Benoît LEGUET
Managing DirectorBenoît is since its foundation in 2015 the executive director of I4CE – Institute for Climate Economics, an expert association on economics and finance whose mission is to advance action against climate change. In this capacity, he frequently speaks at events and in the media to represent the Institute. Benoît is or has been a member of several expert committees set up by the public authorities, notably the French Climate Change Committee.
Since 2002, Benoît has been helping public decision-makers, financial institutions, states and local authorities to integrate climate change into their policies and practices. He has successively been a consultant in a consulting firm, project manager and then director of the Mission Climat of the Caisse des Dépôts, and research director of CDC Climat.
He is an engineer from the Ecole Polytechnique and ENSTAParisTech, and also holds a master’s degree in Economics from AgroParisTech. He speaks French, English and Spanish.
Last contributions
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12/01/2024
Foreword of the week
In 2024, fewer wishes, and more financing plans for the ecological transition
The Global Stocktake at COP28 in Dubai marked the start of a cycle for reviewing governments’ decarbonization trajectories. The cycle will end at COP30 in Brazil at the end of 2025, and 2024 will hopefully show progress in the ambition of these trajectories. We equally hope that this renewed ambition will be accompanied by a reflection on the financing plans for national low-carbon trajectories, covering the amounts and evolution over time of domestic and international resources, and the respective roles of the private and public sectors. Because simply put, a low-carbon transition with no associated financing plan is not a transition, it is mere wishful thinking. -
02/10/2023
Op-ed
France will (finally) adopt a strategy to finance the ecological transition
The financing strategy, an essential element of ecological planning, has previously been set out annually in the finance bill. From now on, the government will be drawing up a multi-year strategy that will give both the State and the private sector a clear view of the future. This was long overdue. -
15/06/2023
Blog post
Paris Summit: more and better financing is needed for the transition
On 22nd and 23rd of June, the Summit for a new Global Financing Pact, initiated by Emmanuel Macron and Mia Mottley, Prime Minister of Barbados, will take place in Paris. This Summit will be a success for climate if it enables us to spend more on the climate transition, to spend better, and if it influences the ongoing reform of international development financing. -
09/06/2023
Foreword of the week
Green Deal: chapter 2
Emmanuel Macron certainly made a mistake in calling for a European “regulatory pause” on the environment. In the same speech, he however expressed a truth that is essential to the debate: “Europe and France risk being the best-in-class in terms of regulation, and the worst-in-class in terms of financing”. It went unnoticed but, as highlighted in this I4CE newsletter, the time has come for a debate on how the EU can better finance the climate transition. And there is no time like the present! In precisely one year, on June 9th 2024, hundreds of millions of Europeans will vote for a new European Parliament, that will in term elect a new European Commission that will negotiate the future EU budget.
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08/06/2023
Op-ed
A “regulatory pause” on environmental legislation: Emmanuel Macron’s “faux pas”
Let’s cut to the chase. Emmanuel Macron was wrong to drop a rhetorical bomb on Thursday, 11 May, when he called for a “regulatory pause” in environmental legislation. And that was a real shame because shortly after doing so, he said something important that went unnoticed by the analysts: Europe and France risk “being the best performers in terms of regulation, and the worst performers in terms of financing”. -
07/04/2023
Foreword of the week
World bank: what to expect from the Spring Meetings
This is it. In a few days, thousands of people from around the world will be gathering in Washington to look back on the latest achievements and discuss the future of the World Bank and the International Monetary Fund – the two institutions that structure international cooperation for development. But this isn’t just one of a series of biannual get-togethers. These Spring Meetings will be the last for future ex-President of the World Bank David Malpass, who is leaving at what might be a turning point for the institution’s history. The expectations are high: this is the moment where the World Bank’s shareholders will confirm their vision and ambition for the institution by officially including climate in its global mission -
13/01/2023
Foreword of the week
2023 agenda: there has never been a better time to act
2022 was an eventful year in terms of climate. The year saw the emergence of a new concept, that of the polycrisis: war in Ukraine, the aftereffects of Covid, the return of inflation, the gas crisis, agricultural shortages, persistent droughts and other dramatic climatic events... all of these crises have ultimately pointed to our direct or indirect dependence on fossil fuels; our weaknesses when faced with a changing climate; and the vulnerability of our economies and the middle and lower classes. -
18/11/2022
Foreword of the week
COP27: let us remember the obvious about climate finance
As COP27 draws to a close, let us remember the obvious: implementing the Paris Agreement will require financial flows from developed to developing countries. However, these flows are not just the much discussed $100 billion a year promised by the nations of the North to their counterparts in the South - a promise that has not been kept to date. And they are not just about budgetary flows either. More fundamentally, the architecture of development financing - or at least its climate component - needs to be reviewed in depth. It is therefore primarily the mission and modus operandi of the multilateral banks, and more broadly of the public development banks, that must be reviewed. -
17/03/2022
Blog post
French Presidential election: consensus for the new five-year term
For a year, I4CE has been meeting with the campaign teams of the main presidential candidates to encourage them to prepare their climate program in order to reach the French objectives. In particular, we asked them to prepare their "climate budget": the State and more broadly the public authorities now play a decisive role in the necessary investments for the climate, and they must anticipate the considerable increase in these investments for France to achieve its 2030 objective. All the more now the European target has been raised. Preparing a climate budget is a mark of credibility and transparency, a test of consistency. -
23/09/2021
Op-ed
A public finance programming law for the climate
In this op-ed published in a French economic newspaper, Benoît Leguet, director of I4CE, considers that the French Government must plan over the long term the necessary financing for climate change mitigation and adaptation, by instituting a public finance programming law for climate. France has set itself climate objectives, it must clarify what means it will devote to them. -
14/01/2021
Blog post
A public finance programming law for the climate
In this op-ed published in a French economic newspaper, Benoit Leguet, director of I4CE, considers that the French Government must plan over the long term the necessary financing for climate change mitigation and adaptation, by instituting a public finance programming law for climate. France has set itself climate objectives, it must clarify what means it will devote to them. -
27/05/2020
Climate Brief
Environmental and health co-benefits of public action: “it’s (also) the economy, stupid!”
In sharp contrast with the stimulus strategy adopted in France in 2008, which focused exclusively on directly visible economic benefits, each public euro invested to recover from the crisis will have to value the environmental and health co-benefits. This is the thesis of this article by I4CE and Terra Nova. With the increase of the French public debt and the eventual reduction of budgetary room for manoeuvre, valuing all the co-benefits of public action is no longer a simple option but an imperative. It would reduce the 50 billion euros/year costs of air pollution in France, among other societal benefits. -
10/04/2020
Climate Report
Investing in climate can help France drive its economic recovery
Confronted with a health crisis that has caused a global social and economic shock, the European Union and countries around the world are adopting major economic support programs. Following the initial focus that must be on overcoming the health emergency itself, actions that contribute to climate goals can be an effective part of improving both the economy and the resilience of our society. I4CE’s proposal calls for a public finance package of 7 billion euros per year that is estimated to trigger 19 billion euros of additional public and private investment. Altogether, this package would contribute to the economic recovery post-crisis, while simultaneously reinforcing our society against future shocks without reducing France’s contribution to international climate goals. -
10/01/2020
Blog post
2020: climate should be everybody’s business
For too long climate change has remained confined to the green silos of our public institutions: it was onyl the business of Environment Ministries. The situation seems to have improved over the last ten years, but we are still a long way from “climate mainstreaming”. For Benoit Leguet, Director of I4CE, 2020 will offer multiple opportunities to test commitments, in France and internationally. -
04/03/2019
Blog post
What is the One Planet Lab?
The One Planet Lab meets for the first time on Monday, March 4, in Paris. But what is this Lab? I4CE, which together with IDDRI is in charge of the scientific secretariat of the Lab, provides some basic answers. -
17/01/2019
Blog post
I4CE tweets that YOU preferred in 2018
I4CE begins the new year by highlighting its 2018 activities that you have preferred. After dedicating our last newsletter/news to the five most read I4CE publications, we continue this week with the most popular I4CE tweets. Throughout the second half of 2018, we selected the most viewed tweet each month. A way to remember and take stock of the past year. -
27/11/2018
Blog post
Benoit Leguet, Director General of I4CE, appointed to the High Council for Climate Action
On November 27th, French President Emmanuel Macron installed a High Council for Climate Action. Composed of around ten scientists, economists and engineers, this High Council will evaluate France's climate policies: are they sufficient to respond to the climate emergency? Do they provide concrete solutions for all households to get out of their dependence on fossil fuels? -
27/09/2018
Blog post
One Planet Summit: three notes of caution on Green Budgeting
A little less than a year ago, France organized the One Planet Summit and, among many commitments, joined the OECD’s Green Budgeting initiative, along with Mexico. A first assessment of these commitments was held on 26th September in New York, and the next steps on this particular initiative unveiled. This includes case studies to assess the potential scope and limitations of green budgeting in all OECD countries, including France. -
17/07/2018
Blog post
Feedback from the workshop chaired by I4CE during the Climate Plan Anniversary Conference
On 6 July, the Minister for the Ecological and Inclusive Transition, Nicolas Hulot, organized a conference to mark the first anniversary of the Climate Plan. After a morning spent reviewing the progress made by France, the afternoon was dedicated to four workshops. These workshops were chaired by two Secretaries of State from the Ministry, the ADEME President, and Benoit Leguet the Managing Director of I4CE. -
21/06/2018
Blog post
Energy Transition and implementation of the Paris Agreement : What is the role of the financial sector ?
As part of the Partnership for Market Readiness (PMR) initiative, funded by the World Bank (WB), the United Nations Development Program and the National Agency for Energy Management (ANME) in collaboration with the Tunisian Professional Association of Banks and Financial Institutions (APTBEF) and the Institute for Climate Economics (I4CE), held Monday, June 18, 2018 in Tunis, a lunch debate on the role of the financial sector in the energy transition and the implementation of the Paris Agreement in Tunisia. -
05/04/2018
Op-ed
Public intervention for house renovations: mobile, motive and opportunity
The government’s ambitious objectives for the “energy performance” of buildings, in particular private housing units, call for major investments, approximately €15 billion/year. Current incentives have proven capable of raising only half of this amount, and most of these funds go to dispersed interventions with little heed for energy efficiency. -
01/02/2018
Blog post
I4CE welcomes the publication of the Final Report of the EU High Level Expert Group on Sustainable Finance
Following a year of meetings, consultations and discussions, the EU High-Level Group on Sustainable Finance (HLEG) released today its recommendations on the actions needed to make the EU financial system more sustainable. 2017 was a busy year in the sustainable finance community with the publication of the conclusions of the G20 Green Finance study group and the Taskforce on Climate-related Financial Disclosure (TCFD) – and concluded with the Paris One Planet Summit. The publication of this report demonstrates the will of policymakers and market actors to move from discussions to actions in 2018 and take concrete steps to help the financial system take into account climate change, as well as broader environmental and social considerations -
14/12/2017
Blog post
[VIDEO] Benoit Leguet interviewed by RFI – One Planet Summit: what’s at stake?
About 50 heads of state gathered on 12 December to discuss finance and climate change at the One Planet Summit. To understand what was at stake, RFI met Benoît Leguet, Managing Director of I4CE. He talked about the objectives of the summit and the economy of the future. -
08/12/2017
Climate Brief
COP23: The Paris Agreement warms up before the big 2018 game
COP23 was held from 6 to 18 November 2017 in Bonn, Germany. The conference had to demonstrate that despite recent political challenges, the new governance structure established by the Paris Agreement on climate could maintain the necessary momentum to achieve an ambitious low-carbon transition. Three main outcomes were expected from COP23: (1) assess the […] -
18/09/2017
Blog post
Carbon pricing in Morocco : training workshop on 13 – 15 September at the Environnement Ministry
At the invitation of the Ministry of the Environment and its Secretariat for Sustainable Development and supported by the Partnership of Market Readiness of the World Bank , I4CE assists representatives of different ministries and economic sectors to understand the implementation of carbon pricing policies in Morocco with the aim at achieving their climate targets set in […] -
20/07/2017
Blog post
I4CE welcomes the publication of the EU High Level Expert Group on Sustainable Finance’s Interim Report
The publication of the EU High Level Expert Group on Sustainable Finance’s Interim Report marks the end of the first phase of this group’s work – and the beginning of a much-needed dialogue with the European financial community as to why taking sustainability materially into consideration is essential. In September 2016, the European Commission established […] -
30/05/2017
Blog post
I4CE welcomes the conclusions from the report of the High-Level Commission on carbon prices
On May 29th, the High-Level Commission on carbon prices delivered its conclusions in a report dedicated to foster the implementation of carbon pricing policies. For the Commission, efficient carbon pricing paths begin with a strong price signal in the short term, followed by a credible commitment to maintain long-term prices at a level high enough […] -
21/12/2016
Foreword of the week
Which price(s) for carbon ?
On December 1st, 2016, Benoît Leguet concluded the “Défi Climat” session entitled “Which price(s) for carbon?”. Benoît’s speech was devoted to the social value of carbon, as defined in the Paris Agreement, and its links to the price(s) of carbon. In summary of this speech, consider the following four ideas that justify the need to […] -
15/12/2016
Special issues
The implications of 2015 for Financing Climate-Consistent Development
I4CE has just published an article in the Fall 2016 edition of La lettre de l’I-tésé n°29. The article discusses the international milestones marked 2015 as a seminal year with long-term implications for countries around the globe. From the adoption of the 2030 Development Agenda that comprises 17 Sustainable Development Goals to the Paris Climate Agreement, a […] -
14/12/2016
Special issues
The Implications of 2015 for the Coming “Green Energy Revolution”: Low-Carbon, Climate-Resilient Development
I4CE has published a chapter in the 2016 edition of Atlantic Currents: An Annual Report on Wider Atlantic Perspectives and Patterns A number of international milestones marked 2015 as a seminal year with long-term implications for countries bordering the Atlantic and around the globe. For the first time, both developing and developed countries have been called […] -
13/12/2016
Climate Brief
COP22 in Marrakech: a push for accelerated action by 2018
Adopted in 2015 at COP21, the Paris Agreement defines ambitious objectives to orient countries towards developing low-carbon and climate-resilient economies, shifting to a carbon-neutral global economy before the end of the century. It establishes a multilateral cooperation framework governed on the basis of both national and voluntary contributions of States and the initiatives of non-State actors. Yet, […] -
18/12/2015
Climate Brief
COP21 – a successful ‘end of the beginning
The Paris Agreement provides a clear signal and a solid framework for climate action. Balanced and ambitious in its objectives – including full decarbonization of the global economy before the end of the century – it has all the conditions to encourage everyone to do more. In establishing a new international climate change regime, the […] -
02/12/2015
Special issues
2004 – 2015: A decade of expertise on climate economics
I4CE – the Institute for Climate Economics is an initiative of the Caisse des Dépôts, which continues to support us, and the Agence Française de Développement, which has joined this project, giving the Institute a strong international dimension. The two major French public financial institutions are thus joining forces to create a real think tank, […] -
30/11/2015
Climate Brief
Putting a price on carbon – Accelerating the dialogue: a challenge for governments and a request from businesses
Policy brief for public and private decision makers attending the Business Dialogue meeting during Climate Week in New York – September 2015 I4CE – Institute for Climate Economics has produced a position paper on carbon pricing policies for the Business Dialogue meeting organized by the French Presidency at the Climate Week in New York September […] -
30/11/2015
2°C target and states’ commitments
For our sixth and final issue of ClimasCOPe, we would like to provide you with a short-publication that includes four key topics to consider on the eve of COP 21. The issue starts with an editorial titled “A Paris Alliance to lay the post-COP 21 groundwork” by Benoît Leguet. Then our experts attempt the delicate endeavour […] -
30/03/2015
Putting a price on carbon
Heading towards the 2015 Paris international Climate Conference (COP21), I4CE, in partnership with ADEME, the French Environment and Energy Management Agency, launches a new publication “ClimasCOPe” aiming to shed some light on the challenges of international climate negotiations. Over the course of six issues published from April to November 2015, ClimasCOPe will provide, in a […] -
21/12/2014
Climate Brief
COP 20 in Lima : a tense rehearsal dinner where everyone ended up eating at the same table
COP20 in Lima was expected to put the negotiations on track to get an ambitious global agreement in Paris in December 2015. As a “rehearsal dinner” for Paris Climate 2015, COP20 managed to keep and strengthen the hopes for a “wedding” of interests with all parties sharing a table. COP 20 achieved its two key […] -
21/10/2014
Carbon Trends
Feedback from the New York Climate Summit: a CO2 price is necessary, but not sufficient
New EU Energy and Climate Action Commissioner: the Miguel Arias Canete’s nomination was approved by a majority of Members of EU Parliament. EU ETS – MSR timetable: On September 23rd, the timetable was announced; deadline for amendments is 11th December 2014; ENVI committee votes on 23rd or 24th February 2015. BKM Summit: On September 23rd, […] -
18/04/2014
Carbon Trends
Is the European Union in fighting formation on the Paris 2015 front?
Verified CO2 emissions: in 2013, emissions of EU ETS stationary installations, estimated to 1,895 MtCO2, have decreased by at least 3% in comparison of 2012. State aids for 2020 climate targets: the EU Commission has adopted new guidelines on public support for projects in the field of environmental protection and energy that notably promote a […] -
18/04/2014
Carbon Trends
The EU ETS’ market stability reserve: a marginal long-term structural reform
Upsurge in volumes and fall in prices: Nearly 1.1 billion EUA’s were traded, i.e +23%, whereas the average EUA spot price fell by 6% in March 2014. 2030 climate and energy package: The EU Council will take stock of progress made at its next meeting in June 2014, based on consultations with Member States. International […] -
10/06/2013
Climate Brief
Managing France’s energy transition while safeguarding economic competitiveness: be productive!
By Oliver Sartor and Benoît Leguet, I4CE Is the French energy transition compatible with economic growth and a “competitive” French economy? Our answer is “yes, with some conditions”. The French economy is better positioned today for a meaningful energy transition than it has been for over 40 years. At the level of the macro-economy, a […] -
16/05/2013
Carbon Trends
The EU ETS, a good example of a “zombie” public policy
Backloading was rejected by the European Parliament on 16 April and referred to the Parliament’s ENVI Commission. A new plenary session vote has been scheduled for early July. On ICE Futures Europe, 52% of the whole monthly volume of the daily spot contract has been traded on April the 16th. Structural reforms: discussion at the […] -
14/01/2013
Carbon Trends
Doha opens partway the door to shift to –25% for the EU
The Doha Conference in Qatar followed two conferences that yielded relatively significant results, namely Cancun (2010) and Durban (2011). These previous conferences had most notably agreed on a second commitment period for the Kyoto Protocol (KP-CP2), begun a negotiation process aimed at achieving an international post-2020 agreement, as well as furthered progress on the issue […] -
12/12/2012
Climate Brief
International climate negotiations at COP 18: the art of the Doha-ble
By Romain Morel, Benoît Leguet and Valentin Bellassen, I4CE The Doha climate conference (November 26 – December 8, 2012) allowed the UN process to edge forward. Through the definition of the rules for the second commitment period of the Kyoto Protocol with a foreseeable increase in the ambition of Annex I countries second period commitments […] -
04/02/2012
Climate Report
JOINT IMPLEMENTATION: A FRONTIER MECHANISM WITHIN THE BORDERS OF AN EMISSIONS CAP
By Igor SHISHLOV, Valentin BELLASSEN et Benoît LEGUET Based on specific projects rather than economy-wide emissions reductions, and driven by the demand from the installations covered by the European Union Emissions Trading Scheme (EU ETS), Joint Implementation (JI) turned out to be a largely private sector mechanism. Besides attracting private investors in GHG abatement projects, […] -
29/06/2011
Special issues
Assessment of supply-demand balance for Kyoto offsets (CERs and ERUs) up to 2020
By Anaïs DELBOSC, Nicolas STEPHAN, Valentin BELLASSEN, Alain CORMIER et Benoît LEGUET The purpose of this document is to estimate the supply and potential demand as regards Kyoto carbon credits (CER and ERU) up to 2020. Two distinct periods have been pinpointed: 2008-2012, the first commitment period of the Kyoto Protocol, and 2013-2020, the phase […] -
29/05/2011
Climate Brief
Will there still be a market price for CERs and ERUs in two years time?
Medium-term (i.e. pre-2015) demand for credits from the EU ETS and secondary sources of demand appears to be limited to 1.6 billion tCO2e. The supply of Kyoto credits is relatively predictable, and will cover demand between now and 2013-2014 according to our base-case scenario. Our view is that the demand-supply equilibrium will lead to a […]