Climate Finance
Dimitri has been working since 2020 on the challenges of climate finance, the impact of climate-related issues on financial stability, and the appropriate policy/regulatory response. His 2022 paper with Pierpaolo Grippa on Financial Regulation, Climate Change, and the Transition to a Low-Carbon Economy provides a critical review of the literature on the topic and a discussion of the risks and the analytical, policy, and practical challenges facing regulators trying to incorporate climate-related considerations into their work. That paper has triggered an intense debate. An updated version of the original paper was published in the Handbook of Climate Change and Financial Markets in 2026.
Dimitri has led an International Finance Corporation (IFC) project on the risks and challenges facing emerging market and developing countries in introducing climate-related considerations in financial regulation, involving a broad survey of private sector financial firms in a sample of 15 emerging market and developing countries. He has also published shorter pieces on the potential unintended consequences of regulatory action to achieve climate goals; and on the governance implications for central banks and regulators.
In his capacity as a Special Adviser to the Bank of England on financial stability issues, Dimitri has assisted in the development on the 2021 climate-related Biennial Exploratory Scenario (BES) stress test and the response of the regulatory regime to climate-related risks.
More recently, Dimitri has been working on a World Bank project on the just transition and the potential role financial regulation could play in this area. The resulting research paper, summarized for a broader, non-technical audience in International Banker, argues that there is a false analogy between the energy transition and the just (or fair) energy transition, which is often the source of confusion among academic analysts and policy-makers alike.