Cristina Peñasco

Cristina Peñasco

Current Position

Cristina Peñasco is a senior researcher in climate economics at the Banque de France, in the General Directorate for Financial Stability and Operations, at the Climate Change Center. She also helps coordinate the Expert Network on Research of the Network for Greening the Financial System (NGFS). Her work focuses on environmental and climate economics, public policies, and innovation in green and energy-efficient technologies, with an emphasis on evaluating policy instruments enabling the transition to net-zero carbon economies. She is also affiliated with Sciences Po (Paris) and the University of Cambridge (United Kingdom). Prior to joining the Banque de France, she was Professor in Public Policy at the University of Cambridge, United Kingdom where she directed the MPhil in Public Policy.

Previous Position 

Nov 2022- Associate Professor in Public Policy, Department of Politics and International Studies (POLIS), University of Cambridge, UK. Tenure confirmed: 17th November 2022. (Currently on leave)
Oct 2021- Official Fellow in Economics and Human, Social and Political Sciences – Director of Economics, Queens’ College Cambridge, UK.
Sept 2019- Associate Researcher, Bennett Institute for Public Policy, University of Cambridge, UK (Currently on leave) Centre Fellow, Centre for the Environment, Energy and Natural Resource Governance (C-EENRG), Department of Land Economy, University of Cambridge, UK.
2015 – 2022 Assistant Professor and Postdoctoral Researcher at the University of Cambridge, the University of Alcalá de Henares, the Institute of Public Goods and Policies in Spain and at the Carlos III University in Madrid (Marketing Research Methods).

Diplomas

• PhD in Financial and Business Economics. Spanish National Research Council (CSIC) and Rey Juan Carlos University. Spain (PhD funded by a competitive scholarship offered by the Spanish Ministry of Science / PhD Prize awarded to the best doctoral thesis in applied economics)
• Master in Current Techniques of Applied Statistics, National Distance Learning University (UNED), Madrid, Spain
• Master of Research in Economics and Business. Economics major. ICADE Business School, Spain.
• Bachelor's Degree (Licenciatura) in Business Administration and Management. University of Castilla-La Mancha, Spain. Top Performing Student Award
• PGCert in Teaching and Learning in Higher Education from the University of Cambridge (2019-2020)
• PGDip in Energy Economics from the National Distance Learning University (UNED) in Madrid (2013-2014)
• Masters in Teacher Training for Higher Education from UNED (2013-2014) 
• PGDip in Advanced Methods in Applied Statistics from UNED (2011-2012).

Research Interest

Climate and energy economics, sustainable development economics, sustainable finance, policy evaluation

Contact

Cristina.penascopaton@banque-france.fr
+33 (0)1 42 44 93 75
Banque de France, UA 2342 DGSO – DSF - CCC, 75001 Paris Cedex 01

Academic Publications

Articles

• Peñasco, C. 2024. From Policy to Practice: The Role of National Policy Instruments and Social Barriers in UK Energy Efficiency Adoption in households. Energy Policy, 194: 114208  
• Peñasco, C., Anadon, L.D. 2023. Assessing the effectiveness of Energy Efficiency Measures in the Residential Sector Gas Consumption through dynamic treatment effects: Evidence from England and Wales. Energy Economics, 117:  106435 
• Depledge, J, Saldivia, M., Peñasco, C. 2022. Glass half full or glass half empty?: the 2021 Glasgow Climate Conference. Climate Policy Journal, 22 (2): 147-157.  
• Peñasco, C., Anadon, L.D., Verdolini, E. 2021. Systematic review of the outcomes and trade-offs of ten types of decarbonisation policy instruments, Nature Climate Change, 11(3): 257-265.   
• Peñasco, C., del Río, P., Romero-Jordán, D. 2017. Gas and electricity demand in Spanish manufacturing industries: An analysis using homogeneous and heterogeneous estimators, Utilities Policy, 45: 45-60.
• Romero-Jordán, D., Del Río, P., Peñasco, C., 2016. An analysis of the welfare and distributive implications of factors influencing household electricity consumption. Energy Policy, 88: 361-370.

Other journals

• Pasqualino, R., Peñasco, C., Barbrook-Johnson, P. et al. 2024. Modelling induced innovation for the low- carbon energy transition: a menu of options. Environmental Research Letters, 19 073004.
• Barbrook-Johnson, P., Mercure, J.F., Sharpe, S., Peñasco, C. et al. 2024. Economic modelling of the energy transition needs to shift with demands of decision makers. Nature Energy, 9: 229–231.
• Grubb, M., Drummond, P., Poncia, A., McDowall, W., Popp, D., Samadi, S., Peñasco, C., Gillingham, K., Smulders, S., Glachant, M., Hassall, G., Mizuno, E., Rubin, E.S., Dechezlepretre, A., & Pavan, G. 2021. Induced innovation in energy technologies and systems: a review of evidence and potential implications for CO2 mitigation. Environmental Research Letters, 16: 043007.
• Cruz-Castro, L., Martínez, C., Peñasco, C., Sanz-Menéndez, L. 2020. The classification of public research organisations:   taxonomical explorations. Research Evaluation, 1-15.
• Peñasco, C., Del Rio, P., Romero-Jordan, D. 2019. The impact of regulation on the efficiency of renewable energy plants. A production-frontier analysis. Economics of Energy and Environmental Policy, 8 (2):99-116.
• Del Rio, P., Peñasco, C., Mir-Artigues, P. 2018. An overview of drivers and barriers to concentrated solar power in the European Union. Renewable and Sustainable Energy Reviews, 81(1): 1019-1029.
• Peñasco, C., Del Río, P., Romero, D. 2017. Analysing the role of international drivers for eco-innovators. Journal of International Management, 23 (1):56-71. 
• Del Río, P., Peñasco, C., Romero, D. 2017. Analysing firm-specific and type-specific determinants of eco-innovation. Technological and Economic Development of the Economy, 23 (2): 270-295. 
• Del Río, P., Peñasco, C., Romero, D. 2016. What drives eco-innovators? A critical review of the empirical literature based on econometric methods. Journal of cleaner production, 112 (4): 2158-2170. 
• Del Río, P., Peñasco, C., Romero, D. 2015. Distinctive features of environmental innovators. An econometric analysis. Business Strategy and the Environment, 24 (6): 361-385. 
• Del  Río, P., Romero, D., Peñasco, C. 2014. Analysing the determinants of household electricity demand in Spain. An econometric study. International Journal of Electrical Power and Energy Systems, 63: 950-961. 
• Del Río, P., Tarancón, M.A., Peñasco, C. 2014. The determinants of support levels for wind energy in the European Union: an econometric analysis. Mitigation and adaptation strategies for global change, 19 (4): 391-410.

Others

Book chapters

• Peñasco, C. 2023. Climate-related development aid for renewable energy projects: an analysis of its trends and role on fostering the low carbon transition in ODA recipients. In: M. Ragwitz and P. Del Rio (Eds). Handbook on the Economics of Renewable Energy. Edward Elgar. ISBN: 978-1-80037-901-5.
• Del Río, P., Peñasco, C. 2016. Policy Challenges for the Deployment of Wind Energy Projects in the European Union. In D. Fleming (Ed). Wind Energy: Developments, Potential and Challenges (pp. 121-162). Nova Science Publishers, New York.  ISBN:  978-1-63484-229-7.
• Del Río, P., Peñasco, C., Cerdá, E. 2015.  La Política Europea y Nacional de Promoción de la Biomasa Energética. In: San Miguel, G., Gutierrez, F. (Eds). Tecnologías para el uso y transformación de la biomasa energética. Paraninfo-Mundiprensa, Madrid. ISBN: 9788484766742.
• Del Río, P., Peñasco, C., Resch, G. 2014. The empirical analysis of promotion schemes for solar PV: towards a comprehensive framework on interactions between assessment criteria. In Monique A. Gill (ED). Photovoltaics: Synthesis, Applications and Emerging Technologies. Nova Science Publishers, New York.  ISBN: 978-1-63117-843-6.
• Del Río González, P., Tarancón Morán, M.A., Peñasco, C. 2012. An analytical framework to assess the interactions between CO2 mitigation instruments in the transport sector. In Molinelli, F.E., Paccagnella, L.S. (Eds). Economics of Regulation and Outsourcing. Nova Science Publishers, New York. 

Policy briefs and project reports 

• NGFS (2024). Synthesis Report on the greening of the financial system - Insights for Financial Actors in Advanced and Emerging Economies. Coordination and co-writing.
• Grubb, M. et al. 2024. Economics of Energy Innovation and System Transition: Synthesis Report. Report commissioned and jointly funded through UK Aid by the UK Government’s Department for Business, Energy and Industrial Strategy (BEIS), and the Children’s Investment Fund Foundation, through the project entitled ‘Economics of Energy Innovation and System Transition’ (EEIST).
• Barbrook-Johnson, P., Sharpe, S., Pasqualino, R., Senra de Moura, F., Nijsee, F., Vercoulen, P, Clark, A., Peñasco, C., et al. 2023. New economic models of energy innovation and transition: Addressing new questions and providing better answers. Report commissioned and jointly funded through UK Aid by the UK Government’s Department for Business, Energy and Industrial Strategy (BEIS), and the Children’s Investment Fund Foundation, through the project entitled ‘Economics of Energy Innovation and System Transition’ (EEIST).
• Anadon, L., Jones, A., Peñasco, C., et al. 2022. Ten Principles for Policymaking in the Energy Transition: Lessons from Experience. Report commissioned and jointly funded through UK Aid by the UK Government’s Department for Business, Energy and Industrial Strategy (BEIS), and the Children’s Investment Fund Foundation, through the project entitled ‘Economics of Energy Innovation and System Transition’ (EEIST).
• Grubb, M., Drummond, P., Mercure, J.-F., Hepburn, C., Barbrook-Johnson, P., Ferraz, J. C., Clark, A., Diaz Anadon, L., Farmer, J. D., Hinder, B., Ives, M., Jones, A., Jun, G., Kelkar, U., Kolesnikov, S., Lam, A., Mathur, R., Pasqualino, R., Peñasco, C., … Xiliang, Z. 2021. The New Economics of Innovation and Transition: Evaluating Opportunities and Risks. Report commissioned by the UK Government’s Department for Business, Energy and Industrial Strategy (BEIS), and the Children’s Investment Fund Foundation, through the project entitled ‘Economics of Energy Innovation and System Transition’ (EEIST).
• Peñasco, C., Kolesnikov, S., Anadon, L.D. 2021. Underestimation of the impacts of decarbonisation policies on innovation to create domestic growth opportunities. Policy Brief funded by the UK Government’s Department for Business, Energy and Industrial Strategy (BEIS), C-EENRG Working Papers (2021-6), pp.16. 
• Verdolini, E., Anadon, L.D., Peñasco, C. 2021. Innovation for Decarbonisation. Harnessing low carbon innovation and its co-benefits to support the rapid decarbonization of European Economies. Policy Brief compiled on the framework of the H2020 Innopaths project funded by the European Commission. Research Grant nº 730403, pp. 10. 
• Shuckburgh, E., Zenghelis, D., Agarwala, M., Diaz Anadon, L., Howard-Grenville, J., Peñasco, C., . . . Hayes, J. (2020). A Blueprint for a Green Future - Multidisciplinary report on a green recovery from COVID-19 by the Cambridge Zero Policy Forum. Cambridge Open Engage. doi:10.33774/coe-2020-2831j .
• Del Rio, P., Peñasco, C., Mir-Artigues, P., Veum, K., Jansen, J. 2016. Appropriate policy portfolios for still maturing renewable electricity technologies. The cases of concentrated solar power and wind offshore. Report compiled within the European IEE project Dialogue on a RES policy framework for 2030 (Towards2030-dialogue WP2). 
• Del Rio, P., Peñasco, C., Janeiro, L., Klessmann, C., Genoese, M. 2015.  What will be the main challenges for the design of renewable electricity policy in the EU? Issue Paper Num.3. Report compiled within the European IEE project Dialogue on a RES policy framework for 2030 (Towards2030-dialogue WP3). 

Other publications

• Filer, T., Peñasco, C. 2024. En encourageant le developpement technologique et les energies propers, la France peut echapper a une trajectoire d’austerite. Op-Ed. Le Monde, 9-11-2024.
• Peñasco, C., Anadon, L.D. 2018. A comparative analysis of renewable energy policy in Spain and the United Kingdom- a focus on innovation outcomes. Papeles de Energia, 5:69-150.
• Del Río González, P., Peñasco, C. 2014. The innovation effects of support schemes for renewable electricity. Universal Journal of Renewable Energy, 2: 45-66.
• Peñasco, C., Del Río, P. 2013. La innovación ambiental en España. Determinantes e implicaciones para las políticas públicas. Panorama Social, 18: 91-104.
• Del Río, P., Peñasco, C. 2011. La eficiencia dinámica de los sistemas de comercio de emisiones. Principios: Estudios de Economía Política, 19: 129-146.