Etienne ESPAGNE

Economist Étienne Espagne specializes in policies that seek to attenuate and adapt to climate change in emerging and developing countries.

Étienne Espagne is an economist specializing in climate and financial issues at AFD and an associate researcher at CERDI. His research focuses on the macro-financial aspects of carbon emission reduction policies and their impact on the climate and nature, particularly in the context of developing and emerging economies.

From 2022 to 2025 at the World Bank, he led two major programs on the development of analytical tools and capacity building for finance ministries. Previously, he developed and contributed to the GEMMES program on modeling and assessing climate damage, adaptation and mitigation strategies, particularly in the context of Vietnam.

He holds a PhD in environmental economics from the École des Hautes Études en Sciences Sociales (EHESS) and is also a graduate of Mines Paris and the Paris School of Economics. He has published several articles in academic journals in the field of climate change and energy economics and regularly teaches at Paris 1 University, EHESS, École Polytechnique, and ENSTA Paristech. He previously worked at France Stratégie, CEPII, and CIRED.

Étienne Espagne is notably the co-author, with Michel Aglietta, of "Pour une écologie politique au-delà du capitalocène", published by Odile Jacob (2024).

• "FSMAT: incorporating climate finance into a stock-flow-consistent disequilibrium framework", with S. Valdecantos, The Coalition of Finance Ministers for Climate Action (2025).
• "C3A: a major program to support the emerging analytical needs of Ministries of Finance", with W. Hynes and K. Carey, The Coalition of Finance Ministers for Climate Action (2025).
• "How consistent are adaptation strategies with ongoing climatic and environmental changes in the Vietnamese Mekong Delta: A systematic review", with TMH. Vo, TPL. Huynh, P. Tamas, MN. Woillez, L. Umans, S. Eslami, HQ. Nguyen, Philip SJ Minderhoud, Environmental Science & Policy, vol. 168 (2025).
• "From Climate to Nature Macro-Criticality: Exploring New Scenarios and Modeling Frameworks", with J. Althouse, B Bedossa, L. Faucher, M. Gonon, K. Kedward, AM. Scala, A. Poupard, R. Svartzman, CEPR Discussion Paper (2025).
• "Empowering countries in their zero-carbon industrial journey", with J-F. Mercure et S. Valdecantos, Revue Européenne du Droit, Vol. 6, pp. 105-107 (2025).
• "From ecological macroeconomics to a theory of endogenous money for a finite planet", with R. Svartzman and D. Dron, Ecological Economics, vol. 162, pp. 108-120 (2019).
• "Le système monétaire international face aux cycles biogéochimiques", with M. Aglietta, Annales des Mines - Responsabilité & Environnement, vol. 92, n°4, pp. 64-68 (2018).
• "SCCs and the use of IAMs: Let's separate the wheat from the chaff", with A. Pottier, B. Perrissin-Fabert, F. Nadaud and P. Dumas, International Economics, vol. 155, pp. 29-47 (2018).
• "Money, Finance and Climate: The Elusive Quest for a Truly Integrated Assessment Model". Comparative Economic Studies, vol. 60, issue 1, pp. 131-143 (2018).
• "Climat, finance et croissance: l'introuvable tango à trois des modèles économie-climat?", Revue d’économie financière, vol. 127 (2017/3), pp. 237-252 (2017).
• "Climate and Finance Systemic Risks, More Than an Analogy?: The Climate Fragility Hypothesis", with M. Aglietta, CEPII Working Paper, n° 2016/10 (2016).
• "Climate Finance at COP21 and After: Lessons Learnt". CEPII Policy Brief, vol. 9 (2016).
• "Did the Paris Agreement Plant the Seeds of a Climate Consistent International Financial Regime?", with D. Dasgupta, J.-C. Hourcade, I. Minzer, S. Nafo, B. Perrissin-Fabert, N. Robins and A. Sirkis, FEEM Working Paper, vol. 50 (2016)
• "A proposal to finance low carbon investment in Europe", with M. Aglietta and B. Perrissin-Fabert, Études & documents du CGDD n°121 (2015).
• "The comparative impact of integrated assessment models’ structures on optimal mitigation policies", with A. Pottier, B. Perrissin-Fabert and P. Dumas, Environmental Modeling & Assessment, vol. 20, issue 5, pp. 453-473 (2015).
• "La finance au secours du climat? La Nature entre prix et valeur", with J.-C. Hourcade and B. Perrissin-Fabert, Nature Sciences Société, vol. 23, pp. 117-121 (2015).
• "Why are climate policies of the present decade so crucial for keeping the 2 C target credible?", with B. Perrissin-Fabert, A. Pottier, P. Dumas and F. Nadaud, Climatic change, vol. 126, issue 3-4, pp. 337-349 (2014).
• "Modelling the redirection of technical change: The pitfalls of incorporeal visions of the economy", with A. Pottier and J.-C. Hourcade, Energy Economics, vol. 42, pp. 213-218 (2014).

View all works