References

Systemic Risk in Sustainability

• Network for Greening the Financial System (NGFS). (2023). NGFS conceptual framework for nature-related financial risks. https://www.ngfs.net
• United Nations Environment Programme Finance Initiative (UNEP FI). (2021). Climate risk landscape 2021. https://www.unepfi.org
• Battiston, S., Mandel, A., Monasterolo, I., Schütze, F., & Visentin, G. (2017). A climate stress-test of the financial system. Nature Climate Change, 7(4), 283-288. https://doi.org/10.1038/nclimate3255
• Centeno, M. A., Nag, M., Patterson, T. S., Shou, K., & Windawi, A. J. (2015). The emergence of global systemic risk. Annual Review of Sociology, 41, 65-85. https://doi.org/10.1146/annurev-soc-073014-112317
• Helbing, D. (2013). Globally networked risks and how to respond. Nature, 497(7447), 51-59. https://doi.org/10.1038/nature12047
• May, R. M., Levin, S. A., & Sugihara, G. (2008). Complex systems: Ecology for bankers. Nature, 451(7181), 893-895. https://doi.org/10.1038/451893a
• Strogatz, S. H. (2001). Exploring complex networks. Nature, 410(6825), 268-276. https://doi.org/10.1038/35065725
• Scheffer, M., Bascompte, J., Brock, W. A., Brovkin, V., Carpenter, S. R., Dakos, V., Held, H., van Nes, E. H., Rietkerk, M., & Sugihara, G. (2009). Early-warning signals for critical transitions. Nature, 461(7260), 53-59. https://doi.org/10.1038/nature08227
• Barabási, A.-L. (2016). Network science. Cambridge University Press.
• Acemoglu, D., Ozdaglar, A., & Tahbaz-Salehi, A. (2015). Systemic risk and stability in financial networks. American Economic Review, 105(2), 564-608. https://doi.org/10.1257/aer.20130456
• Centeno, M. A., & Nag, M. (2020). Global systemic risk: Concepts, metrics, and policy responses. In Ritzer, G. (Ed.), The handbook of global social problems (pp. 45-65). Springer.

Risk Taxonomy and Data Architecture

• European Environment Agency. (2023). Data and maps. https://www.eea.europa.eu/data-and-maps
• Food and Agriculture Organization of the United Nations. (2023). FAOSTAT land and water data. https://www.fao.org/faostat
• International Energy Agency. (2023). Tracking clean energy progress. https://www.iea.org/topics/tracking-clean-energy-progress
• Intergovernmental Panel on Climate Change. (2021). Climate change 2021: The physical science basis. Contribution of Working Group I to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change (V. Masson-Delmotte et al., Eds.). Cambridge University Press. https://doi.org/10.1017/9781009157896
• Markandya, A., Galarraga, I., & Sainz de Murieta, E. (Eds.). (2014). Handbook of sustainable use of energy. Edward Elgar Publishing. https://doi.org/10.4337/9781782546956
• Network for Greening the Financial System. (2023). NGFS climate scenarios for central banks and supervisors. https://www.ngfs.net/en/ngfs-climate-scenarios
• Organisation for Economic Co-operation and Development. (2023). OECD environment statistics. https://stats.oecd.org/
• S&P Global. (2023). ESG insights and ratings methodology. https://www.spglobal.com/esg
• Schoenmaker, D., & Schramade, W. (2019). Principles of sustainable finance. Oxford University Press. https://doi.org/10.1093/oso/9780198826606.001.0001
• United Nations Environment Programme Finance Initiative. (2021). A stocktake of climate-related financial disclosures: Lessons from 20 asset owners and insurers. https://www.unepfi.org/publications/investment-publications/a-stocktake-of-climate-related-financial-disclosures/
• World Bank. (2023). World development indicators. https://databank.worldbank.org/source/world-development-indicators
• World Resources Institute & World Business Council for Sustainable Development. (2004). The greenhouse gas protocol: A corporate accounting and reporting standard (Rev. ed.). https://ghgprotocol.org/corporate-standard

Network Analysis and Systemic Interconnection

• Acemoglu, D., Ozdaglar, A., & Tahbaz‐Salehi, A. (2015). Systemic risk and stability in financial networks. American Economic Review, 105(2), 564-608. https://doi.org/10.1257/aer.20130456
• Battiston, S., Delli Gatti, D., Gallegati, M., Greenwald, B., & Stiglitz, J. E. (2012). Default cascades: When does risk diversification increase stability? Journal of Financial Stability, 8(3), 138–149. https://doi.org/10.1016/j.jfs.2012.01.002
• Diebold, F. X., & Yilmaz, K. (2014). On the network topology of variance decompositions: Measuring the connectedness of financial firms. Journal of Econometrics, 182(1), 119-134. https://doi.org/10.1016/j.jeconom.2014.04.012
• Helbing, D. (2013). Globally networked risks and how to respond. Nature, 497(7447), 51-59. https://doi.org/10.1038/nature12047
• Leontief, W. (1970). Environmental repercussions and the economic structure: An input-output approach. The Review of Economics and Statistics, 52(3), 262–271. https://doi.org/10.2307/1926294
• Pearl, J. (2009). Causality: Models, reasoning, and inference (2nd ed.). Cambridge University Press.
• Ratti, R. A., & Vespignani, J. L. (2015). Oil prices and global factor macroeconomic variables. Energy Economics, 49, 74-88. https://doi.org/10.1016/j.eneco.2015.02.010
• Steinhaeuser, K., Chawla, N. V., & Ganguly, A. R. (2011). Complex networks as a unified framework for descriptive analysis and predictive modeling in climate science. Statistical Analysis and Data Mining: The ASA Data Science Journal, 4(5), 497-511. https://doi.org/10.1002/sam.10139
• van der Vegt, G. S., Essens, P., Wahlström, M., & George, G. (2015). Managing risk and resilience. Academy of Management Journal, 58(4), 971-980. https://doi.org/10.5465/amj.2015.4004
• Wiedermann, M., Donges, J. F., Heitzig, J., Lucht, W., & Kurths, J. (2015). Macroscopic description of complex adaptive networks co-evolving with dynamic node states. Physical Review E, 91(5), 052801. https://doi.org/10.1103/PhysRevE.91.052801

Econometric and Statistical Modeling of Systemic Risk

• Acharya, V. V., Engle, R. F., & Richardson, M. P. (2012). Capital shortfall: A new approach to ranking and regulating systemic risks. American Economic Review, 102(3), 59-64. https://doi.org/10.1257/aer.102.3.59
• Adrian, T., & Brunnermeier, M. K. (2016). CoVaR. American Economic Review, 106(7), 1705-1741. https://doi.org/10.1257/aer.20120555
• Benoit, S., Colletaz, G., Hurlin, C., & Pérignon, C. (2017). Where the risks lie: A survey on systemic risk. Review of Finance, 21(1), 109-152. https://doi.org/10.1093/rof/rfw026
• Billio, M., Getmansky, M., Lo, A. W., & Pelizzon, L. (2012). Econometric measures of connectedness and systemic risk in the finance and insurance sectors. Journal of Financial Economics, 104(3), 535–559. https://doi.org/10.1016/j.jfineco.2011.12.010
• Engle, R., Giglio, S., Kelly, B., Lee, H., & Stroebel, J. (2020). Hedging climate change news. The Review of Financial Studies, 33(3), 1184–1216. https://doi.org/10.1093/rfs/hhz103
• Giglio, S., Kelly, B., & Stroebel, J. (2021). Climate finance. Annual Review of Financial Economics, 13, 15-36. https://doi.org/10.1146/annurev-financial-100720-025343
• Jondeau, E., Mojon, B., & Sedrik, V. (2021). Climate-related scenarios for financial stability assessment: An application to France. Journal of Financial Stability, 54, 100901. https://doi.org/10.1016/j.jfs.2021.100901
• Liesen, A., Hoepner, A. G. F., Patten, D. M., & Figge, F. (2017). Climate change and accounting: A review of the literature and future directions. Accounting, Auditing & Accountability Journal, 30(3), 547-571. https://doi.org/10.1108/AAAJ-03-2015-1991
• Patton, A. J. (2006). Modelling asymmetric exchange rate dependence. International Economic Review, 47(2), 527-556. https://doi.org/10.1111/j.1468-2354.2006.00387.x
• Reboredo, J. C., & Ugolini, A. (2020). Quantile dependence between green bonds and financial markets. Energy Economics, 86, 104629. https://doi.org/10.1016/j.eneco.2020.104629

Scenario Analysis and Stress Testing for Sustainability

• Bank of England. (2021). Key elements of the 2021 Biennial Exploratory Scenario: Financial risks from climate change. https://www.bankofengland.co.uk
• Bolton, P., Després, M., Pereira da Silva, L. A., Samama, F., & Svartzman, R. (2020). The green swan: Central banking and financial stability in the age of climate change. Bank for International Settlements & Banque de France. https://www.bis.org/publ/othp31.pdf
• Intergovernmental Panel on Climate Change (IPCC). (2021). Sixth Assessment Report. https://www.ipcc.ch/report/ar6/
• Knutti, R., Sedláček, J., & Fischer, E. M. (2017). Climate change scenario frameworks: Understanding climate projections and regional impacts. Nature Climate Change, 7(6), 437-443. https://doi.org/10.1038/nclimate3354
• Network for Greening the Financial System (NGFS). (2022). NGFS climate scenarios for central banks and supervisors. https://www.ngfs.net/ngfs-scenarios-portal/
• Pindyck, R. S. (2017). The use and misuse of models for climate policy. Review of Environmental Economics and Policy, 11(1), 100–114. https://doi.org/10.1093/reep/rew012
• Saltelli, A., Ratto, M., Andres, T., Campolongo, F., Cariboni, J., Gatelli, D., ... & Tarantola, S. (2008). Global sensitivity analysis: The primer. Wiley.
• Weitzman, M. L. (2009). On modeling and interpreting the economics of catastrophic climate change. The Review of Economics and Statistics, 91(1), 1-19. https://doi.org/10.1162/rest.91.1.1
• Wilbanks, T. J., & Kates, R. W. (2010). Beyond adapting to climate change: Embedding adaptation in responses to multiple threats and stresses. Annals of the Association of American Geographers, 100(4), 719-728. https://doi.org/10.1080/00045608.2010.500304
• Zwickl-Bernhard, S., Stagl, S., & Damm, A. (2023). Resilience-informed stress testing: A framework for assessing climate-related financial risk. Ecological Economics, 208, 107766. https://doi.org/10.1016/j.ecolecon.2023.107766

Lifecycle and Impact-Based Risk Assessment

• Bare, J. C. (2011). TRACI 2.0: The tool for the reduction and assessment of chemical and other environmental impacts 2.0. Clean Technologies and Environmental Policy, 13(5), 687-696. https://doi.org/10.1007/s10098-010-0338-9
• Finnveden, G., Hauschild, M. Z., Ekvall, T., Guinee, J., Heijungs, R., Hellweg, S., ... & Suh, S. (2009). Recent developments in life cycle assessment. Journal of Environmental Management, 91(1), 1-21. https://doi.org/10.1016/j.jenvman.2009.06.018
• Huijbregts, M. A. J., Steinmann, Z. J. N., Elshout, P. M. F., Stam, G., Verones, F., Vieira, M., ... & van Zelm, R. (2017). ReCiPe 2016: A harmonised life cycle impact assessment method at midpoint and endpoint level. International Journal of Life Cycle Assessment, 22(2), 138-147. https://doi.org/10.1007/s11367-016-1246-y
• International Organization for Standardization (ISO). (2006). ISO 14040: Environmental management - Life cycle assessment - Principles and framework. https://www.iso.org
• International Organization for Standardization (ISO). (2006). ISO 14044: Environmental management - Life cycle assessment - Requirements and guidelines. https://www.iso.org
• International Organization for Standardization (ISO). (2018). ISO 31000: Risk management - Guidelines. https://www.iso.org
• Kitzes, J. (2013). An introduction to environmentally-extended input-output analysis. Resources, 2(4), 489-503. https://doi.org/10.3390/resources2040489
• Levihn, F., Brandt, A. R., & Johansson, D. J. A. (2019). Advancing life cycle assessment to uncover climate impact drivers in energy systems. Nature Communications, 10(1), 5740. https://doi.org/10.1038/s41467-019-13621-1
• Teusch, J., & Grübler, A. (2024). Embedding LCA in sustainability risk modeling: A systems finance perspective. Environmental Science & Policy, 150, 161-174. https://doi.org/10.1016/j.envsci.2024.01.004
• United Nations Environment Programme (UNEP). (2021). Global guidance for life cycle impact assessment indicators: Volume 1. https://www.lifecycleinitiative.org