Research

Our Research

Our research connects up-to-date research with real world decision-making processes in climate and sustainable finance and policy to enable increased ambition in acting against climate change and contribute to finding sustainable and equitable solutions. Our mission is to conduct high-quality academic research that supports governments, businesses and financial decision-makers from the public and private sector to drive the transition towards a sustainable low-carbon economy

Our team has extensive track-record in the areas of environmental economics, international climate and sustainable finance and policy. This expertise covers a broad range of areas from sector and country-specific in-depth insights to international climate policies. We seek to enhance and foster knowledge sharing and exchange with other research facilities and individuals around the globe.

Research Areas

The FS-UNEP Centre’s research covers challenges surrounding finance in the light of the climate crisis. Current research areas include:

  • Role of financial markets for low-carbon and climate-resilient investments;
  • Impacts of policies and incentives on investment decisions;
  • Pricing of physical and transitory climate risks on financial markets;
  • The effectiveness of climate policy measures;
  • Machine learning methods in sustainable finance; and
  • Sustainable finance and scenario analysis for financial decision making.

Our research activities are linked with the actual project implementation. This allows our research team to provide facts-based analysis and practical guidance not only relevant for academia but also public and private decision-makers.

Peer-reviewed articles

Greiff, M., Kempa, K. (2025). Avoiding catastrophic climate change: Heterogeneous abatement costs and voting on redistribution in a threshold public good experiment, Journal of Economic Behavior and Organization, 236, 107067. https://doi.org/10.1016/j.jebo.2025.107067

 

Bossut, M., Diem, C., Ivanov, D., Klimek, P., Pichler, A., Stangl, J., & Thurner, S. (2025). Globale Krisen bewältigen: Mit Daten zu resilienteren Lieferketten. Wirtschaftsdienst, 105(3), 205-211. https://doi.org/10.2478/wd-2025-0054

 

Cloos, J., Greiff, M., Kempa, K. (2025). The effect of exploiting the public good on climate cooperation: evidence from a collective-social risk dilemma experiment, Environment, Development and Sustainability (in press). https://doi.org/10.1007/s10668-024-05949-9

 

Osberghaus, D., Schenker, O. 2025. International Trade and the Transmission of Temperature Shocks. Environmental and Resource Economics (in press). https://doi.org/10.1007/s10640-025-00957-3

 

Kempa, K., Tyagi, A. (2025). Climate and environmental impacts of green recovery: Evidence from the financial crisis, World Development Sustainability 6, 100194. https://doi.org/10.1016/j.wds.2024.100194

 

Rink, S. (2024). Sustainable small business lending, Sustainable Futures 8, 100292. https://doi.org/10.1016/j.sftr.2024.100292

Haas, C., Kempa, K. (2023). Low-Carbon Investment and Credit Rationing, Environmental and Resource Economics 86, 109-145. https://doi.org/10.1007/s10640-023-00789-z

 

Haas, C., Kempa, K., Moslener, U. (2023). Dealing with deep uncertainty in the energy transition: What we can learn from the electricity and transportation sectors, Energy Policy 179, 113632. https://doi.org/10.1016/j.enpol.2023.113632

 

Haas, C., Jahns, H., Kempa, K., Moslener, U. (2023). Deep uncertainty and the transition to a low-carbon economy, Energy Research & Social Science 100, 103060. https://doi.org/10.1016/j.erss.2023.103060

Baccianti, C., Schenker, O., 2022. Cournot, Pigou, and Ricardo walk in a bar: Unilateral environmental policy and leakage with market power and firm heterogeneity, Journal of the Association of Environmental and Resource Economists 9(6), 1161–1195. https://doi.org/10.1086/719938

 

Pauw, W., Kempa, L., Moslener, U., Grüning, C., Cevik, C., 2022. A focus on market imperfections can help governments to mobilize private investments in adaptation, Climate and Development 14(1), 91-97. https://doi.org/10.1080/17565529.2021.1885337

 

Dumrose, M., Rink, S. and Eckert, J., 2022. Disaggregating confusion? The EU Taxonomy and its
relation to ESG rating, Finance Research Letters 48, 102928. https://doi.org/10.1016/j.frl.2022.102928

 

Pauw, W.P., Moslener, U., Zamarioli, L.H., Amerasinghe, H., Atela, J., Affana, J.P.B., et al. (2022), Post-2025 climate finance target: how much more and how much better?,  Climate Policy (forthcoming). https://doi.org/10.1080/14693062.2022.2114985

 

Kempa, K., Moslener, U., Schenker, O., 2021. The cost of debt of renewable and non-renewable energy firms, Nature Energy 6, 134-142. https://doi.org/10.1038/s41560-020-00745-x

 

Fischer, C., Hübler, M., Schenker, O., 2021. More birds than stones —A framework for second-best energy and climate policy adjustments, Journal of Public Economics 203, 104515. https://doi.org/10.1016/j.jpubeco.2021.104515

 

Pauw, W., Kempa, L., Moslener, U., Grüning, C., Cevik, C., 2021. A focus on market imperfections can help governments to mobilize private investments in adaptation, Climate and Development 14(1), 91-97. https://doi.org/10.1080/17565529.2021.1885337

 

Bechtoldt, M.N., Götmann, A., Moslener, U. &. Pauw, W.P. (2021). Addressing the climate change adaptation puzzle: A psychological science perspective, Climate Policy 21:2, 186-202. https://doi.org/10.1080/14693062.2020.1807897

 

Kempa, K., Moslener, U., 2020. If a Measure Becomes a Target: How Maximizing Mobilized Private Climate Finance May Backfire, Zeitschrift für Umweltpolitik und Umweltrecht 43(1), 26-40.

 

Stender, F., Moslener, U., Pauw, W., 2020. More than money: does climate finance support capacity building? Applied Economics Letters 27 (15), 1247-1251. https://doi.org/10.1080/13504851.2019.1676384

Haas, C., Kempa, K., 2018. Directed Technical Change and Energy Intensity Dynamics: Structural Change vs. Energy Efficiency, Energy Journal 39(4), 127-151. https://doi.org/10.5547/01956574.39.4.chaa

 

Schenker, O., Koesler, S., Löschel, A., 2018. On the Effects of Unilateral Environmental Policy on Offshoring in Multi-Stage Production Processes, Canadian Journal of Economics 51(4), 1221-1256. https://doi.org/10.1111/caje.12354

 

Hoffmann, F., Inderst, R., Moslener, U., 2017. Taxing Externalities under Financing Constraints, Economic Journal 127(606), 2478-2503. https://doi.org/10.1111/ecoj.12396

 

Kempa, K., Moslener, U., 2017. Climate Policy with the Chequebook: an Economic Analysis of Climate Investment Support, Economics of Energy & Environmental Policy 6(1), 111-129. https://doi.org/10.5547/2160-5890.6.1.kkem

Flues, F., Löschel, A., Lutz, B., Schenker, O., 2014. Designing an EU Energy and Climate Policy Portfolio for 2030: Implications of Overlapping Regulation under Different Levels of Electricity Demand, Energy Policy 75, 91-99. https://doi.org/10.1016/j.enpol.2014.05.012

 

Schenker, O., Stephan, G., 2014. Give and Take: how the Funding of Adaptation to Climate Change can Improve the Donor’s Terms-of-Trade, Ecological Economics 106, 44-55. https://doi.org/10.1016/j.ecolecon.2014.07.006

Schenker, O., 2013. Exchanging Goods and Damages: The Role of Trade on the Distribution of Climate Change Costs, Environmental and Resource Economics 54(2), 261-282. https://doi.org/10.1007/s10640-012-9593-z

 

Kostka, G., Moslener, U., Andreas, J., 2013. Barriers to increasing energy efficiency: evidence from small-and medium-sized enterprises in China, Journal of Cleaner Production 57, 59-68. https://doi.org/10.1016/j.jclepro.2013.06.025

 

Böhringer, C., Moslener, U., Oberndorfer, U., Ziegler, A., 2012. Clean and Productive? Empirical Evidence from the German Manufacturing Industry, Research Policy 41(2), 442-451. https://doi.org/10.1016/j.respol.2011.10.004

Löschel, A., Moslener, U., Rübbelke, D., 2010. E Indicators of energy security in industrialised countries, Energy Policy 38(4), 1607-1608. https://doi.org/10.1016/j.enpol.2009.03.061

 

Böhringer, C., Löschel, A., Moslener, U., Rutherford, T., 2009. EU Climate Policy Up to 2020: an Economic Impact Assessment, Energy Economics 31(Supl. 2), 295-305. https://doi.org/10.1016/j.eneco.2009.09.009

 

Moslener, U., Sturm, B., 2008. A European Perspective on Recent Trends in U.S. Climate Policy, European Environment 18(5), 257-275. https://doi.org/10.1002/eet.486

 

Moslener, U., Sturm, B., 2008. Aktuelle US-Klimapolitik: was kommt nach Georg W. Busch?, Zeitschrift für Umweltpolitik und Umweltrecht 31(3), 417-428.

 

Böhringer, C., Koschel, H., Moslener, U., 2008. Efficiency Losses from Overlapping Regulation of EU Carbon Emissions, Journal of Regulatory Economics 33(3), 299-317. https://doi.org/10.1007/s11149-007-9054-8

 

Brandt-Pollmann, U., Winkler, R., Sager, S., Moslener, U., Schlöder, J., 2008. Numerical Solution of Optimal Control Problems with Constant Control Delays, Computational Economics 31(2), 181-206. https://doi.org/10.1007/s10614-007-9113-3

 

Dannenberg, A., Mennel, T., Moslener, U., 2008. What Does Europe Pay for Clean Energy? Review of Macroeconomic Simulation Studies, Energy Policy 36(4), 1318-1330. https://doi.org/10.1016/j.enpol.2007.12.010

Böhringer, C., Moslener, U., Sturm, B., 2007. Hot Air for Sale: a Quantitative Assessment of Russia’s Near-Term Climate Policy Options, Environmental and Resource Economics 38(4), 545-572. https://doi.org/10.1007/s10640-007-9089-4

 

Anger, N., Böhringer, C., Moslener, U., 2007. Macroeconomic Impacts of the CDM: the Role of Investment Barriers and Regulations, Climate Policy 7(6), 500-517. https://doi.org/10.1080/14693062.2007.9685673

 

Moslener, U., Requate, T., 2007. Optimal Abatement in Dynamic Multi-Pollutant Problems when Pollutants can be Complements or Substitutes, Journal of Economic Dynamics and Control 31(7), 2293-2316. https://doi.org/10.1016/j.jedc.2006.03.009

 

Böhringer, C., Klaassen, G., Moslener, U., 2007. Technology transfer and investment risk in international emissions trading, Climate Policy 7(6), 467-469. https://doi.org/10.1080/14693062.2007.9685670

 

Böhringer, C., Hoffmann, T., Lange, A., Löschel, A., Moslener, U., 2005. Assessing Emission Allocation in Europe: an Interactive Simulation Approach, Energy Journal 26(4), 1-21. https://doi.org/10.5547/ISSN0195-6574-EJ-Vol26-No4-1

 

Lange, A., Moslener, U., 2004. A Bird in the Hand is Worth Two in the Bush?: When Do We Prefer Something Certainly Dirty to Something Perhaps Clean?, Journal of Risk and Uncertainty 29(1), 35-51. https://doi.org/10.1023/B:RISK.0000031444.37497.26

 

Working papers

Funk, C., Tönjes, E., Haas, C. (2024). Exploring the predictive capacity of ESG sentiment on official ratings: A few-shot learning perspective. MAGKS Joint Discussion Paper Series in Economics No. 12-2024. https://hdl.handle.net/10419/301239

 

Neupert-Zhuang, M., Schenker, O. (2024). Regulated Correlations – Climate Policy and Investment Risks, ZEW Discussion Paper No. 24-064. http://dx.doi.org/10.2139/ssrn.4998054

 

Kempa, K., Moslener, U. (2023). Climate and Environmental Policy Risk and Debt. http://dx.doi.org/10.2139/ssrn.4274711

 

Grall, L., Haas, C., Kempa, K., Meckl, J. (2023). Environmental Conditions and the Impact of Somatic Capital on the Neolithic Transition. http://dx.doi.org/10.2139/ssrn.4610230

 

Osberghaus, D., Schenker, O. 2022. International Trade and the Transmission of Temperature Shocks. http://dx.doi.org/10.2139/ssrn.4217992

 

Kempa, K., Tyagi, A., 2022. Climate and Environmental Impacts of a COVID-19 Green Recovery: Lessons Learned from the Financial Crisis. http://dx.doi.org/10.2139/ssrn.4219818

Haas, C., Kempa, K., 2022. Low-Carbon Investment and Credit Rationing.  http://dx.doi.org/10.2139/ssrn.3521332

Neupert-Zhuang, M., Nilgen, M. 2022. Do ecolabels for financial products suffice on their own? An experiment on how sustainability information affects investor preferences.

Neupert-Zhuang, M., Schenker, O. 2022. Intentionally Holding Potential Stranded Assets in the Portfolio – Policy Uncertainty and Investments in the Power Market.

Haas, C., 2022. Climate, Technology, and Comparative Development in the Premodern Era.

Haas, C., Heyden, T., 2020. When equity fails – An appraisal of revenue sharing as the last resort. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3402623

 

Policy briefs, books, and other journal articles

Bannier, C. & Rink, S. (2024). Nachhaltigkeit im Mittelstand: Transformation, Finanzierung, Berichterstattung und Translation. In A. Bassen, T. Busch, K. Lopatta, H. Brosche, R. Wagner, S. Scherer, H. Ohlsen, L. Enders, & P. Weltin (Eds.), Synthese-Zwischenbericht 2024: Aktuelle Entwicklungen in der Klima- und Finanzforschung (pp. 1–4). Sustainable Finance and Climate Protection (SFCP) [Report]

 

Haas, C. & Hums, N. (2024). Eine ESG-Datenplattform für eine gelingende Transformation!? FS-UNEP Centre, Net Zero Banking Alliance Germany. [Report]

 

Kempa, K., Moslener, U., Neuhoff, K., Schütze, F., Wilkens, M. (2024). Climate Risks and the Cost of Debt: Why Climate Policy Matters, Sustainable Finance Research Platform Policy Brief 1/2024. [Policy Brief]

 

Kempa, K., König-Sykorova, M., Moslener, U., Schenker, O. (2024). Phasing out fossil fuels with climate finance. D+C Development and Cooperation, 5/2024. [Article]

 

Arnold, J.L., Cauthorn, T., Eckert, J., Klein, C., Rink, S. (2023). Let’s talk numbers: EU Taxonomy reporting by German companies. Econsense, FS-UNEP Centre, and Sustainable Finance – University Kassel Research Report. [Report]

 

Rink, S., Löffler, K. (2023). Klimafreundliche Benchmarks und Indices: Handlungsoptionen für öffentliche Versorgungswerke und Investoren. Umweltbundesamt. [Report]

 

Rink, S. (2023). Auf dem Weg zu einer nachhaltigen Finanzwirtschaft. Umweltbundesamt. [Report]

 

Rink, S. (2023). Über physische Klimarisiken sprechen: Empfehlungen für Kundengespräche zwischen Finanzinstitutionen und Unternehmen. Umweltbundesamt. [Report]

 

Rink, S., Anselm, C., Pilgrim, L., Stutzmann, T., Loew, T. (2023). Umgang mit physischen Klimarisiken in der Finanzwirtschaft. Umweltbundesamt. [Report]

 

Buchwald, L.S., Tretow, I. (2023). Climate scenarios in banks – a case study. FS-UNEP Centre Research Report. [Report]

Hüttl, P., Schenker, O., Schütze F., Tyagi A., 2022. The first ECB bottom-up climate stress test: Dealing with data gaps and methodological challenges. Wissenschaftsplattform Sustainable Finance [Policy brief]

König, M., Emmerich, E., Menzel-Hausherr, C., Grüning, C. 2022. United Nations Development Programme (UNDP). Research on Green and Sustainable Finance Taxonomies: Introduction to Taxonomies and Global Initiatives

Valverde, M.J., Grüning, C., König, M., Menzel-Hausherr, C., Pauw, P. 2022. Tackling Climate Change through Policy-based finance: Options for the Green Climate Fund, Frankfurt School-UNEP Centre [Policy brief]

Pauw, W.P., König, M., Sadikhova, K. & Stutzmann, T. 2021. Financing low-carbon and climate resilient development: Do countries integrate Article 2.1(c) of the Paris Agreement in their Long-Term Strategies? Frankfurt School- UNEP Centre [Policy brief]

Pauw, P., Beck, T., Valverde, M., Cassanmagnano, D., Mbeva, K. et. al. 2021. NDC Explorer. Version: 3.0. German Development Institute / Deutsches Institut für Entwicklungspolitik (DIE). Interactive Ressource [Policy brief]

Jürgens, I., Kempa, K., Klein, C., Marchewitz, C., Moslener, U., Neuhoff, K., Schenker, O., Schiemann, F., Schütze, F. 2021. The EU sustainable finance strategy – Implications for the future German Federal Government. Wissenschaftsplattform Sustainable Finance [Policy brief]

Bossut, M., Jürgens, I., Pioch, T., Schiemann, F., Spandel, T., Tietmeyer, R., 2021. What Information is relevant for sustainability reporting? The concept of materiality and the EU Corporate Sustainability Reporting Directive. Wissenschaftsplattform Sustainable Finance [Policy brief]

Bossut, M., Jürgens, I., Hessenius, M., Pioch, T., Schiemann, F., Spandel, T., Tietmeyer, R., 2021. Why it would be important to expand the scope of the Corporate Sustainability Reporting Directive and make it work for SMEs. Wissenschaftsplattform Sustainable Finance [Policy brief]

Kempa, K., Moslener, U., Neuhoff, K., Schenker, O., Schütze, F., 2021. Scenario Analysis as a Tool for Companies, Investors, and Regulators on the Path to Climate Neutrality. Wissenschaftsplattform Sustainable Finance [Policy brief]

Kempa, K., 2021. Financing costs of renewable energy and fossil fuel firms: A reversal of fortunes?, Nature Behavioural and Social Sciences, Behind the Paper [Blog Post]

Löffler, K., Rink, S., 2020. Sustainable Finance – Silver Bullet für die Nachhaltigkeitstransformation?, ifo Schnelldienst 10/2020, pp. 7-10. [Article]

Zhuang, M., Löffler, K., Rink, S. 2020. Get ready: Regulatorische Entwicklungen hin zu einer nachhaltigen Finanzwirtschaft – Historie und Ausblick, Nachhaltige Finanzwirtschaft. Grundlagen und Konzepte für die Praxis, pp. 5-26. [Book chapter]

Moslener, U., & Zhuang, M., 2020. Renewable Energy, Climate Change, and Sustainability. In J. Böttcher (Ed.), Green Banking: Realising Renewable Energy Projects. De Gruyter Oldenbourg. [Book chapter]

Kempa, K., Moslener, U., Neuhoff, K., Schenker, O., Schütze, F., 2020. Sustainable Finance und die Transformation der Realwirtschaft – Klimaneutralität als zentrales Szenario. Wissenschaftsplattform Sustainable Finance [Policy brief]

Featured projects

Scenario Analysis as a Tool for InvestorS, Firms, and regulators on the path to climate neutralitY (SATISFY) : The Frankfurt School – UNEP Collaborating Centre, the German Institute for Economic Research, and Justus-Liebig-University Gießen jointly conduct research on scenario analysis as a tool on the path to climate neutrality. The three-year project SATISFY will produce insights into how investors, firms, and regulators can use scenario analysis in the climate transformation of business models in carbon-intensive sectors and the entire economy.

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Sustainable Finance Research Platform: The Sustainable Finance Research Platform is a joint project involving five German research institutions that is funded by Stiftung Mercator. The aim of this research platform is to use scientific methods to support the financial market in taking on its necessary supporting role in the transformation towards a sustainable society. The platform further seeks to enable relevant decision-makers in the financial sector to develop financial instruments that advance the transformation to a sustainable economy and appropriately consider sustainability risks and opportunities.

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