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Irene Monasterolo

Irene Monasterolo Ph.D.
+43 1 31336 4773
About me:
Irene Monasterolo is an Assistant Professor of Climate Economics and Finance at the Institute for Ecological Economics, Vienna University of Economics and Business and a visiting research fellow at Boston University, USA. Irene holds a Ph.D. in Agri-food Economics and Statistics from the University of Bologna, and two post-doctoral specializations in Cambridge (UK) and Boston (USA). Irene has extensive experience in developing policy-relevant academic research on how to align the financial system to the Sustainable Development Goals and the Paris Agreement. Irene has contributed to develop the first climate stress-test methodology, applied to both commercial and development banks’ portfolios for introducing climate risk factors into financial risk metrics; the first financial macro-network model for climate policy’s risk financial risk evaluation; the EIRIN Stock-Flow Consistent behavioural model to assess financial and distributive effects of green fiscal, monetary policies and green bonds. Her research has been published on top-ranked academic journals, such as Nature Climate Change and Climatic Change. In addition, Irene has been working as a consultant for major development banks (e.g. World Bank, European Investment Bank, Inter-American Development Bank) on climate change mitigation and adaptation. Finally, she leads on the Research Area ‘Environment-Economy Interactions’ of the European Association for Evolutionary Political Economy (EAEPE), of which she is also a council member since 2018.
Contact information and photo taken from and editable at WU Directory.


since 2020
Visiting researcher at the Energy department, IIASA
Precourt Visiting Scholar at Stanford University
since 2017
Assistant Professor, Climate Economics and Finance
Visiting Scholar at Boston University
European Investment Bank consultant
Senior post doc, Boston University
Inter-American Development Bank consultant
Confirmed researcher, Italian National Council of Research
Post Doc Global Sustainability Institute Cambridge (UK)
Erasmus Mundus visiting post-doc, Belgrade university (Serbia)
World Bank consultant
PhD candidate, Universita' di Bologna

Researcher Identifier

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Awards and Honors

OeNB Maria Schaumeyer Habilitation grant
AISSEC Best PhD Thesis in Development and Transition Economics


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  • ESG performance
  • Green sovereign bonds
  • Climate Stress-test
  • Climate finance
  • Stock-Flow Consistent models
  • Fossil fuel subsidies


No activities found.


Journal article

2021 Battiston, Stefano, Monasterolo, Irene, Riahi, Keywan, van Ruijven, Bas. 2021. Accounting for finance is key for climate mitigation pathways. Science. 372 (6545), 918-920. (Details)
  Naqvi, Syed Ali Asjad, Monasterolo, Irene. 2021. Assessing the cascading impacts of natural disasters in a multi-layer behavioral network framework. Scientific Reports. 11 (20146) open access (Details)
  Battiston, Stefano, Dafermos, Yannis, Monasterolo, Irene. 2021. Climate risks and financial stability. Journal of Financial Stability. 54 (Details)
  Dunz, Nepomuk, Naqvi, Syed Ali Asjad, Monasterolo, Irene. 2021. Climate sentiments, transition risk, and financial stability in a stock-flow consistent model. Journal of Financial Stability. 54 (Details)
  Campiglio, Emanuele, Duranovic, Anja, von Jagow, Carl Joachim Adrian, Monasterolo, Irene. 2021. Europe's cross-border trade, human security and financial connections: A climate risk perspective. Climate Risk Management. 34 (10382) open access (Details)
2020 Monasterolo, Irene, de Angelis, Luca. 2020. Blind to carbon risk? An Analysis of Stock Market’s Reaction to the Paris Agreement. Ecological Economics. 170 106571 (Details)
  Monasterolo, Irene. 2020. Climate change and the financial system. Annual Reviews of Resource Economics. 12 1-22. (Details)
  Monasterolo, Irene. 2020. Embedding Finance in the Macroeconomics of Climate Change: Research Challenges and Opportunities Ahead. CESifo Forum. 4 25-33. open access (Details)
  Hafner, Sarah, Anger-Kraavi, Annela, Monasterolo, Irene, Jones, Aled. 2020. Emergence of New Economics Energy Transition Models: A Review. Ecological Economics. 177 (10677) (Details)
2019 Brasili, cristina, Calia, Pinuccia, Monasterolo, Irene. 2019. Mapping citizens’ identification with the EU. Regional Science and Urban Economics. 11 (4), 655-672. (Details)
  Monasterolo, Irene, Raberto, Marco. 2019. The impact of phasing out fossil fuel subsidies on the low-carbon transition. Energy Policy. 124 355-370. (Details)
  Monasterolo, Irene, Roventini, Andrea, Foxon, Tim J. 2019. Uncertainty of climate policies and implications for economics and finance: an evolutionary economics approach. Ecological Economics. 163 177-182. (Details)
2018 Stolbova, Veronika, Monasterolo, Irene, Battiston, Stefano. 2018. A Financial Macro-Network Approach to Climate Policy Evaluation. Ecological Economics. 149 239-253. (Details)
  Monasterolo, Irene, Zheng, Jiani I., Battiston, Stefano. 2018. Climate Transition Risk and Development Finance: A Carbon Risk Assessment of China’s Overseas Energy Portfolios. China Economic Journal. 26 (6), 116-142. (Details)
  Galford, Gillian , Fernandez, Margarita, Joe, Roman, Monasterolo, Irene, Ahamed, Sonya, Fiske, Greg, Kaufman, Les, Gonzalez-Diaz, Patricia. 2018. Cuban land use and conservation, from rainforests to coral reefs. Bulletin of Marine Science. 94 (2), 171-191. open access (Details)
  Monasterolo, Irene, Raberto, Marco. 2018. The impact of phasing out fossil fuel subsidies on the low-carbon transition. Energy Policy. (124), 355-370. (Details)
2017 Battiston, Stefano, Mandel, Antoine , Monasterolo, Irene, Schuetze, Franziska, Visentin, Gabriele. 2017. A climate stress test of the financial system. Nature Climate Change 7, 283 -288. (Details)
  Monasterolo, Irene, Howarth, Candice. 2017. Opportunities for knowledge co-production across the energy-food-water nexus: Making interdisciplinary approaches work for better climate decision making. Environmental Science and Policy 75, 103-110. open access (Details)
  Monasterolo, Irene, Raberto, Marco. 2017. The EIRIN Flow-of-funds Behavioural Model of Green Fiscal Policies and Green Sovereign Bonds. Ecological Economics 144, 228-243. (Details)
  Monasterolo, Irene, Battiston, Stefano, Janetos, Anthony C., Zengh, Zoey. 2017. Vulnerable yet relevant: the two dimensions of climate-related financial disclosure. Climatic Change , 1-13. open access (Details)

Chapter in edited volume

2020 Monasterolo, Irene, Volz, Ulrich. 2020. Addressing climate-related financial risks and overcoming barriers to scaling up sustainable investments. In: Addressing climate-related financial risks and overcoming barriers to scaling up sustainable investments, Hrsg. G20 Saudi Arabia: T20’s Task Force 2 “Climate Change and Environment”, 1-17. https://t20saudiarabia.org.sa/en/briefs/Pages/Policy-Brief.aspx?pb=TF2_PB23: - open access (Details)
  Monasterolo, Irene, Battiston, Stefano. 2020. Assessing forward-looking climate risks in financial portfolios: a science-based approach for investors and supervisors. In: NGFS Occasional Papers Case Studies of Environmental Risk Analysis Methodologies. Hrsg. NGFS, 30-40. NGFS website: - open access (Details)
  Battiston, Stefano, Billio, Monica, Monasterolo, Irene. 2020. Pandemics, climate and public finance: how to strengthen socio-economic resilience across policy domains. In: A New World Post COVID-19 Lessons for Business, the Finance Industry and Policy Makers, Hrsg. Billio, M., Varotto, S. 259-268. ISBN [ebook] 978-88-6969-442-4: - open access (Details)
  Battiston, Stefano, Guth, Martin, Monasterolo, Irene, Nuerdorfer, Benjamin, Pointner, Wolfgang. 2020. The exposure of Austrian banks to climate-related transition risk. In: OeNB Financial Stability Report, 40, Hrsg. OeNB, 31-44. OeNB website: OeNB. open access (Details)
2019 Battiston, Stefano, Jakubik, Petr, Monasterolo, Irene, Riahi, Keywan, van Ruijven, Bas. 2019. Financial Stability Report. In: Climate Risk Assessment of the sovereign bond of portfolio of European Insurers, Hrsg. European Insurance and Occupational Pension Fund Authority (EIOPA), 69-89. EIOPA: - open access (Details)
2018 Lamperti, Francesco, Monasterolo, Irene, Roventini, Andrea. 2018. Climate Risks, Economics and Finance: Insights from Complex Systems. In: The Systemic Turn in Human and Natural Sciences. A Rock in The Pond, Hrsg. Ulivi, L. 1-23. Contemporary Systems Thinking: Springer. (Details)

Paper presented at an academic conference or symposium

2018 Battiston, Stefano, Monasterolo, Irene. 2018. A carbon risk assessment of central banks’ portfolios under a 2C aligned climate scenarios. Scaling up Green Finance: The Role of Central Banks, Bundesbank, Germany, 8.11-9.11. Invited Talk (Details)
  Naqvi, Syed Ali Asjad, Dunz, Nepomuk, Monasterolo, Irene. 2018. Climate Policies in a North-South Stock-Flow Consistent Model. EAEPE Annual Conference, Nice, France, 06.07-08.07. (Details)
  Dunz, Nepomuk, Monasterolo, Irene, Raberto, Marco. 2018. Don’t forget climate sentiments: real and financial markets’ reactions to climate risks. EAEPE Annual conference, Nice , EAEPE, France, 06.09-08.09. (Details)
2017 Monasterolo, Irene, Raberto, Marco. 2017. Is There a Role for Central Banks in the Low-Carbon Transition? A Stock-Flow Consistent Modelling Approach. Central Banking and Green Finance, Dutch Central Bank, Netherlands, 28.11-29.11. Invited Talk (Details)

Working/discussion paper, preprint

2019 Monasterolo, Irene, Battiston, Stefano. 2019. A climate risk assessment of sovereign bonds’ portfolio. open access (Details)
  Monasterolo, Irene, de Angelis, Luca. 2019. Blind to carbon risk? An Analysis of Stock Market’s Reaction to the Paris Agreement. open access (Details)
  Monasterolo, Irene. 2019. Climate change and the financial system. (Details)
  Monasterolo, Irene, Roventini, Andrea, Foxon, Tim J. . 2019. Understanding uncertainty of climate policies and implications for economics and finance: an evolutionary economics approach. (Details)
2018 Battiston, Stefano, Monasterolo, Irene. 2018. The Climate Target Gap Is Widening. Can We Close It by Including Climate Finance in SSPs? (Details)
  Dunz, Nepomuk, Monasterolo, Irene, Raberto, Marco. 2018. The fiscal and financial implications of low-carbon transition policies: insights from emerging countries. open access (Details)

Research report, expert opinion

2018 Campiglio, Emanuele, Monasterolo, Irene, Gnan, Ernest. 2018. Green finance, regulation and monetary policy. Vienna:WU, OeNB, SUERF. (Details)

Practice handbook, manual

2019 Monasterolo, Irene, Battiston, Stefano, Mandel, Antoine. 2019. CLIMAFIN handbook: pricing forward-looking climate risks under uncertainty. open access (Details)


Climate Policy for Development at the IMF (2021-2023) (Details)
BMKSC 2020 Green Finance (2020-2021) (Details)
GreenFin (2019-2021) (Details)
GrEnFin - Greening Energy market and Finance (2019-2022) (Details)
Closing the gap between finance and sustainability: A novel methodological framework for climate policies’ evaluation (2019-2020) (Details)
Climate Exposure Tool for Financial Risk Analysis (2019-2020) (Details)
CASCADES (2019-2023) (Details)
RiskFinPorto - Analyse von CO2-Risiken in Finanzmärkten und österreichischen Portfolios (2018-2020) (Details)
Possibilities of consciously shaping mobility through the application of the principle of sufficiency in the Austrian context (2018-2019) (Details)
Perception and Evaluation of Regional and Cohesion policies by Europeans and Identification with the Values of Europe (2016-2019) (Details)