Climate risks, energy efficiency and mortgage lending

该项目的目的是促进我们对气候变化带来的实际变化带来的金融风险的了解，即天气和气温的变化，以及过渡到净零的过程中伴随的绿色政策。该项目专注于英国住房和抵押贷款市场的风险。该项目旨在提供高质量的研究成果，量化抵押贷款中与气候相关的风险。使用独特的微观数据，我们将调查i)变化的供暖和制冷需求，ii)能源成本，以及iii)能效标准设置如何影响房价和抵押贷款违约率。实证结果将被用来模拟当前拟议的绿色政策和气候相关天气事件对抵押贷款市场总风险和英国央行资产负债表的影响。到目前为止，抵押贷款市场随之而来的金融风险，以及如何管理和缓解这些风险，几乎没有受到关注。

The aim of the project is to advance our understanding of the financial risk posed by the physical changes from Climate Change, i.e. changing weather and temperatures, and of green policies accompanying the transition to net zero. The project focuses on risks in the housing and mortgage markets in the UK. The project aims to deliver high-quality research output that quantifies these climate-related risks in mortgage lending. Using unique microdata, we will investigate how i) changing heating and cooling demands, ii) energy costs, and iii) efficiency standard setting affect house prices and mortgage default rates. The empirical results will be used to simulate the impact of currently proposed green policies and climate-related weather events on aggregated risk in the mortgage market and to the BoE's balance sheet. The ensuing financial risks in the mortgage market, and how to manage and mitigate them, have received little attention so far.