A conversation about sustainable finance, dept markets, and the net-zero transition

Laura Wollny is a PhD candidate and lecturer in Sustainable Finance at the Utrecht University School of Economics. She visited the UZH Department of Finance during Spring Semester 2026.

In this interview, she reflects on her research stay in Zurich, discusses her work on green bonds, lending, ESG fixed-income funds, and shares how current geopolitical and climate-policy developments shape her research agenda.

Dear Laura,

Q1: During Spring Semester 2026, you visited our UZH Department of Finance. What motivated you to choose a) the Universtiy of Zurich and b) our department for your academic research?

A: When I was planning my research stay, I thought about which researchers I have met at conferences and seminars who work in sustainable finance. Prof. Zacharias Sautner came to my mind quickly; we met when he gave a seminar at Utrecht University. He has a strong publication record in the field and communicates his work clearly and in an engaging way. The UZH Department of Finance also has a great reputation in sustainable finance which made it a natural choice for a research stay, so I contacted him, and he was kind enough to host me.

Q2: Could you briefly describe your main research interests and your current research focus in sustainable finance?

A: I am interested in how the financial system contributes to a net zero economy. My PhD dissertation covers different debt products, such as bonds, loans and bond mutual funds. In my first paper, my co-authors and I show that the green bond premium has not only disappeared but actually reversed. I also work on green lending investigating whether banks play an active role in financing the transition or whether they remain locked in existing lending relationships that expose them to transition risk. Another project looks at bond mutual funds, specifically how the introduction of an ESG fixed income fund affects the competitive behavior of the broader fund family.

Q3: How does your time at UZH and the research from Prof. Zacharias Sautner contribute to your research, and are there specific collaborations, insights or further projects you are hoping to gain after your visit?

A: My time at UZH was less about formal collaboration and more about gaining a fresh perspective. I used the stay to get feedback on my ideas and have conversations with professors and fellow PhD students. People were very approachable and open to discussing my work, which I found very valuable. The research expertise at UZH also complements what we focus on at Utrecht which meant new viewpoints for my research that I wouldn’t have encountered otherwise.

Q4: What is different resp. what stands out to you about University of Utrecht compared to the University of Zürich?

A: The Finance department of UZH is a larger department and has a strong international profile. What stood out to me was the weekly brown bag session for PhD students with senior faculty members and the excellent job market preparation. At Utrecht, the structure of PhD is more flexible and brings a lot of independence. Both have their distinctive strength, and experiencing both has given me a broader perspective on how academic departments can be organized.

Q5: Looking ahead with so many global developments affecting financial markets and climate policy, how do you see these dynamics shaping your future research?

A: Political priorities are shifting driven by e.g. geopolitics and there is broader ESG backlash in some parts of the world. However, the underlying risks do not disappear because the political climate changes. Companies still face physical exposure; markets need to price that risk and investors need to make decisions under climate policy uncertainty. I hope that our field can still make a meaningful contribution to climate change mitigation and adaptation.

Thank you very much for taking the time to share your insights with us and all the best for your future career!

More Information:

• Laura Wollny: PhD candidate and lecturer in Sustainable Finance at the Utrecht University School of Economics
• Image source: Getty Images via Unsplash