Research Conference on Environmental risks and ESG investing: securities market impact

The ESMA Research Conference on "Environmental risks and ESG investing: securities market impact" will bring together securities market policymakers and supervisors, academics and industry professionals to discuss and analyse the impact of environmental risks and ESG transition on EU securities markets.

The conference will explore developments and risks in this area, considering both investor protection and financial stability implications.

By better understanding the risks we ultimately aim to further promote the role of capital markets in financing the sustainable transition in finance and beyond.

Conference agenda

09.00-09.15 Welcome and introductory remarks, Natasha Cazenave (Executive Director, ESMA)

09.15-09.45 Keynote speech, Carmine Di Noia (Director for Financial and Enterprise Affairs, OECD)

09.45-11.15 Session 1: ESG investment and market dynamics, Chaired by Thorsten Beck (EUI)

• Paper: What attracts sustainable fund flows? Prospectus vs. ratings
  Authors: Kevin Birk; Stefan Jacob, Marco Wilkens
• Paper: How ESG investment funds contribute to the transition to a low-carbon economy?
  Authors: Margherita Giuzio, Sujit Kapadia, Giulio Mazzolini, Dilyara Salakhova
• Paper: Technological greenness and long-run performance
  Authors: Stefano Battiston; Irene Monasterolo, Maurizio Montone

11:45-13:15 Session 2: Embedding climate risk in financial markets, Chaired by Paul Hiebert (ECB)

• Paper: Resilience of mutual funds to climate transition shocks
  Authors: Diana Mykhalyuk, Javier Ojea-Ferreiro, Manuel Moreno
• Paper: ESG fund flows under shocks: Are they more resilient against macro-financial shocks
  Authors: Yanchen Wang, Steven Chan, Mia Xiao
• Paper: Does the stock market price physical climate risks
  Authors: Marie Briere, Anja Duranovic, Karen Huynh, Irene Monasterolo, Stefano Ramelli

14:00-15:30 Session 3: ESG metrics and disclosure, Chaired by: Lucia Alessi (EC)

• Paper: Regulating impact investments: an exploration of the influence of the EU taxonomy and SFDR on impact funds strategies and impact measurement practices
  Authors: Timo Busch; Brigitte Bernard-Rau
• Paper: Greenness confusion and the greenium
  Authors: Luca De Angelis, Irene Monasterolo
• Paper: Investor Reliance on ESG Ratings and Stock Price Performance
  Authors: Aleksandra Rzeznik, Kathleen Weiss Hanley, Loriana Pelizzon

16:00-17:00 Panel discussion: ESG investment and retail investors
Chair: Salvatore Gnoni (Head of Unit, ESMA)
Panellists:

• Caterina Lucarelli (Università Politecnica delle Marche, and Member of the Consultative Working Group to ESMA's Risk Standing Committee
• Mariyan Nikolov (Better Finance)
• Laura Rinaldi (European Commission, DG REFORM)
• Jan-Ole Wagner (Bafin)

17.00-17.15 Closing remarks, Claudia Guagliano (Head of Unit, ESMA)

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