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Mario Noera

Senior Associate Finance

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Mario Noera is a Senior Associate Finance at ECCO. 

At ECCO, Mario works on the Italian public and private financial system to guide the domestic and international ecological transition in alignment with the Paris Agreement. He manages analysis and research on Italian and European financial institutions, including EIB, CDP, SACE and Invitalia. Additionally, Mario is responsible for developing proposals for greening the European Central Bank’s activities and the reform of the EU financial governance for the achievement of the European Green Deal objectives. 

Mario is an expert in finance, monetary economics and financial institutions, and has had a long career, both as a teacher and a professional asset manager. In recent years, he has been involved in several research projects related to systemic risks and the financial aspects of the energy and climate transition. 

Mario is currently a Fellow  Professor of finance and banking at the Bocconi University in Milan and serves on the investment advisory committees of the Fondazione Cariplo, Fondazione Cariparo and Fondazione di Modena. He has previously taught monetary economics at the Catholic University of Milan and served on the Board and Executive Committee of Bper Banca (2018-21). He was President of Arkios Sim (2018-19), Vice President of Unicredit Private Banking (2009-11), and President of AIAF, the Italian association of financial analysts (2010-11). He has also been an independent member of the Board of SCM Sim (2016-17), Unicredit Credit Management (2013-15), and IWBank (2009-12). 

In the early 1980s, Mario began his career as an economist at the Economic Research Department of BCI (now Intesa Sanpaolo) and, from 1998 to 2005, was CEO/CIO at several asset management companies within the Deutsche Bank Group (1998-2000), the Mediolanum Group (2000-01), and the Sanpaolo Group (2001-05). 

After earning his degree in economics from the University of Modena (1977), where he also worked as a researcher, he completed his specialisation in the United States as a visiting fellow at the Massachusetts Institute of Technology and Yale University (1979-82). 

Articoli di Mario Noera

Pubblicazioni di Mario Noera

Monetary policy and climate transition: what can the ECB do for the European Green Deal?

September 2024
The European Central Bank (ECB) and the National Central Banks (NCBs) play a crucial role in the transition towards a net zero economy. This report analyses the actions of the European Central Bank with the aim of identifying ways in which the existing institutional structure and current macroeconomic context could allow it to provide more effective support to the European Green Deal.

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Climate risks and banks’ capital requirements. A lever for the transition?

July 2024
Empirical evidence shows that capital requirements have a significant influence on both the volume of credit and the level of bank interest rates, and demonstrates that the use of macroprudential capital requirements can play a decisive role in mitigating the risks of transition generated by aggressive decarbonisation policies. These findings therefore show that macroprudential policies are a necessary complement to other climate policies in order to reduce the exposure to risk of financial intermediaries.

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A European sovereign fund for the climate transition

May 2024
For the European Union, the estimated investment needed to implement the Green Deal would require a total annual investment in the 2021-2030 period of approximately 1,285 billion per year, equal to 8% of GDP of the EU in 2022. The setting up of a European energy and climate fund is therefore legally and technically feasible, and should be a decisive theme of political debate, particularly in light of the upcoming European Parliamentary elections and the renewal of the Commission.

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How much investment is needed for the decarbonisation of the Italian economy?

September 2023
WRITTEN BYMario Noera et al.
A propaedeutic analysis for the revision of the National Energy and Climate Plan (NECP). Estimates of the total investment that Italy needs in order to align with the new European Fit-for-55 targets range between an average of EUR 122 and EUR 134 billion per year. The additional investments needed are therefore EUR 30-42 billion per year higher than estimated in the NECP (2019), and 2-3 times higher than the amount allocated in the NRRP for the green transition in the 2021-26 five-year period (an average of EUR 14.4 billion per year).

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