The finance perspective on fossil fuel divestment

IF 6.6 2区环境科学与生态学 Q1 ENVIRONMENTAL SCIENCES

Current Opinion in Environmental Sustainability Pub Date : 2023-12-21 DOI:10.1016/j.cosust.2023.101394

Auke Plantinga , Bert Scholtens

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Abstract

This paper reviews the fossil fuel divestment literature. It argues that the origin of climate change is in the ‘carbon shield’, meaning that fossil fuel firms are not held sufficiently responsible for their externalities. By divesting from these firms, investors do not want to be complicit. The literature differentiates three dimensions in the fossil fuel divestment debate: Justification, Impact, and Agent. The first discusses the justification for divesting, whereas the second discusses the impact of divesting on financial performance and/or emissions, and the third relates to how to accomplish divesting and its consequences for individual agents. The review concludes that the number of perspectives used to analyze the divestment debate is rising, that the environmental and financial impact of divestment is very limited, and that a wide variety of agents relate to divesting from fossil fuel.

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从金融角度看化石燃料撤资问题

本文回顾了化石燃料撤资文献。它认为，气候变化的根源在于 "碳盾"，即化石燃料公司没有对其外部效应承担足够的责任。通过从这些公司撤资，投资者不想成为同谋。文献将化石燃料撤资辩论分为三个方面：理由、影响和代理人。第一个维度讨论撤资的理由，第二个维度讨论撤资对财务业绩和/或排放的影响，第三个维度涉及如何完成撤资及其对个人代理人的影响。综述得出的结论是，用于分析撤资辩论的视角越来越多，撤资对环境和财务的影响非常有限，而与撤资脱离化石燃料有关的行为主体多种多样。

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来源期刊

Current Opinion in Environmental Sustainability ENVIRONMENTAL SCIENCES-ENVIRONMENTAL SCIENCES

CiteScore

13.80

自引率

2.80%

发文量

审稿时长

6-12 weeks

期刊介绍： "Current Opinion in Environmental Sustainability (COSUST)" is a distinguished journal within Elsevier's esteemed scientific publishing portfolio, known for its dedication to high-quality, reproducible research. Launched in 2010, COSUST is a part of the Current Opinion and Research (CO+RE) suite, which is recognized for its editorial excellence and global impact. The journal specializes in peer-reviewed, concise, and timely short reviews that provide a synthesis of recent literature, emerging topics, innovations, and perspectives in the field of environmental sustainability.