Stranded Assets in the Transition to a Carbon-Free Economy
| Autor: | Frederick van der Ploeg, Armon Rezai |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2020 |
| Předmět: |
Economics and Econometrics
Technology 010504 meteorology & atmospheric sciences Natural resource economics 502047 Volkswirtschaftstheorie chemistry.chemical_element 01 natural sciences 502027 Politische Ökonomie 0502 economics and business SDG 13 - Climate Action 502027 Political economy Market value 0105 earth and related environmental sciences business.industry 502042 Umweltökonomie 05 social sciences Fossil fuel 502042 Environmental economics 502046 Volkswirtschaftspolitik Stranded assets 502046 Economic policy Decarbonization chemistry 502047 Economic theory Renewable technologies 050202 agricultural economics & policy Policy tipping business Carbon |
| Zdroj: | van der Ploeg, F & Rezai, A 2020, ' Stranded assets in the transition to a carbon-free economy ', Annual Review of Resource Economics, vol. 12, pp. 281-298 . https://doi.org/10.1146/annurev-resource-110519-040938 |
| ISSN: | 1545-2050 1543-5938 |
| DOI: | 10.1146/annurev-resource-110519-040938 |
| Popis: | Assets in the fossil fuel industries are at risk of losing market value due to unanticipated breakthroughs in renewable technology and governments stepping up climate policies in light of the Paris commitments to limit global warming to 1.5 or 2°C. Stranded assets arise due to uncertainty about the future timing of these two types of events and substantial intertemporal and intersectoral investment adjustment costs. Stranding of assets mostly affects the 20 biggest oil, gas, and coal companies who have been responsible for at least one-third of global warming since 1965, but it also affects carbon-intensive industries such as steel, aluminum, cement, plastics, and greenhouse horticulture. A disorderly transition to the carbon-free economy will lead to stranded assets and legal claims. Institutional investors should be aware of these financial risks. A broader definition of stranded assets also includes countries reliant on fossil fuel exports and workers with technology-specific skills. |
| Databáze: | OpenAIRE |
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