Dr Ben Caldecott, Director of the Oxford Sustainable Finance Group recently featured in an Oxford‑style debate on the ESG Currents podcast examining whether climate risk is already reflected in financial markets. Hosted by Bloomberg Intelligence EMEA ESG integration analyst Grace Osborne, the discussion brought together contrasting views from Dr Jakob Thomae, co‑founder and CEO of Theia Finance Labs, and Dr Ben Caldecott, founding director of the Oxford Sustainable Finance Group and a coordinating lead author on finance for the IPCC’s Seventh Assessment Report.
The debate considered mixed signals, including green technology outperformance and the use of climate factors in central‑bank stress tests. While greater information availability may support better pricing of climate risk, the discussion emphasised that radical uncertainty remains, particularly around second‑order effects and climate tipping points. The episode was recorded on 3 March 2026 and can be streamed via Spotify and Apple Music.