Essays on energy transition: issues, recovery, financing and risks.

Summary This thesis focuses on the issue of financing the low-carbon energy transition and the role of the financial and banking sector in achieving international climate objectives. The challenges of the energy transition for the financial sector are threefold. First, it is necessary to understand the need to adopt a differentiated analysis of household energy consumption, in particular that related to housing, in the search for a balance between macroeconomic objectives and individual financial and economic trade-offs. The first chapter analyzes household energy expenditures by typology and proposes a segmentation of the microeconomic behaviors of the actors and of the energy transition market in housing. It is then necessary to find a way to enhance the value of private investments in energy transition, which are still difficult to massify, especially when it comes to the energy performance of housing. Chapter 2 deploys a model based on a frontier function optimization technique to account for the presence of a green value in a local private housing market in France. Finally, the multiple risks related to climate change must be integrated into the mapping of the final risks (specific, systematic and systemic) that weigh on financial institutions, in the evaluation of their activity (the management of financial flows) but also in the evaluation of the risk profile of their balance sheet. Financial intermediaries, but also the institutions that regulate them, have a key role to play in establishing a social value of carbon endogenous to financial markets (Chapter 3).