Hugh Miller - Grantham Research Institute on climate change and the environment

About

Hugh works at the Organisation for Economic Cooperation and Development (OECD), as a Policy Analyst, focusing on biodiversity-related financial risks and critical minerals.

Background

Hugh graduated from the University of Exeter with a 1st in Politics, Philosophy, and Economics, writing his dissertation on the risk-return profile of the UK green bond market. He started out at the Bank of England where he worked in the Prudential Policy Department, working on Large Exposures and climate-related financial risks. Following this, he attended the London School of Economics (LSE), to undertake an MSc in Environmental Economics and Climate Change. Whilst at the LSE he worked for the Grantham Research Institute on central banks and climate-related risks.

Research Interests

Sustainable Finance
Central Banks
Critical Minerals

Research

Research - 2023

The stumbling block in ‘the race of our lives’: transition-critical materials, financial risks and the NGFS climate scenarios

Working paper

by Hugh Miller, Simon Dikau, Romain Svartzman and Stéphane Dees

on 30 January, 2023

This paper empirically estimates the material demand requirements for so-called ‘transition-critical materials’ (TCMs) implied under two climate scenarios and finds potentially serious supply ‘bottlenecks’ for three materials – copper, lithium and nickel – which are exacerbated if the transition is delayed. Read more

Policy

Policy - 2024

China’s role in accelerating the global energy transition through green supply chains and trade

Policy publication

by Lei (Alice) Bian, Simon Dikau, Hugh Miller, Roberta Pierfederici, Nicholas Stern and Bob Ward

on 21 February, 2024

This policy insight seeks to evaluate China’s role in supply chains for renewable energy technologies and how the country can accelerate the energy transition in other countries, particularly those in Southeast Asia. Read more

Policy - 2023

Prudential transition plans: the great enabler for effective supervision and regulation of climate-related financial risks?

Policy publication

by Morgan Després and Hugh Miller

on 12 September, 2023

This paper explores how transition plans could offer a technical solution to the challenge of integrating transition risks into the prudential framework. Read more

Critical metals for the low-carbon transition: macro-financial issues

Policy publication

by Simon Dikau and Hugh Miller

on 9 May, 2023

In order to assess these imbalances, Miller et al (2023) estimate the demand for metals induced by the NGFS climate scenarios and outline the potential implications in terms of macro-financial vulnerabilities. Read more

Policy - 2022

Preventing a ‘climate Minsky moment’: environmental financial risks and prudential exposure limits | Exploring the case of the Bank of England’s prudential regime

Policy publication

by Hugh Miller and Simon Dikau

on 3 March, 2022

This report establishes a firm basis for central bank supervisory action in mitigating the risks from the transition to net-zero and proposes a policy change to enable the Bank of England to better identify and reduce transition risk. Its analysis is relevant for other central banks around the world, too. Read more