Special Issue on Climate Impacts and Adaptation Finance | Call for Contributions

Ecological Economics

The transdisciplinary journal of the International Society for Ecological Economics (ISEE)

ISSN 0921-8009 (print), 873-6106 (online)
Editors-in-Chief: Stefan Baumgärtner and Begüm Özkaynak

Ecological Economics invites contributions for a special issue on Climate impacts and adaptation finance; guest edited by Irene Monasterolo (EDHEC, ERCII), Nepomuk Dunz (World Bank), Arthur Hrast Essenfelder (European Commission Joint Research Center), Veruska Muccione (University of Zurich and University of Geneva).


Climatic changes due to unabated Greenhouse Gas (GHG) emissions are expected to exacerbate acute and chronic physical risks, negatively affecting ecosystems, living conditions, the economy and finance (IPCC 2021, Krieblieh et al. 2022). Financial supervisors developed climate scenarios for financial risk assessments (NGFS 2022) and started to assess their implications for debt sustainability and sovereign risk analyses (Aligishiev et al. 2022). Nevertheless, main knowledge gaps persist.

First, the representation of climate-related risks is still limited due to their often complex nature (Simpson et al. 2021) – e.g. compounding climate-related risks within themselves (Zscheischler et al. 2018, Kruczkiewicz et al. 2022), and with other risk types such as pandemics (Dunz et al. 2021, Phillips et al. 2020, Ranger et al. 2022).

Second, in the assessment of the economic and financial impacts of such risks, indirect and spillover impacts are mostly neglected. Further, the analysis of where (i.e. entry points) and how (i.e. transmission channels) climate-related impacts affect value chains and the financial sector is still at an early stage.

These gaps limit our understanding of the relevance of climate fiscal and financial risks for sovereigns, as well as of an adequate financial response. There is mounting evidence that climate change adaptation is increasingly taking place in emerging markets and developing economies, as well as in high-income countries (Berrang-Ford et al. 2020). And yet growing vulnerability, high public debt, high inflation, and low fiscal space limit the ability of governments to invest in building resilience to climate change and create adaptation gaps which make countries ill prepared to increasing risks (Schipper et al. 2022). Against this background, the traditional adaptation finance response that relies on fiscal space and insurance (Kousky 2019) may not be available or affordable, thus calling for a new financial architecture and instruments to invest in adaptation.

This special issue aims to address these knowledge gaps welcoming innovative empirical and modelling contributions that shed light on:

  • Strengthening the representation of climate-related impacts onto the economy and financial sector, considering scenarios of tail climate risk, complex and cascading risks, and the interplay between acute and chronic risks.
  • Climate impacts’ indirect and spillover effects in the economy and financial sector, considering transmission channels and potential amplification effects.
  • Different options for adaptation finance considering the role of public and private finance (including but not limited to insurance, official development assistance and sovereign finance) as well as their macro-financial implications.
  • The effectiveness (i.e. risk reduction potential), feasibility (i.e., the potential for implementation), and distributional impacts (i.e. within society and between private and public actors) of adaptation policy response under different global warming scenario, also considering the interplay, trade-offs and coordination between climate mitigation and climate adaptation.


The special issue is open for submission starting from June 1, 2023. The deadline for submissions is January 31, 2024. Submissions that are selected for the review process will be invited for presentation and discussion in a special-issue-related event in March 2024.

Submissions must be made through the journal’s online submission platform Editorial Manager We aim for publishing accepted publications from December 2024.

Preparing Contributions:

Contributions to the special issue should be Analysis as described in the Guide for Authors ( When submitting your contribution, select “VSI: Climate impacts and adaptation finance” as the article type. All contributions to a special issue must be prepared according to the journal’s Guide for Authors.

Review Process:

All contributions will go through the normal peer-review process and are expected to at least meet, if not exceed, the usual quality standards of articles published in Ecological Economics. This includes the possibility that a given contribution will not be published if it is found to be not suitable.

Publication Format:

Special issues are published as virtual special issues. Each paper is published as soon as the proof is corrected in the next available regular issue, with an imprint indicating that it is part of a special issue. Simultaneously all special-issue articles are gathered together in an online-only grouping for the special issue itself. On ScienceDirect, the special issue is set up under the heading Article Collections and filled with special-issue-articles one by one, as they are published. The special issue becomes visible to end-users once the first article is linked to the special issue, rather than waiting for all papers to be finalised before it can be compiled. Examples of previously published special issues can be found at


For questions, contact the lead guest editor: Irene Monasterolo (


Aligishiev, Z., Massetti, E., Bellon, M. (2022). Macro-Fiscal Implications of Adaptation to Climate Change. IMF working paper, Staff Climate Note No 2022/002.

Berrang-Ford, L., Siders, A. R., Lesnikowski, A., Fischer, A. P., Callaghan, M. W., Haddaway, N. R., Mach, K. J., Araos, M., Shah, M. A. R., Wannewitz, M., Doshi, D., Leiter, T., Matavel, C., Musah-Surugu, J. I., Wong-Parodi, G., Antwi-Agyei, P., Ajibade, I., Chauhan, N., Kakenmaster, W., … Abu, T. Z. (2021).A systematic global stocktake of evidence on human adaptation to climate change. Nature Climate Change, 11(11), 989–1000.

Botzen, W. J. W., Deschenes, O., & Sanders, M. (2019). The Economic Impacts of Natural Disasters : A Review of Models and Empirical Studies. Review of Environmental Economics and Policy, 13(2), 167–188.

Dunz, N., Mazzocchetti, A., Monasterolo, I., Essenfelder, A., Raberto, M. (2021). Compounding COVID-19 and climate risks: the interplay of banks’ lending and government’s policy in the shock recovery. Journal of Banking and Finance, 106303.

IPCC. (2021). Summary for Policymakers. In: Climate Change 2021: The Physical Science Basis. Contribution of Working Group I to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change. Cambridge University Press. In Press.

Kreibiehl, S., Yong Jung, T., Battiston, S., Carvajal, P. E., Clapp, C. , Dasgupta, D., Dube, N., Jachnik, R., Morita, K., Samargandi, N., Williams, M. (2022). Investment and finance. In: P.R. Shukla, J. Skea, R. Slade, A. Al Khourdajie, R. van Diemen, D. McCollum, M. Pathak, S. Some, P. Vyas, R. Fradera, M. Belkacemi, A. Hasija, G. Lisboa, S. Luz, J. Malley, (eds.). limate Change 2022: Mitigation of Climate Change. Contribution of Working Group III to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change [ Cambridge University Press, Cambridge, UK and New York, NY, USA. Available at:

Kousky, C. (2019). The Role of Natural Disaster Insurance in Recovery and Risk Reduction. Annual Review of Resource Economics, 11(1), 399–418.

Kruczkiewicz, A. et al. (2022). Multiform flood risk in a rapidly changing world: what we do not do, what we should and why it matters. Environmental Research Letters, 17, 8, 1-9.

NGFS (2022). NGFS Climate Scenarios for central banks and supervisors. Tech. rep. Network for Greening the Financial System.

Phillips, C. A., Caldas, A., Cleetus, R., Dahl, K. A., Declet-Barreto, J., Licker, R., Merner, L. D., Ortiz-Partida, J. P., Phelan, A. L., Spanger-Siegfried, E., Talati, S., Trisos, C. H., & Carlson, C. J. (2020). Compound climate risks in the COVID-19 pandemic. Nature Climate Change, 10, 586–588.

Ranger, N., Mahul, O., Monasterolo, I. (2022). Assessing Financial Risks from Physical Climate Shock: A Framework for Scenario Generation. The World Bank, Equitable Growth, Finance & Institutions Insight. Washington, DC: World Bank.

Schipper, E.L.F., A. Revi, B.L. Preston, E.R. Carr, S.H. Eriksen, L.R. Fernandez-Carril, B.C. Glavovic, N.J.M. Hilmi, D. Ley, R. Mukerji, M.S. Muylaert de Araujo, R. Perez, S.K. Rose, and P.K. Singh, 2022: Climate Resilient Development Pathways. In: Climate Change 2022: Impacts, Adaptation and Vulnerability. Contribution of Working Group II to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change [H.-O. Pörtner, D.C. Roberts, M. Tignor, E.S. Poloczanska, K. Mintenbeck, A. Alegría, M. Craig, S. Langsdorf, S. Löschke, V. Möller, A. Okem, B. Rama (eds.)]. Cambridge University Press, Cambridge, UK and New York, NY, USA, pp. 2655–2807, doi:10.1017/9781009325844.027.

Simpson, N. P., Mach, K. J., Constable, A., Hess, J., Hogarth, R., Howden, M., … & Trisos, C. H. (2021). A framework for complex climate change risk assessment. One Earth, 4(4), 489-501.

Zscheischler, J., Westra, S., van den Hurk, B. J. J. M., Seneviratne, S. I., Ward, P. J., Pitman, A., Aghakouchak, A., Bresch, D. N., Leonard, M., Wahl, T., Zhang, X. (2018). Future climate risk from compound events. Nature Climate Change, 8(6), 469–477.


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