Project description
Climate risk impact on financial systems and the economy
The increasing impact of climate change and its effect on populations and biodiversity worldwide has given rise to concerns over supply chains, financial systems, and the real economy, and their vulnerability to physical and transition climate risks. Supported by the Marie Skłodowska-Curie Actions (MSCA) programme, the CLASSIC project aims to study this risk and the interplay and between its various elements. To achieve this, it will examine the financial implications of climate risk and their importance to policymakers, businesses, and finance communities. Finally, it will analyse the impact of climate mitigation policies on these systems.
Objective
CLASSIC (CLimAte riSk implicationS for fInance and the real eConomy) intends to contribute to understanding how physical and transition climate risk impact the financial system and the real economy by quantifying the linkages and feedback between the two.
There is consolidated evidence on the significant impacts of climate change on the real side of the economic systems. However, a much narrower, even though expanding, research has been done on the financial implications of climate risk. Identifying the source, transmission channels, direction and magnitude of these impacts is of primary importance to policymakers, the business and finance community for a decision-making robust to climate risk effects on the global capital markets.
CLASSIC contributes to understanding how physical and transition climate risks impact the financial system and the real economy by quantifying the linkages and feedback between the two. The project investigates the economic and financial impacts of physical climate risk and of transition risk posed by climate change mitigation policies in the context of the EU Green Deal and the EU fit for 55 policies. Methodologically, an integrated modeling framework is built by coupling the macroeconomic representation of the real side of the economy with the financial side. The multi-sector multi-country Computable General Equilibrium model ICES (Intertemporal Computable Equilibrium System) model describes the former, while a climate financial risk module represents the latter.
The applicant works with highly skilled, leading partners who join forces to achieve the strategic objectives of CLASSIC. The partners’ scientific excellence with their long teaming traditions provides a first-class environment for training and research. The ambitious plan for generation of impact and dissemination of outcomes paves the way to creating policies for effective targeting of climate risk and enables the creation of a new service for climate risk hedging.
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Keywords
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
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HORIZON.1.2 - Marie Skłodowska-Curie Actions (MSCA)
MAIN PROGRAMME
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Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
HORIZON-TMA-MSCA-PF-EF - HORIZON TMA MSCA Postdoctoral Fellowships - European Fellowships
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Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
(opens in new window) HORIZON-MSCA-2023-PF-01
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Net EU financial contribution. The sum of money that the participant receives, deducted by the EU contribution to its linked third party. It considers the distribution of the EU financial contribution between direct beneficiaries of the project and other types of participants, like third-party participants.
1020 Wien
Austria
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.