

Authors: Santanu Kundu and Stefan Ruenzi

Showing off cleaner hands: mandatory climate-related disclosure by financial institutions and the financing of fossil energy.

Authors: Jean-Stéphane Mésonnier and Benoit Nguyen

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14:00 - 14:30 London / 21:00 - 21:30 Beijing

Closing Keynote

Moderator: Mengdi Yue, Researcher, International Institute of Green Finance, Central University of Finance and Economics

MA Jun, Chairman of the Green Finance Committee, China Society for Finance and Banking; President of Institute of Finance and Sustainability; Co-Chair of the G20 Sustainable Finance Working Group


14:30 - 14:45 London / 21:30 - 21:45 Beijing

Paper Prize Ceremony

Alex Bernhardt, Global Head of Sustainability Research, BNP Paribas

Professor Kerstin Lopatta, Chair of Financial Accounting, Auditing and Sustainability, Hamburg University

Professor Rob Bauer, Professor of Finance (chair: Institutional Investors), Maastricht University School of Business and Economics

14:45 - 15:00 London / 21:45 - 22:00 Beijing

Closing note and announcement of GRASFI 2022 Conference​

Professor Rob Bauer, Professor of Finance (chair: Institutional Investors), Maastricht University School of Business and Economics

Professor Dr Falko Paetzold, Assistant Professor for Social Finance, EBS University; Managing Director of the Center for Sustainable Finance and Private Wealth (CSP) at University of Zurich

Professor Wang Yao, Director General, International Institute of Green Finance (IIGF), Central University of Finance and Economics


The GRASFI 2021 Conference is generously supported by:

Paper prizes supported by: