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Welcome! ​I am Dr. Valeriya Azarova. 

 

I build financial and techno-economic frameworks to scale real-world decarbonization: from industrial hubs and heavy industry to emerging technologies.

 

My work sits at the intersection of climate finance, policy, and advanced analytics - designing investment metrics, evaluating project bankability, and helping decision-makers deploy capital where it delivers the greatest climate and community impact.


Recent work includes developing new diligence metrics for first-of-a-kind industrial decarbonization projects funded by the Bezos Earth Fund, supporting multi-billion-dollar industrial decarbonization roadmaps in the US, and building portfolio and value-curve models for corporate climate investments.

About me

I’m passionate about scaling climate solutions that are both financially viable and socially just. I’ve spent over a decade working across government, industry, and academia to turn climate models and policies into investment decisions, project pipelines, and measurable outcomes.


Methodologically, I work at the intersection of applied econometrics, techno-economic analysis, and behavioral economics. I build financial and emissions models, due-diligence frameworks, and decision dashboards using tools like Python, STATA, and large-scale administrative and sensor data (smart meters, health records, vehicle data, etc.).
I currently lead large-scale industrial decarbonization projects at Rocky Mountain Institute (RMI), including work on heavy industry, consumer packaged goods, and industrial hubs in North America. Before RMI, I was a Senior Economist at the ifo Institute in Munich and a Visiting Researcher at UC Berkeley, where I analyzed distributional impacts of climate change and energy transition, including links between environmental change and mental health. 

Across these roles, a constant theme is helping executives, policymakers, and investors understand complex climate technologies and allocate capital effectively - whether that’s portfolio design for industrial decarbonization, metrics for first-of-a-kind projects, or climate action programs for households and utilities.

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What I work on:

  • Climate & Carbon Removal Finance – Designing diligence frameworks and financial models for first-of-a-kind decarbonization and carbon removal projects; assessing cost curves, risk, and bankability for emerging technologies and project portfolios.

  • Industrial, Data Center & Corporate Decarbonization – Building techno-economic and value-curve models for industrial hubs, data centers, and CPG manufacturers; informing portfolio strategy, capex decisions, and long-term transition pathways across heat, power, and process emissions.

  • Energy Efficiency, Demand Response & Grid-Interactive Loads – Designing and evaluating energy efficiency and demand response programs for utilities and large customers; analyzing flexible loads and dynamic pricing to reduce system costs, integrate renewables, and improve reliability.

  • Policy, Behavior & Just Transition – Evaluating how climate policies and energy transitions affect households, workers, and communities, including mental health and distributional impacts; advising on equitable, evidence-based climate strategies.

Selected Publication

We analyze European citizens’ willingness to take climate mitigation action with data on one-time donation choices from a survey of 15,951 people across 27 nations. Responses are explored with an interdisciplinary hybrid choice model that integrates principles of psychology and economics. The results suggest that only participants who are certain about the reality of global warming and believe it is largely anthropogenic have a significantly higher willingness to donate to climate mitigation compared to groups with less certain beliefs.

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Valeriya Azarova

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©2035 by Valeriya Azarova.

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