Hafez Abdo , Duncan Angwin , Hakim Ben Othman , Freeman Brobbey Owusu
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引用次数: 0
Abstract
In June 2019, the UK government legislated a net zero target by 2050. This will directly impact the UK oil and gas industry. This study reports perceptions of key oil and gas professionals regarding the impact of transitioning to net zero on impairment, values, write-downs, and going concern in the UK oil and gas industry, as well as required net-zero-related disclosures. Data were collected through 22 interviews, two written responses to our interview questions, and disclosures made by oil and gas companies in their annual reports. We use conservatism and stakeholder theory to inform our results. Our findings confirm there will be serious impacts of the transition to net zero on impairments, asset write-downs, and on the value and going concern of several oil and gas companies. However, these impacts will not fall equally across the industry, and it is likely therefore that stakeholders will be affected differently. Our results contribute, first, to the debate on the impacts of the transition to net zero on key accounting measures of oil and gas companies; second, we identify risks associated with the transition to net zero for these companies and their stakeholders, and we classify the at-risk oil and gas companies operating in the UK; third, we present a collection of disclosure items deemed necessary by our interviewees. Our specified disclosure items may complement those of the Task Force on Climate-related Financial Disclosures (TCFD) and the Transition Plan Taskforce (TPT).
期刊介绍:
Global Environmental Change is a prestigious international journal that publishes articles of high quality, both theoretically and empirically rigorous. The journal aims to contribute to the understanding of global environmental change from the perspectives of human and policy dimensions. Specifically, it considers global environmental change as the result of processes occurring at the local level, but with wide-ranging impacts on various spatial, temporal, and socio-political scales.
In terms of content, the journal seeks articles with a strong social science component. This includes research that examines the societal drivers and consequences of environmental change, as well as social and policy processes that aim to address these challenges. While the journal covers a broad range of topics, including biodiversity and ecosystem services, climate, coasts, food systems, land use and land cover, oceans, urban areas, and water resources, it also welcomes contributions that investigate the drivers, consequences, and management of other areas affected by environmental change.
Overall, Global Environmental Change encourages research that deepens our understanding of the complex interactions between human activities and the environment, with the goal of informing policy and decision-making.