Synopsis
Mastering climate change has been recognised as a major challenge for the current decade. Besides the physical risks of climate change, the accompanying economic risks are substantial. Carbon Finance: A Risk Management View provides an in-depth analysis of how climate change will affect all aspects of financial markets and how mathematical and statistical methods can be used to analyse, model and manage the ensuing financial risks. There is a focus on the transition risk (termed carbon risk), but also a discussion of the impact of physical risks (as these risks are closely entangled) on the way to low carbon economies. This is a valuable overview for readers seeking an analysis of carbon risks from the perspective of financial risk management, utilising quantitative risk management tools.
About the Author
Rudiger Kiesel heads the chair for "Energy Trading and Financial Services" and is Executive Director of the "House of Energy Markets and Finance" at the University Duisburg-Essen. Previously, he has been Director of the Institute for Mathematical Finance at the University of Ulm. He also held positions for actuarial science and financial mathematics at Birkbeck College, University of London, the London School of Economics (full-time and visiting), and the Department of Mathematics at the University of Oslo (as a Visiting Professor). He has served as a member on the boards of several academic associations. <p> His main research areas are quantitative climate finance, modeling of electricity markets, valuation and hedging of derivatives (interest rate, credit- and energy-related), risk management for financial and energy-related institutions, and methods of risk transfer and structuring of risk (securitization). <p> He is co-author of the Springer Finance monograph Risk-Neutral Valuation (now in its second edition) and has authored more than 70 published research papers. He is a frequent speaker at international conferences and has also organised several conferences, summer schools, and practitioner seminars. Professor Kiesel also consults financial institutions, utilities, and regulators on (credit- and energy-) risk management, derivative pricing models, and asset allocation.
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