Publications on Sustainable Finance

Science for policy briefs

Hirschbuehl, D., Can depollution lead to more favourable financing conditions?, European Commission, Ispra, 2026, JRC146606.

Hirschbuehl, D., Petracco M., Neuville A., and Sachez Arjona I., The EU economy's dependency on nature. European Commission, Ispra, 2025, JRC140003.

London, M. and Cotignano, G., The financing of EU firms for green competitiveness, Fatica, S. (editor), European Commission, Ispra, 2025, JRC142344.

Peer reviewed journal articles

Klacso J., Gogova, L., Hledik, J., (2026). Orienteering with flood maps: The potential impact of riverine floods on corporate credit risk, International Review of Financial Analysis, Volume 117, 105223, ISSN 1057-5219.

Papadopoulos, G. (2026). The effect of external assurance on corporate carbon disclosures: Empirical evidence from Europe, Energy Economics, Volume 153, 109084.

Bellia, M., Di Girolamo, F. E., Pagano A., Petracco Giudici, M. (2025). The flood protection gap: evidence for public finances and insurance premiums. Risk Management and Insurance Review, 28, 34–66.

Becker, A., Fatica, S., Rancan, M. (2025). Not only green: Sustainability and debt capital markets, Journal of International Money and Finance, Elsevier, vol. 154(C).

Alessi, L., Duranovic, A., Kvedaras, V., Monasterolo, I. (2025). From risks to opportunities: The impact of green public investment programs on sovereign yields. Research in International Business and Finance, 77, 102866, ISSN 0275-5319.

Bellia, M., Di Girolamo, E. F., Pagano, A. (2025) Local banks and flood risk: The case of Germany, Journal of Environmental Management, Volume 373, 123404

Becker, A., Di Girolamo, F. E., Rho, C. (2025). Loan pricing and biodiversity exposure: Nature-related spillovers to the financial sector. Research in International Business and Finance, 75.

Ojea-Ferreiro, J., Reboredo, J., C., and Ugolini, A. (2024). Systemic risk effects of climate transition on financial stability, International Review of Financial Analysis, Volume 96, Part B, 103722.

Fatica, S., and R. Panzica, Sustainable investing in times of crisis: Evidence from bond holdings and the COVID-19 pandemic, Journal of Banking & Finance, Volume 166, 2024, 107238, ISSN 0378-4266.

Alessi, L., Di Girolamo, F., Petracco-Giudici, M. and Pagano, A. (2024). Accounting for climate transition risk in banks' capital requirements. Journal of Financial Stability, 73, 101269.

Fatica, S., Grammatikopoulou, I., Hirschbuehl D., La Notte A. and Pisani, D. (2024). European SMEs’ Exposure to Ecosystems and Natural Hazards: A First Exploration. Sustainability 16(11), 4841.  

Alessi, L., Battiston, S., and Kvedaras, V. (2024). Over with carbon? Investors’ reaction to the Paris Agreement and the US withdrawal. Journal of Financial Stability, 71, 101232.

Bellucci, A., Fatica, S., Georgakaki, A., Gucciardi, G., Letout, S. & Pasimeni, F, (2023).  Venture Capital Financing and Green Patenting, Industry and Innovation, 30:7, 947-983, DOI: 10.1080/13662716.2023.2228717

Caporin, M., Fontini, F., & Panzica, R. (2023). The systemic risk of US oil and natural gas companies. Energy Economics, 121, 106650.

Reboredo, J. C., Ugolini, A., & Ojea-Ferreiro, J. (2022). Do green bonds de-risk investment in low-carbon stocks? Economic Modelling, 105765

Alessi, L., and Battiston, S. (2022). Two sides of the same coin: Green Taxonomy alignment versus transition risk in financial portfolios. International Review of Financial Analysis, 102319.

Alessi, L., Ossola, E., and Panzica, R. (2021). What greenium matters in the stock market? The role of greenhouse gas emissions and environmental disclosures. Journal of Financial Stability, 54.

Fatica, S., Panzica, R., and Rancan, M. (2021). The pricing of green bonds: are financial institutions special? Journal of Financial Stability, 54

Fatica, S., and Panzica, R. (2021). Green bonds as a tool against climate change? Business Strategy and the Environment, 30.5: 2688-2701

Ramelli, S., Ossola, E., and Rancan, M. (2021). Stock price effects of climate activism: Evidence from the first global climate strike. Journal of Corporate Finance, 69

Book chapters

Alessi, L., Becker, A., London, M., Rho, C. (2026). Scaling Up Sustainable Finance in the Middle East and North African Region. In: Elnahass, M., ElAlfy, A., Mohamed, T.S. (eds) A Greenprint for Net Zero. Gulf Studies, vol 15. Springer, Singapore. https://doi.org/10.1007/978-981-92-1762-5_4

Fatica, S. Sustainable debt markets: the European perspective, in Caporale G.M. (ed.)  Handbook of financial markets and climate change, Edward Elgar Publishing, in press. 

Fatica, S., Katay, G., Rancan, M., 2025. Addressing physical climate risk: The case of flood protection. In: Apergis, N. (Ed.), Encyclopedia of Monetary Policy, Financial Markets and Banking, vol. 1. Elsevier, Academic Press, pp. 734–736. https://dx.doi.org/10.1016/B978-0-44-313776-1.00020-9. ISBN: 9780443137761

Alessi, L.; Alemanni, B., Frati, G. (2022) Financial regulation for sustainable finance in the European landscape. In Guagliano, Linciano, and Soccorso (eds.): Information as a Driver of Sustainable Finance. Palgrave Studies in Impact Finance. Palgrave Macmillan.

Alessi, L. and Fatica, S. (2023) How is the EU financial system getting ready to take up the climate challenge? Some answers from science. In Falcone and Sica (eds.): Sustainable Finance and the Global Health Crisis. Routledge.

Alessi, L.; Guagliano, C., Linciano, N., and Soccorso, P. (2022) Sustainable growth in the European framework and the role of finance. In Guagliano, Linciano, and Soccorso (eds.): Information as a Driver of Sustainable Finance. Palgrave Studies in Impact Finance. Palgrave Macmillan.

Alessi, L. and Papadopoulos, G. (2023) The EU regulatory landscape on sustainable finance. In Falcone and Sica (eds.): Sustainable Finance and the Global Health Crisis. Routledge.

Working papers

Valente, F. and Chen, Y. and Calabrese, R. and Cowling, M. and Alessi, L., 2026. "Nature-adjusted probability of default for European small and medium enterprises," JRC Working Papers in Economics and Finance 2026/01, European Commission, Ispra, JRC143388.

Ojea-Ferreiro, J., Panzica, R. C., & Papadopoulos, G., 2025. Climate stress test of the global supply chain network: the case of river floods, JRC Working Papers in Economics and Finance, No. 9/2025, European Commission, Ispra, JRC141288.

Chen Yujia & Ding Zhenghong & Barbaglia Luca & Calabrese Raffaella & Fatica Serena, 2025. "A climate stress testing exercise on loans to European small and medium enterprises," JRC Working Papers in Economics and Finance 2025/06, European Commission, Ispra, JRC142464.

Hirschbuehl, D., Ceglar, A., Cojoianu T., Emambakhsh T., Qi Y., Rho C., Hu E., Petracco, M., Biganzoli F., De Jager A., Garcia Herrero L., Mandrici A. and Pasqua C. The Climate-Biodiversity-Pollution Nexus: The pricing of environmental credit risks for European industrial polluters. JRC Working Papers in Economics and Finance, No. 2025/10, European Commission, Ispra, Italy 2025, JRC142025.

Hirschbuehl, D., Neuville, A., Petracco, M. and Sánchez Arjona, I., The EU economy’s dependency on nature, JRC Working Papers in Economics and Finance, No. 2025/4, European Commission, Ispra, Italy 2025, JRC140304.

Alessi, L. and Giacomelli, A., Quantitative assessment of the financial materiality of climate physical risks: a case study, JRC Working Papers in Economics and Finance, No. 5/2024, European Commission, Ispra, Italy, 2024, JRC139793.

Barbaglia, L., Fatica, S. and Rho, C. Flooded credit markets: physical climate risk and small business lending, JRC Working Paper in Economics and Finance, No. 14/2023, European Commission, Ispra, Italy, 2023, JRC136274.

Alessi, L. and Battiston, S., Taxonomy alignment and transition risk: a country-level approach, JRC Working Paper in Economics and Finance, No. 12/2023, European Commission, Ispra, Italy, 2023, JRC135889.

London, M. and Gigout, T., Trade Networks and Natural Disasters: Diversion, not Destruction JRC Working Papers in Economics and Finance, No. 02/2023, European Commission, Ispra, Italy, 2023, JRC133099.

Fatica, S. & Katay, G. & Rancan, M., Floods and firms: vulnerabilities and resilience to natural disasters in Europe, JRC Working Papers in Economics and Finance, No 13/2022, European Commission, Ispra, Italy, 2022, JRC132125.

Bellucci, A., Fatica, S., Georgakaki, A., Gucciardi, G., Letout, S. and Pasimeni, F. ,Venture Capital Financing and Green Patenting.,  Working papers in Economics and Finance, No. 11/2022, European Commission, Ispra, Italy, 2022, JRC127059.

Papadopoulos, G. Discrepancies in corporate GHG emissions data and their impact on firm performance assessment., Working papers in Economics and Finance, No. 12/2022, European Commission, Ispra, Italy, 2022, JRC130254.

Alessi, L., Hirschbuehl, D., Rossi, A., A sustainability transition on the move? Evidence based on the disconnect from market fundamentals. , JRC Working papers in Economics and Finance, No. 10/2022, European Commission, Ispra, Italy, 2022, JRC130010.

Technical reports

Alessi, L., Cojoianu, T.F., Cotignano, G., Hoepner, A.G.F., Schneider, F.I. et al., Sustainable Finance Taxonomy Mapper Methodology, Publications Office of the European Union, Luxembourg, 2025, ISBN 978-92-68-33831-5 (online), doi:10.2760/4080059 (online), JRC144447

Alessi, L. (2020) Joint JRC-EBA workshop on Banking Regulation and Sustainability, European Commission-JRC Technical report, JRC119403.

Alessi, L., Battiston, S., Melo, A.S. and Roncoroni, A. (2019). The EU Sustainability Taxonomy: a Financial Impact Assessment, European Commission-JRC Technical report, JRC118663.

Canfora, P., Dri, M., Polidori, O., Solzbacher, C. and Arranz Padilla, M. (2021), Substantial contribution to climate change mitigation – a framework to define technical screening criteria for the EU taxonomy, EUR 30550 EN, Publications Office of the European Union, Luxembourg, ISBN 978-92-76-28364-5, doi:10.2760/80248, JRC123355. 

Canfora, P., Arranz Padilla, M., Polidori, O., Pickard Garcia, N., Ostojic, S. and Dri, M. (2022), Development of the EU Sustainable Finance Taxonomy - A framework for defining substantial contribution for environmental objectives 3-6, EUR 30999 EN, Publications Office of the European Union, Luxembourg,  ISBN 978-92-76-47898-0, doi:10.2760/256390, JRC126045.