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Research of Excellence

Climate & Earth

HEC Paris professors create cutting-edge insights in the area of: decarbonizing supply chains, energy transition, biodiversity, and circular economy.

HEC Paris professors consider environmental aspects as an essential dimension of their research program and look into new business models that integrate resource and environmental footprints into managerial decision making.

Research purpose is to tackle finite resource depletion, climate change, waste and pollution, and natural systems degradation.


The purpose is to design strategies that improve the bottom line for business, society, and the planet.

Decarbonizing supply Chains

  • Carbon Footprinting and Pricing Under Climate Concerns, Daniel Halbheer with Marco Bertini, Stefan Buehler, and Don Lehmann, published in the Journal of Marketing (March 8, 2022). Link to the article. 
  • ESG Investing : How to optimize impact ? Augustin Landier, Stefano Lovo. Link to the article.
  • Contracting for Technology Improvement: the Effect of Asymmetric Bargaining Power and Investment Uncertainty, European Journal of Operational Research, Septembre 2021, vol. 293, n° 2, pp 481-494, (Sam Aflaki in coll. with A. SHANTIA, A. MASINI)
  • Right Information at the Right Time : Reevaluating the Attitude–Behavior Gap in Environmental Technology Adoption, International Journal of Production Economics, December 2021, vol. 242, n° 108278, (Sam Aflaki in coll. with S. GOODARZI, A. MASINI, B. FAHIMNIA)
  • Input-price Risk Management : Technology Improvement and Financial Hedging, Production and Operations Management, August 2019, vol. 28, n° 8, pp 2044-2067, (Sam Aflaki in coll. with A. SHANTIA, H. GHODDUSI)
  • Definitions and accounting of climate finance: between divergence and constructive ambiguity, May 2022, Igor Shishlov and Philipp Censkowsky. Link to the article
  • Catalyzing public and private action for climate change mitigation: The World Bank’s role in international carbon markets, July 2020, Axel Michaelowa, Katharina Michaelowa, Igor Shishlov, Dario Brescia. Link to the article
  • Do Multilateral Development Bank Trust Funds Allocate Climate Finance Efficiently? July 2020, Katharina Michaelowa, Axel Michaelowa, Bernhard Reinsberg, Igor Shishlov. Link to the article
  • Evolution of international carbon markets: lessons for the Paris Agreement, Aug 2019, Axel Michaelowa, Igor Shishlov, Dario Brescia. Link to the article

Energy Transition

  • Technology-push, demand-pull and endogenous drivers of innovation in the renewable energy industry, Clean Technologies and Environmental Policy, 2021, vol. 23, pp 1563–1580, (Sam Aflaki in coll. with S. A. Basher, A. MASINI)
  • Optimizing Feed-in Tariffs to boost renewable energy production, Sam Aflaki, Andrea Masini with Shadi Goodarzi. Link to the article.
  • Strategic Investment in Renewable Energy Sources : The Effect of Supply Intermittency, Manufacturing & Service Operations Management, Summer 2017, vol. 19, n° 3, pp 489-507, (Sam Aflaki in coll. with S. NETESSINE)
  • Time series properties of the renewable energy diffusion process : Implications for energy policy design and assessment, Renewable & Sustainable Energy Reviews, December 2015, vol. 52, pp 1680-1692, (Sam Aflaki in coll. with S. BASHER, A. MASINI)
  • Finding and Implementing Energy Efficiency Projects in Industrial Facilities, Production and Operations Management, May-June 2013, vol. 22, n° 3, pp 503-517, (Sam Aflaki in coll. with P. Kleindorfer, V. Sáenz de Miera Polvorinos
  • L’hospitalité de la Cour de justice de l’Union européenne au regard du « lobbying judiciaire » en matière environnementale, Journal de Droit Européen, 2019, vol. 8, pp 321-324, (Arnaud Van Waeyenberg in coll. with L. PIGEOLET). Link to the article [Fr]


  • A post-Kyoto partner: Considering the stratospheric ozone regime as a tool to manage nitrous oxide, Kanter D.R. et al. 2013. Proceedings of the National Academy of Science
  • Gaps and opportunities in nitrogen pollution policies around the world, Kanter D.R. et al. 2020. Nature Sustainability.
  • Nitrogen pollution policy beyond the farm, Kanter D.R. et al. 2020. Nature Food, 1:27-32.
  • A technology-forcing approach to reduce nitrogen pollution, Kanter D.R. and Searchinger T. 2018. Nature Sustainability
  • Is your valley as green as it should be ? Incorporating economic development into environmental performance indicators, Clean Technologies and Environmental Policy, October 2018, vol. 20, n° 8, pp 1903–1915, (Sam Aflaki in coll. with S. BASHER, A. MASINI)
  • The Effect of Environmental Uncertainty on the Tragedy of the Commons, Sam Aflaki, Games and Economic Behavior, November 2013, vol. 82, pp 240-253,

New released white paper

Biodiversity white paper

The White Paper on Biodiversity, published by HEC Alumni in June 2022, has three objectives:

  • to raise awareness of biodiversity issues among the HEC community and all economic players,
  • to challenge business leaders and political decision-makers to take action, and
  • to feed the debates at the upcoming COP15 conference.

This report is not intended to be exhaustive and does not replace the scientific literature on the subject. Its objective is to point out the current gaps in knowledge and regulations and to promote dialogue between business leaders, policy makers, academics and citizens.

Download the report


Other research reports and articles

  • Greening UK Export Finance, April 2022, Igor Shishlov, Philipp Censkowsky, Andrew Lemming and Ryan Shorthouse. Link to the article
  • Export finance must get in line with climate commitments, October 2021, Philipp Censkowsky, Igor Shishlov, Axel Michaelowa. Link to the article
  • Aligning Export Credit Agencies with the Paris Agreement, September 2021, Igor Shishlov, Philipp Censkowsky, Laila Darouich. Link to the article
  • Climate Change-related Trust Funds at the Multilateral Development Banks, June 2020, Bernhard Reinsberg, Igor Shishlov, Katharina Michaelowa, Axel Michaelowa. Link to the article


usine Tom Bayer-AdobeStock vignette

The Role of Marketing in Climate Change: Carbon Footprinting and Pricing

By Daniel Halbheer

November 04th, 2022
fires in California - thumbnail - Adobe Stock

Are Carbon Markets the Solution Against Climate Change?

By Arnaud Van Waeyenberge

July 20th, 2021
House on a hill with renewable energy - ALDECAstudio-vignette

Optimizing Feed-In Tariffs to Boost Renewable Energy Production

By Sam Aflaki, Andrea Masini

January 29th, 2020
Jean-Michel Gauthier Energy Transition
Sustainable Development

Jean-Michel Gauthier: From the Oil Industry to the Energy Transition

By Jean-Michel Gauthier

October 05th, 2021