Hey folks!! Happy to share that two FIND members presented their work at the 4th International Conference on Carbon Dioxide Removal, held at Politecnico di Milano, 10–12 June 2026.
📈 Roberta Terranova presented “Negative Emissions, Positive Returns? How Financial Markets React to Carbon Removal Purchases”, co-authored with Francesco Lamperti and Massimo Tavoni.
💡 As carbon dioxide removal moves from climate scenarios into corporate climate strategies, CDR credit purchases are becoming an increasingly important signal. But how do financial markets interpret them? Are firms investing in a credible transition strategy, or relying on costly compensation for emissions they are not yet reducing?
📊 Using a short-run event study on stock-market reactions to CDR credit purchases by publicly listed firms, the paper finds that market reactions are negative on average — especially for small, high-price transactions and technical removal methods. At the same time, investors respond more favourably when purchases are made by firms with stronger internal climate policies, recent emissions-intensity reductions, lower leverage, and larger CDR volumes.
🧪 Gianluca Biggi presented “Mapping Negative Emissions Technologies: A Chemistry-Enhanced LLM Classification of CDR Patents”, co-authored with Martina Iori, Francesco Lamperti, and Giorgio Tripodi.
🔎 The paper maps the global landscape of CDR patents by combining chemical information with an LLM-based classifier. Existing patent classifications often blur the line between genuine CDR technologies, conventional point-source carbon capture, and non-climate applications — making it difficult to properly measure innovation in this field.
📊 By applying this approach to 25,000+ patent families across 90 patent authorities from 1960 to 2024, the study challenges the idea that innovation in carbon removal is lagging, revealing a broader and more dynamic picture of technological development across DAC, BECCS, enhanced weathering, biochar, and marine CDR.
📢 Stay tuned, working papers coming soon!