Research insight
Editorial from
Miguel Ferreira
BPI | Fundação “la Caixa” Chair in Responsible Finance | Nova SBE's Dean of Faculty and Research
November 16, 2022
8. Decent work and economic growth

8. Decent work and economic growth

Promote inclusive and sustainable economic growth, full and productive employment and decent work for all

13. Climate action

Take urgent action to combat climate change and its impacts

Economic Impact of Climate Change

Miguel Ferreira, with Cláudia Custódio and Adrian Lam, both from the Imperial College Business School, and Emilia Garcia-Appendini, from the University of Zurich, won the EFIC2021 (5th EFIC Conference in Banking and Corporate Finance - Essex Business School) Best Paper Award with their paper Economic impact of climate change.


We estimate the economic impact of climate change by exploiting variation in local temperature across suppliers of the same client. We find that suppliers experiencing a 1°C increase in average daily temperature decrease their sales by 2%. The effect is more pronounced among suppliers in manufacturing and heat-sensitive industries, which is consistent with lower labor productivity and supply when temperatures are higher. Financially constrained suppliers are more affected due to their lack of financial flexibility to adapt to changes in temperatures. We also find that episodes of extremely hot and cold weather lead to large drops in sales.


Claudia Custodio
Imperial College London; Centre for Economic Policy Research (CEPR); European Corporate Governance Institute (ECGI)

Miguel A. Ferreira
Nova School of Business and Economics; European Corporate Governance Institute (ECGI); Centre for Economic Policy Research (CEPR)

Emilia Garcia-Appendini
University of Zurich - Department of Banking and Finance

Adrian Lam
Imperial College London

Access the paper here

Miguel Ferreira
BPI | Fundação “la Caixa” Chair in Responsible Finance | Nova SBE's Dean of Faculty and Research

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