• CGFI Deputy Director and Head of Climate and Environmental Risk Research, Oxford Sustainable Finance Programme

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Academic Profile

Dr Nicola Ranger is Head of Climate and Environmental Risk Research at the Oxford Sustainable Finance Programme of the Smith School of Enterprise and the Environment, University of Oxford. Nicola is also the Deputy Director of the UK Centre for Greening Finance and Investment (CGFI), established by UK Research and Innovation in 2021 as the national centre to accelerate the adoption and use of climate and environmental data and analytics by financial institutions internationally. Nicola is also a Senior Consultant for the World Bank in the Finance, Competitiveness and Innovation Global Practice.

Nicola specialises in climate and environmental risk analytics, financial and fiscal risk management and the role of finance in resilience and sustainability. She works at the intersection of science, risk analytics, finance, economics and policy. Her interests and experience span private finance, public finance and policy and development finance. She works extensively in emerging and developing economies, particularly in Southeast Asia and Africa.

Nicola has almost two decades of experience in climate change and sustainable finance and has held roles in public policy, development finance, academia and industry. Nicola joined Oxford from the World Bank, where she worked with Ministries of Finance, Central Banks and regional institutions to strengthen financial resilience to climate and other crises. In this role, Nicola was involved in designing and implementing new global and regional financing mechanisms for climate change, food insecurity and pandemics, including risk pooling mechanisms, parametric financial products and forecast-based financing mechanisms. She supported technical assistance and lending operations across Africa, South Asia and SE Asia, worked with the IMF to integrate climate-related risks into the Financial Sector Assessment Programs (FSAPs), and contributed to the World Bank's Global Crisis Risk Platform.

Prior to this, Nicola spent six years at the UK Department for International Development (now FCDO) where she was lead advisor on risk financing. Nicola worked with international partners to establish the $250m Global Risk Financing Facility, a multilateral concessional finance facility to support developing countries to strengthen financial resilience. She also established the Centre for Disaster Protection and worked with governments and humanitarian agencies globally to implement anticipatory financing mechanisms for disasters and crises across several countries. She was also SRO for African Risk Capacity; the regional risk insurance pool in Africa. At DFID, she also worked across Africa as an advisor supporting countries integrate climate-related risks into planning and investments. Prior to this, Nicola was a Senior Research Fellow and Head of Adaptation and Development at the Grantham Research Institute, London School of Economics and Political Science, a Munich Re Research Fellow, senior risk analyst at Risk Management Solutions, and a specialist advisor in Defra and HM Treasury. She has given evidence to the Environmental Audit Committee on Stranded Assets. In 2005/06, she was part of the HMT/Cabinet Office team on the Stern Review on the Economics of Climate Change.

Nicola has written more than 30 book chapters and peer-reviewed articles and contributed to major reports including the UK National Climate Change Risk Assessment, the World Development Report 2010 and the IPCC Special Report on Managing Extreme Events and the Stern Review on the Economics of Climate Change. Nicola also currently holds advisory positions with NGOs and the insurance sector on risk finance, is on the steering committee of the Financial Systems Thinking Innovation Centre of the Institute and Faculty of Actuaries, is an RSA Fellow and a Visiting Senior Fellow at the London School of Economics.

Nicola holds a doctorate in Atmospheric Physics from Imperial College London.

Selected Publications

Selected Reports

Journal Articles

Book Chapters

  • Kiker, G.A., Muoz-Carpena, R., Ranger, N., Kiker, M. and Linkov, I. (2011) Adaptation in coastal systems: vulnerability and uncertainty within complex socio-ecological systems. In, Linkov, I. and Bridges, T.S. (eds.) Climate: Global Change and Local Adaptation. Springer.

Selected Working Papers

Blog Articles