Dr Nicola Ranger

Head of Sustainable Finance Research for Development, Oxford Sustainable Finance Group & Senior Researcher, Smith School of Enterprise and the Environment


Dr Nicola Ranger is Head of Sustainable Finance Research for Development in the Oxford Sustainable Finance Group and Director, Climate and Environmental Analytics, the UK Centre for Greening Finance and Investment (CGFI). The CGFI was 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 Researcher in the Smith School of Enterprise and the Environment.

Nicola is passionate about advancing finance for sustainable, resilient and inclusive development. Within the Group, she leads work covering resilience finance, greening finance in emerging and developing economies, climate and environmental stress testing and scenario analysis, as well as thematic activities on climate and environmental risk analytics. Across the wider Smith School, she works on green fiscal policy, fiscal resilience, systemic resilience and climate compatible growth in middle and low income countries.

Nicola specialises in climate and environmental risk, policy and decision making, financial and fiscal resilience, systemic risk and resilience and the role of finance and investment in resilience and sustainability. She works at the intersection of science, risk analytics, finance, economics and policy and has almost two decades of experience in climate change, development, sustainable finance and crisis risk financing, including holding senior roles in public policy, development finance, academia and industry. She works extensively in emerging and developing economies, particularly in Asia and Africa. She holds multiple advisory roles, including at the World Bank, where she is Senior Climate and Disaster Risk Finance Advisor, and Financial Systems Thinking Innovation Centre of the Institute and Faculty of Actuaries, as well as a Senior Visiting Fellow at the London School of Economics and Political Science.

In her role as Director, Climate and Environmental Analytics at CGFI, Nicola is responsible for working with financial institutions to turn the significant climate and environmental science capabilities across the CGFI consortium into demonstrator analytical products and tools for finance sector users that can then be scaled by the wider sector.

Nicola joined Oxford from the World Bank’s Finance, Competitiveness and Innovation Global Practice, where she worked with financial institutions, Ministries of Finance, Central Banks and regional institutions to strengthen financial resilience to climate and other crises, strengthen financial sector development, and put in place local, national and international systems to strengthen the resilience of economies and communities. At the World Bank and in her previous role at the UK Department for International Development (now FCDO), Nicola worked on systems and processes to strengthen national and global resilience to shocks and crises, including integrating climate-related risks into the Financial Sector Assessments (FSAPs) with IMF, helping to establish the Global Risk Financing Facility and early response financing for the IDA Crisis Response Window, supporting the strengthening of global and national early warning systems, and working across Africa to integrate climate change and disaster risk into national policy and investment. At DFID, Nicola was also a senior private sector development adviser, advising Ministers and leading programmes to strengthen financial sector development to support climate resilient economic development. Nicola also has a background in the insurance industry and has been involved in establishing several insurance-based mechanisms, contingent financing products and regional risk pools protecting multiple countries.

Nicola began her career as a scientific adviser on climate mitigation and adaptation policy and researcher on the science, economics and policy of climate change. In 2005/06, she was part of the HMT/Cabinet Office Stern Review on the Economics of Climate Change team and has worked as a Scientific Adviser at Defra, HM Treasury and the Parliamentary Office of Science and Technology. She was a Senior Research Fellow at the London School of Economics and Political Science and holds a doctorate in Atmospheric Physics from Imperial College London. She has published extensively and contributed to major reports including two UK National Climate Change Risk Assessments, the first UNEP Emissions Gap Report, and multiple reports of the Intergovernmental Panel on Climate Change.

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