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Lazard Climate Center

LA2 6516

“Climate change affects all sectors of our global economy and creates new, evolving risks for companies as well as for investors. Lazard looks forward to being a driving force in data-driven insights as business leaders, investors and policy makers tackle the climate crisis in the years and decades to come.”

Peter Orszag

CEO of Lazard Financial Advisory

The Lazard Climate Center provides insights and tools for business leaders and investors to integrate climate change considerations into strategic decisions and corporate finance. As the private sector accelerates efforts regarding climate change and the energy transition, the Lazard Climate Center seeks to address knowledge gaps and serve as a partner to companies and investors looking to understand how best to navigate these trends.

The first Lazard Climate Conference took place on December 1, 2021, gathering academic researchers and financial industry professionals for a day of discussions regarding climate change-induced risks to financial institutions, the corporate transition, and needs for regulation and policy. Future conferences will provide a forum to discuss advances in the field of climate finance, how corporations can translate such findings into practice, and investment implications.

Click here to read the press release

Areas of Research

   ● Effect of GHG Emissions on Corporate Valuations

   ● The Evolving Role of Carbon Offsets

   ● Climate Sentiment Analysis

   ● Quantifying Granular Climate Risk

   ● Investor Environmental Taxonomy

Latest Research

 

The Evolving Role of Greenhouse Gas Emission Offsets in Combating Climate Change

This Lazard Climate Center working paper explores the role of offsets in regulatory compliance, as an incentive for early action, and in implementing voluntary emission goals. The paper finds that the voluntary offsets market has grown significantly in recent years and is projected to potentially reach as much as $50 billion in value by 2030. Nonetheless, substantial limitations in the current voluntary offsets market persist, revolving around price disparities and concerns around environmental integrity, including questions about offsets’ additionality, permanence, double-counting, and leakage. 

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Lazard Climate Center: Inaugural Research Findings

The inaugural research paper from the Lazard Climate Center presents a comprehensive analysis of more than 16,000 global companies from 2016 through 2020, finding a significant relationship between carbon dioxide emissions and a company’s price-to-earnings ratio. In addition, the research is the first to find that other greenhouse gases, such as methane and hydrofluorocarbons, can have an impact on valuation multiples.

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Lazard Climate Center Senior Advisors

Joseph Aldy

Professor of the Practice of Public Policy

Harvard Kennedy School

Patrick Bolton

Barbara & David Zalaznick

Professor of Business Columbia University

Marcin Kacperczyk

Professor of Finance

Imperial College London

Andrew W. Lo

Charles E. and Susan T. Harris Professor

MIT Sloan School of Management

           

   Contact 

     

 

 

 

Zachery Halem
Director of the Lazard Climate Center

Email: Zachery.Halem@Lazard.com

  

   

 

Lazard Climate Center Updates

On March 21, 2022, the U.S. Securities and Exchange Commission (SEC) proposed new rules that would require registered companies to disclose their climate risk mitigation strategies and emissions data in their filings. The Climate Center is actively monitoring the situation as it progresses. See the SEC’s proposal here

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