On April 10, 2024, at the Faculty of Economics of the University of Valencia, the reading and defense of the doctoral thesis of Karen Serrano Orellana took place, entitled “Essays on the impact of climate change on financial markets and companies”, directed by Dr. José Emilio Farinós, Dr. Ana M Ibáñez and Dr. Francisca Pardo.

In the current economic context, extreme weather events and regulations to mitigate and adapt to climate change can have significant repercussions on companies’ profitability, as well as on investors’ perception. The topics addressed in the Thesis provide a deep understanding of how climate change impacts global financial markets, both in scheduled and unscheduled events, as well as analyzing its influence on agricultural sector companies. In the development of the Thesis, two essential perspectives are adopted: the risks associated with the transition to a low-carbon economy and the physical risks derived from climate change itself. Overall, it is observed that transition risk is mainly related to countries’ and regions’ commitment to climate policies, as well as the degree of globalization of the country. Regarding physical risks, particularly in the agricultural sector, it is evident that smaller companies are more vulnerable. The topics addressed and the results obtained are of particular relevance in a context where climate change and associated risks are emerging as a challenge for the business world and financial markets.

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