Finance and climate: issues, risks and organization.

Summary The interactions between climate change and financial institutions are still insufficiently explained. Through economic research and a managerial analysis of the practices of a French institutional investor, this thesis analyzes the twofold problem faced by these organizations: measuring their extra-financial impact while managing the new financial risks induced by climate change. We first show how the organization's actors rely on a global reference framework - the United Nations' Sustainable Development Goals - to meet the challenges of measuring the impact of responsible investment. We then show that a brutal energy transition scenario significantly increases the financial risks of companies in certain sectors and that this risk is, to date, only partially taken into account by the financial markets. The analysis of practices at the micro level shows that this lack of consideration can be explained by the impact of existing routines on the construction and use of new climate risk management tools and by risk perceptions that are too far removed from those of climate scientists.