DecisionSciRN: Climate Change & Energy Decision-Making (Sub-Topic)最新文献

Fund portfolio networks: a climate risk perspective 基金投资组合网络:气候风险视角

DecisionSciRN: Climate Change & Energy Decision-Making (Sub-Topic) Pub Date : 2021-09-13 DOI: 10.2139/ssrn.3924326

Adrien Amzallag

{"title":"Fund portfolio networks: a climate risk perspective","authors":"Adrien Amzallag","doi":"10.2139/ssrn.3924326","DOIUrl":"https://doi.org/10.2139/ssrn.3924326","url":null,"abstract":"Within the European financial sector, investment funds are more exposed to climate-sensitive economic sectors than banks, insurers and pension funds. However, few investment fund climate-related financial risk assessments have been conducted. We attempt to help fill this gap, using a dataset of EUR 8 trillion of European investment fund portfolio holdings. We recover the network of fund portfolio overlaps (interconnections) and augment this with information on the relative environmental performance ('dirtiness') of fund portfolios. Funds whose portfolios are tilted towards more polluting assets (brown funds) distribute their portfolio over a larger number of companies than funds with cleaner portfolios (green funds). This apparent diversification hides a concentration risk: brown funds are more closely connected with each other (have more similar portfolios) than green fund portfolios, which tend to ‘herd’ less (have less similar portfolios to those of other green funds). This suggests that widespread climate-related financial shocks are likely to disproportionately affect brown funds. A climate risk scenario exercise confirms this: within total system-wide losses of EUR 152 billion to EUR 443 billion, most brown funds’ losses range from about 9% to 18% of affected assets, in contrast to green funds’ losses, which usually range from 3% to 8%. In addition, brown funds have more systemic impact: they contribute more to total system-wide losses (by virtue of their greater interconnections within the fund universe) than green funds. These findings provide support for ongoing EU regulatory and supervisory initiatives on sustainable finance.","PeriodicalId":214634,"journal":{"name":"DecisionSciRN: Climate Change & Energy Decision-Making (Sub-Topic)","volume":"114 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123359523","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 8

Expected Returns to Brown and Green Assets with Transition Uncertainty 考虑过渡不确定性的棕色和绿色资产的预期收益

DecisionSciRN: Climate Change & Energy Decision-Making (Sub-Topic) Pub Date : 2021-08-28 DOI: 10.2139/ssrn.3910042

J. B. Heaton

引用次数: 0

Beyond Climate Risk: Integrating Sustainability into the Duties of the Corporate Board 超越气候风险:将可持续发展纳入公司董事会的职责

DecisionSciRN: Climate Change & Energy Decision-Making (Sub-Topic) Pub Date : 2018-11-06 DOI: 10.21153/DLR2018VOL23NO0ART805

Beate Sjåfjell

引用次数: 14

Into the Mire: A Closer Look at Fossil Fuel Subsidies 《陷入泥潭:化石燃料补贴细看》

DecisionSciRN: Climate Change & Energy Decision-Making (Sub-Topic) Pub Date : 2016-03-01 DOI: 10.11575/SPPP.V9I0.42575

Radoslaw Stefanski

{"title":"Into the Mire: A Closer Look at Fossil Fuel Subsidies","authors":"Radoslaw Stefanski","doi":"10.11575/SPPP.V9I0.42575","DOIUrl":"https://doi.org/10.11575/SPPP.V9I0.42575","url":null,"abstract":"Threatened by climate change, governments the world over are attempting to nudge markets in the direction of less carbon-intensive energy. Perversely, many of these governments continue to subsidize fossil fuels, distorting markets and raising emissions. Determining how much money is involved is difficult, as neither the providers nor the recipients of those subsidies want to own up to them. This paper builds on a unique method to extract fossil fuel subsidies from patterns in countries’ carbon emission-to-GDP ratios. This approach is useful since it: 1) overcomes the problem of scarce data; 2) derives a wider and more comparable measure of subsidies than existing measures and 3) allows for the performance of counterfactuals which help measure the impact of subsidies on emissions and growth. The resultant 170-country, 30-year database finds that the financial and the environmental costs of such subsidies are enormous, especially in China and the U.S. The overwhelming majority of the world’s fossil fuel subsidies stem from China, the U.S. and the ex-USSR; as of 2010, this figure was $712 billion or nearly 80 per cent of the total world value of subsidies. For its part, Canada has been subsidizing rather than taxing fossil fuels since 1998. By 2010, Canadian subsidies sat at $13 billion, or 1.4 per cent of GDP. In that same year, the total global direct and indirect financial costs of all such subsidies amounted to $1.82 trillion, or 3.8 per cent of global GDP. Aside from the money saved, in 2010 a world without subsidies would have had carbon emissions 36 per cent lower than they actually were. Any government looking to ease strained budgets and make a significant (and cheap) contribution to the fight against climate change must consider slashing fossil fuel subsidies. As the data show, this is a sound decision – fiscally and environmentally.","PeriodicalId":214634,"journal":{"name":"DecisionSciRN: Climate Change & Energy Decision-Making (Sub-Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116523269","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 15

Cities and Sub-national Governance: High Ambitions, Innovative Instruments and Polycentric Collaborations 城市与地方治理:雄心勃勃、创新手段和多中心合作

DecisionSciRN: Climate Change & Energy Decision-Making (Sub-Topic) Pub Date : 1900-01-01 DOI: 10.2139/ssrn.3762544

J. van der Heijden

{"title":"Cities and Sub-national Governance: High Ambitions, Innovative Instruments and Polycentric Collaborations","authors":"J. van der Heijden","doi":"10.2139/ssrn.3762544","DOIUrl":"https://doi.org/10.2139/ssrn.3762544","url":null,"abstract":"In what follows, three related topics are addressed to better understand the role of cities as units of polycentric urban climate governance. First, cities often set higher climate governance ambitions than the nation states they are in. What explains this tendency of cities seeking to outperform and thus act independently of national governments? Second, cities are increasingly becoming sites and actors of experimentation with innovative governance instruments, including eco-financing and ‘urban laboratories’. What drives cities to experiment with innovative governance instruments in the first place? Third, cities have begun to break out of traditional top-down national-regional-local hierarchies and act in translocal networks (Acuto and Rayner, 2016). How do these networks seek to overcome regional and national barriers to climate governance, and what barriers do these networks raise themselves for cities in responding to climate change? Finally, whilst the literature on these three topics, and polycentric urban climate governance more broadly, has expanded rapidly since the early 2000s, it has a strong focus on a relatively small number of cities from the global North (Evans et al., 2016). This chapter therefore concludes with a reflection on how applicable it is for all cities in the world – including, crucially, those in the global South. It also identifies what further research is urgently required to understand and support the full potential that cities hold as actors in, and sites of, polycentric climate governance.","PeriodicalId":214634,"journal":{"name":"DecisionSciRN: Climate Change & Energy Decision-Making (Sub-Topic)","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127796651","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2