Dr. Karol Kempa
Karol Kempa is a post-doctoral researcher at the Economics Department of the Frankfurt School of Finance & Management and member of the research group at the FS-UNEP Collaborating Centre for Climate and Sustainable Energy Finance. His main research areas are environmental and energy economics. Currently, he works on the assessment of sustainability risks and opportunities by the financial sector and the role scenario analysis that can provide comparable and robust information on these risks.
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Policy Brief
PB 2/2024: Enhancing Comparability and Credibility of Transition Plans and Transition Risk Assessment with Standardized Net Zero Scenarios
Transition plans by non-financial and financial corporates can fulfill two central purposes: they can facilitate strategic planning towards net zero 2050 while also helping detect…
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Policy Brief
PB 1/2024: Climate Risks and the Cost of Debt: Why Climate Policy Matters
Climate policy is key to achieving the required CO2 emission reductions for the transition towards a sustainable low-carbon economy. Climate policy causes direct and indirect…
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Scientific publication
Environmental and Resource Economics: Low-Carbon Investment and Credit Rationing
This paper develops a principal-agent model with adverse selection to analyse firms’ decisions between an existing carbon-intensive technology and a new low-carbon technology requiring an…
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Policy Brief, Sustainability Reporting, Sustainability Risks and Opportunities
PB 9/2021: The EU sustainable finance strategy – Implications for the future German Federal Government
The EU’s revised sustainable finance strategy confirms the important role of the financial sector in the sustainability transition of the economy, but does not sufficiently…
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Policy Brief, Sustainability Risks and Opportunities
PB 5/2021: Scenario Analysis as a Tool for Companies, Investors, and Regulators on the Path to Climate Neutrality
The structural transformation necessary for achieving climate neutrality is characterized by many interdependent changes. Shaping the transition to a zero-emissions economy cannot be based on…
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Scientific publication
Nature Energy: The cost of debt of renewable and non-renewable energy firms
The risks imminent to younger technologies and markets may hinder renewable energy firms’ access to financing. This could curtail the investment needed for the transformation…
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Scientific publication
Energy Journal: Directed Technical Change and Energy Intensity Dynamics: Structural Change vs. Energy Efficiency
This paper uses a model with Directed Technical Change to theoretically analyse observable heterogeneous energy intensity developments. Based on the empirical evidence, we decompose changes…
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Scientific publication
Economics of Energy & Environmental Policy: Climate Policy with the Chequebook – An Economic Analysis of Climate Investment Support
Across the globe, climate policy is increasingly using investment support instruments, such as grants, concessional loans, and guarantees – whereas carbon prices are losing importance.…
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