新油气资产投资：能源不确定性和气候政策的影响

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics Pub Date : 2025-09-18 DOI:10.1016/j.eneco.2025.108917

Christian Wilson, Gireesh Shrimali, Ben Caldecott

{"title":"新油气资产投资：能源不确定性和气候政策的影响","authors":"Christian Wilson, Gireesh Shrimali, Ben Caldecott","doi":"10.1016/j.eneco.2025.108917","DOIUrl":null,"url":null,"abstract":"<div><div>To meet climate goals, investment in new oil & gas assets needs to be curtailed. Yet, there is limited empirical evidence assessing the drivers of investment decisions by oil & gas firms within the context of the energy transition. Using asset-level data (1991–2022), we examine how energy-related uncertainty and climate policy impact final investment decisions in oil & gas at the firm level and at the asset level. Using the Energy-Related Uncertainty Index (<span><span>Dang et al., 2023</span></span>) and the OECD Environmental Policy Stringency Index, we find that increased uncertainty and more robust market-based policies, such as carbon prices, both reduce investment. These findings are relevant to policymakers seeking to understand the impact of climate policy and uncertainty on new oil & gas supply.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108917"},"PeriodicalIF":14.2000,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Investment in new oil & gas assets: The effect of energy-related uncertainty and climate policy\",\"authors\":\"Christian Wilson, Gireesh Shrimali, Ben Caldecott\",\"doi\":\"10.1016/j.eneco.2025.108917\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>To meet climate goals, investment in new oil & gas assets needs to be curtailed. Yet, there is limited empirical evidence assessing the drivers of investment decisions by oil & gas firms within the context of the energy transition. Using asset-level data (1991–2022), we examine how energy-related uncertainty and climate policy impact final investment decisions in oil & gas at the firm level and at the asset level. Using the Energy-Related Uncertainty Index (<span><span>Dang et al., 2023</span></span>) and the OECD Environmental Policy Stringency Index, we find that increased uncertainty and more robust market-based policies, such as carbon prices, both reduce investment. These findings are relevant to policymakers seeking to understand the impact of climate policy and uncertainty on new oil & gas supply.</div></div>\",\"PeriodicalId\":11665,\"journal\":{\"name\":\"Energy Economics\",\"volume\":\"151 \",\"pages\":\"Article 108917\"},\"PeriodicalIF\":14.2000,\"publicationDate\":\"2025-09-18\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Energy Economics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0140988325007443\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Energy Economics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0140988325007443","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 0

摘要

为了实现气候目标，需要削减对新石油和天然气资产的投资。然而，在能源转型的背景下，评估油气公司投资决策驱动因素的实证证据有限。利用资产水平数据（1991-2022），我们研究了能源相关的不确定性和气候政策如何在公司层面和资产层面影响石油和天然气的最终投资决策。利用能源相关不确定性指数（Dang et al., 2023）和经合组织环境政策严格度指数，我们发现不确定性的增加和更强有力的市场政策（如碳价格）都会减少投资。这些发现与政策制定者试图了解气候政策和不确定性对新石油和天然气供应的影响有关。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Investment in new oil & gas assets: The effect of energy-related uncertainty and climate policy

To meet climate goals, investment in new oil & gas assets needs to be curtailed. Yet, there is limited empirical evidence assessing the drivers of investment decisions by oil & gas firms within the context of the energy transition. Using asset-level data (1991–2022), we examine how energy-related uncertainty and climate policy impact final investment decisions in oil & gas at the firm level and at the asset level. Using the Energy-Related Uncertainty Index (Dang et al., 2023) and the OECD Environmental Policy Stringency Index, we find that increased uncertainty and more robust market-based policies, such as carbon prices, both reduce investment. These findings are relevant to policymakers seeking to understand the impact of climate policy and uncertainty on new oil & gas supply.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.