Morgane NICOL
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Morgane NICOL

Director program – Local authorities, Adaptation, Public finance

Morgane ensures the development and management of the Territories program at I4CE since 2019. This program includes the work topics “territories and local authorities” and “adaptation and resilience”. The work focuses on the budgetary and financing issues of local authorities for their climate actions, and targets both national and local decision-makers. It also focuses on adaptation to climate change, and more specifically on the resources needed to adapt our territories to the consequences of climate change, both at the national and territorial levels.


Morgane joined I4CE in 2016 and was first project manager in the Financial institutions program.


Prior to joining I4CE, Morgane has worked as Project Manager Energy and Climate for AFD (Agence Française du Développement) in Istanbul and as a Private Equity investment officer at Proparco in Paris. She then worked for Carbone 4, a consulting firm specialized in carbon strategy, as a senior consultant and manager.


Morgane holds a Master in Management and an MSc in Corporate Finance from Edhec Business School.


Last contributions
  • 12/10/2023 Climate Report

    Green Budgeting: feedback from local authorities

    Time to take stock, 4 years after the first experiments   Report only available in French   A momentum for green budgeting is gaining ground within local authorities: In the space of four years, around a hundred of them have embarked on the green budgeting process or have plans to do so. This includes nearly […]
  • 06/07/2023 Blog post

    Adaptation: putting the reference trajectory into law

    The French decision to define a reference warming trajectory for adaptation to climate change (TRACC) is good news. There is an urgent need for public and private actors to examine the resilience of their investments and activities in a changing climate, including if the target of limiting global warming to below +2°C – a target that must remain a priority – is not met. Going beyond its inclusion in the PNACC (French national climate change adaptation plan) will nevertheless be essential to ensure actors rapidly take up this trajectory and to prevent a single euro more being spent on assets that are not adapted to climate change. The cross-cutting and normative scope of the TRACC now needs to be guaranteed by making it an inter-ministerial issue and putting it into legislation, then progressively tailoring the implementation requirements to the different actors and sectors concerned.
  • 02/06/2023 Climate Report

    Local authorities: the need for investment and human ressources for climate neutrality

    Local authorities have a major role to play in achieving France’s 2050 carbon neutrality objectives, as set out in the National Low-Carbon Strategy (Stratégie Nationale Bas Carbone, SNBC). Due to their assets and areas of expertise, local authorities must make numerous climate investments, implement strategies and action plans, and take measures to encourage stakeholders within their territories. This study aims to estimate the cost of such climate action for local authorities. 
  • 27/01/2023 Climate Brief

    Putting adaptation to the impacts of climate change on the French agenda of discussions between local and national authorities

    While French local authorities have important levers for adaptation, they will only be able to mobilize them if certain conditions are met at national level: the entire effort cannot rest on their initiative alone. This is what this I4CE's Climate Report shows. There is an urgent need for a discussion on adaptation between the national government and subnational authorities.
  • 25/11/2022 Climate Report

    Climate: how French local authorities are financing their investments? 

    According to I4CE's research, to meet European and international commitments made by France to carbon neutrality, French local authorities need to more than double their annual climate-related investments (from €5.5 billion to €12 billion annually), to around 20% of their current total capital expenditure.  
  • 03/11/2022 Climate Report

    Ensuring sufficient means to adapt to climate change consequences in France: What are the costs?

    This study is a contribution to the French public debate. It aims at supporting the acceleration and concretization of climate change adaptation initiatives in this country. The study reviews 11 adaptation challenges such as the strengthening of civil protection, the reshaping of coastal areas or the protection of water resources. For each challenge, the study presents national budgetary decisions ready to make in the next Finance Bill that would complement existing actions and cost elements to feed the required arbitrations yet to be made.  
  • 25/11/2021 Climate Report

    Adaptation : Public financial institutions (also) have a role to play – a study based on the french example

    In this study, I4CE reviews the characteristics and areas of intervention of public financial institutions, which make them essential actors for adaptation. The study also reviews all of the Public Financial Institutions' business lines to determine their levers for action.
  • 30/10/2021 Blog post

    Environmental Budget Assessment: Let’s complete them

    The French government has just published the environmental budget assessment, or ‘Green Budget’ of its 2022 draft budget. Morgane Nicol of I4CE and Michel Colombier of IDDRI offer insights into these exercises, which are becoming more popular in many countries and local authorities. They highlight that the environmental budget assessment does not dispense with an Ecological Transition Strategy. Instead, […]
  • 30/06/2021 Climate Brief

    No adaptation without operational requirements and human resources

    Increasingly frequent heat waves, long droughts, coastal erosion and changing flood risks are all impacts of climate change that will be problematic for the French economy and society. How detrimental this impact will be, will largely depend on what we have anticipated. If we organise ourselves well, we will be able to ensure we make the best decisions for a collective management of risks, development and economic choices, better suited to changing climates. However, regardless of whether we choose to reduce the exposure and vulnerability of populations, facilities and activities upstream or accept an increased share of risk, we must be prepared. 
  • 15/03/2021 Climate Report

    Climate assessment of local authority budgets: methodological guide

    For local governments, it is when expenditures are debated that it is possible to question them and to channel them towards the climate transition. That’s why I4CE and its partners co-constructed a common and shared methodology to assess a local budget according climate issues.
  • 15/03/2021 Climate Report

    Climate assessment of local authority budgets: adaptation appendix

    For local governments, it is when expenditures are debated that it is possible to question them and to channel them towards the climate transition. That’s why I4CE and its partners co-constructed a common and shared methodology to assess a local budget according climate issues.
  • 15/03/2021 Climate Report

    Climate assessment of local authority budgets: mitigation appendix

    For local governments, it is when expenditures are debated that it is possible to question them and to channel them towards the climate transition. That’s why I4CE and its partners co-constructed a common and shared methodology to assess a local budget according climate issues.
  • 02/12/2020 Climate Report

    Climate assessment of local authority budgets: synthesis

    I4CE and its partners make available, free of charge, to interested local authorities a methodology to evaluate local budget under the prism of climate issues. It is a transposition of Green Budgeting approaches, such as the one carried out on national French budget, to the budgets of local authorities.
  • 04/11/2019 Climate Report

    Towards an alternative approach in finance to climate risks: taking uncertainties fully into account

    It is no easy task to take climate risks – transition risks and physical risks – into account in financial management practices. As this note shows from the example of banking activities, the intrinsic characteristics of these risks – which are long-term and cannot be assigned a probability and for which there are no historical […]
  • 12/12/2018 Climate Report

    Getting started on Physical climate risk analysis in finance

    Financial institutions are already exposed to the potential physical impacts of climate change also called “physical climate risks” in finance. These require immediate attention from financial institutions, in order to understand how well prepared are the economic actors that they finance.   Yet financial institutions still lack tailored information to analyze their exposure to these […]
  • 21/11/2018 Climate Brief

    Article 173: Overview of climate-related financial dislosure after two years of implementation

    In 2015, article 173-VI of the French Energy Transition for Green Growth Act set a global precedent by requiring investors to be transparent on the climate impacts of their investments.   After two years of investor climate reporting, covering their activities in 2016 and 2017, what lessons can be drawn from article 173-VI? This is […]
  • 02/03/2018 Climate Report

    Green Bonds: Improving their contribution to the low-carbon and climate resilient transition

    To achieve the Paris Agreement’s objective of limiting the rise of global mean temperature to +2°C compared to the preindustrial period, a shift in the allocation of private finance flows from carbon-intensive activities to investments compatible with a 2°C pathway will be necessary. Given the often high expectations around bonds, it is thus important to understand […]
  • 02/03/2018 Climate Report

    Environmental integrity of green bonds: stakes, status and next steps

    This report presents key findings of the second work package of I4CE’s work program on green bonds, exploring the challenges and opportunities to ensure the environmental integrity the green bond market. It explores the understanding of stakes and challenges related to the environmental integrity of green bonds and suggests potential next steps for both private […]
  • 09/02/2018 Blog post

    Workshop in London – ET Risk toolbox

    The ET Risk consortium is pleased to invite you to the London workshop "Unveiling the ET risk toolbox: scenarios, data and models for risk assessment".
  • 13/12/2017 Climate Report

    Green Bonds: what contribution to the Paris Agreement and how to maximize it?

    Adopted in 2015 at COP21, the Paris Agreement triggered new momentum in the fight against climate change and confirmed the global target of limiting the rise of global mean temperature to 1.5-2°C compared to the preindustrial period. Among the objectives, the central role finance has to play in order to achieve this transition has been […]
  • 11/12/2017 Blog post

    Editorial – One Planet Summit: global finance and the fight against climate change

    By : Morgane Nicol, Ian Cochran, Benoit Leguet On Tuesday December 12 the ‘One Planet Summit’ will take place in Paris organized by Emmanuel Macron, Jim Yong Kim and Antonio Guterres to celebrate the 2 years anniversary of the Paris Agreement. The official summit – as well as side-events organized from December 10 to 14 […]
  • 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 […]
  • 04/05/2017 Climate Brief

    Three notes on the management of climate-related risks by financial actors

    I4CE has published a series of three Climate Briefs on the management of climate-related risks by financial actors. These special edition technical notes present the key stakes around this issue by focusing on three questions: Executive Summary – Managing climate risks for financial actors: from theory to practice Why should financial actors align their portfolios […]
  • 04/05/2017 Climate Brief

    How should financial actors deal with climate-related issues in their portfolios today?

    Financial institutions face climate-related issues Certain constraints, differentiated according to business lines, currently limit the ability of financial institutions to carry out on their portfolios a quantified forward-looking analysis based on scenarios. Nonetheless, these institutions as of today should – and can – begin to put in place the basis for management and reporting strategies to […]
  • 04/05/2017 Climate Brief

    Why should financial actors align their portfolios with a 2°C pathway to manage transition risks?

    What does aligning a portfolio with a low-carbon pathway mean? To limit global warming and its economic consequences, there is a limited “budget” for carbon that can be released into the atmosphere between now and the end of the century. A “low-carbon pathway” therefore refers to the pathway of an economy that is implementing efforts […]
  • 04/05/2017 Climate Brief

    How could financial actors manage their exposure to climate risks?

    Financial actors should integrate a forward-looking climate assessment into their procedures and models In order to manage climate-related issues in their portfolios, financial actors will need in the long run to incorporate a forward-looking analysis for alignment of their portfolios with a 2°C pathway into their risk management and investment decision-making processes. Such analysis would […]
  • 17/02/2017 Foreword of the week

    What do TCFD’s recommendations bring to the public debate on climate risks?

    The following article provides a synthesis of I4CE’s response to the consultation on the Task Force on Climate-related Financial Disclosure’s recommendations. Globally, I4CE endorses TCFD’s recommendations that represent an important step towards ensuring the integration of climate issues by the financial sector. Nevertheless, I4CE feels that the TCFD’s recommendations on metrics require further developments in […]
  • 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, […]

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