Access the full text.
Sign up today, get DeepDyve free for 14 days.
Loading next page...
/lp/springer-journals/the-effect-of-climate-risks-on-the-interactions-between-financial-mSyB3VcgPs
References (92)
-
Florian Berg, Julian Kölbel, R. Rigobón (2020)
Aggregate Confusion: The Divergence of ESG RatingsCorporate Governance & Finance eJournal
-
L. Goulder, R. Morgenstern (2018)
China's Rate-Based Approach to Reducing CO 2 Emissions: Attractions, Limitations, and Alternatives, 108
-
M. Fowlie, C. Petersen, Mar Reguant (2021)
Online Appendix: “Border Carbon Adjustments When Carbon Intensity Varies Across Producers: Evidence from California” -
S. Daws, N. Samarasinghe (2009)
Environment and climate change -
(2002)
The impacts of environmental regulations on industrial activity : evidence from the 1970 and 1977 Clean Air Amendments and the Census of Manufacturers -
A. Brandt, G. Heath, E. Kort, F. O'Sullivan, G. Pétron, G. Pétron, S. Jordaan, P. Tans, J. Wilcox, A. Gopstein, D. Arent, S. Wofsy, N. Brown, R. Bradley, G. Stucky, D. Eardley, R. Harriss (2014)
Methane Leaks from North American Natural Gas SystemsScience, 343
-
Shell exits Permian with $9.5 bln Texas shale sale to ConocoPhillips. Reuters -
Marathon Oil announces executive compensation changes and GHG emissions intensity reduction initiatives -
(2021)
Iraq: TotalEnergies signs major agreements for the sustainable development of the Basra region natural resources. Press release -
RF Engle, S Giglio, B Kelly, H Lee, J Stroebel (2020)
Hedging climate change newsRev. Financ. Stud., 33
-
M Painter (2020)
An inconvenient cost: the effects of climate change on municipal bondsJ. Financ. Econ., 135
-
Malcolm Baker, Daniel Bergstresser, George Serafeim, Jeffrey Wurgler (2018)
Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green BondsEnergy Finance
-
BP completes entry into offshore Wind , with strategic partner Equinor . Press release -
M. Greenstone, Ishan Nath (2020)
Do Renewable Portfolio Standards Deliver Cost-Effective Carbon Abatement?∗ -
(2022)
Use of international credits -
Harrison Hong, G. Karolyi, J. Scheinkman (2019)
Climate FinanceMutual Funds
-
(2020)
ConocoPhillips adopts paris-aligned climate risk framework to meet net-zero operational emissions ambition by 2050. Press release -
A Dutch court rules that Shell must step up its climate change efforts. The New York Times -
S Giglio, B Kelly, J Stroebel (2021)
2021. Climate financeAnnu. Rev. Financ. Econ., 13
-
D. Lemoine, Christian Traeger (2014)
Watch Your Step: Optimal Policy in a Tipping ClimateAmerican Economic Journal: Economic Policy, 6
-
(2022)
Do Carbon Offsets Offset Carbon? Working Paper -
Chevron investors back proposal for more emissions cuts -
Benjamin Keys, P. Mulder (2020)
Neglected No More: Housing Markets, Mortgage Lending, and Sea Level RiseReal Estate eJournal
-
Monica Billio, Michele Costola, I. Hristova, Carmelo Latino, L. Pelizzon (2020)
Inside the ESG Ratings: (Dis)agreement and PerformanceMutual Funds
-
(2019)
Saudi Aramco joins World Bank's initiative: 'Zero Routine Flaring by 2030' . Press release -
(2020)
ExxonMobil announces emission reduction plans; expects to meet 2020 goals. Press release -
(2020)
seeing the full picture -
P. Bolton, Marcin Kacperczyk (2020)
Signaling through Carbon DisclosureEnvironmental Economics eJournal
-
LH Pedersen, S Fitzgibbons, L Pomorski (2021)
Responsible investing: the ESG-efficient frontierJ. Financ. Econ., 142
-
M. Fowlie (2008)
Incomplete Environmental Regulation, Imperfect Competition, and Emissions LeakageNBER Working Paper Series
-
(2020)
From international oil company to integrated energy company: BP sets out strategy for decade of delivery towards net zero ambition. Press release -
Grischa Perino (2018)
New EU ETS Phase 4 rules temporarily puncture waterbedNature Climate Change, 8
-
Dielin He (2017)
Carbon Disclosure and the Cost of Capital -
M. Greenstone, Ishan Nath (2019)
Do Renewable Portfolio Standards Deliver?Law & Economics eJournal
-
Large uncertainty in business-as-usual emissions implies that the market price in an emissions-trading system is very likely to be determined by an administrative price floor or ceiling -
L. Pedersen, S. Fitzgibbons, Lukasz Pomorski (2019)
Responsible Investing: The ESG-Efficient FrontierGovernance
-
N. Kreibich, L. Hermwille (2021)
Caught in between: credibility and feasibility of the voluntary carbon market post-2020Climate Policy, 21
-
J. Berk, J. Binsbergen (2021)
The Impact of Impact InvestingSSRN Electronic Journal
-
ECB says just 15 % of banks disclose financed CO 2 emissions -
Richard Zechter, A. Kossoy, Klaus Oppermann, Céline Ramstein, Noemie Klein, L. Wong, Long Lam, Jialiang Zhang, M. Quant, M. Neelis, S. Nierop, J. Ward, Thomas Kansy, Stuart Evans, A. Child (2017)
State and Trends of Carbon Pricing 2019 -
A. Plantinga, Bert Scholtens (2020)
The financial impact of fossil fuel divestmentClimate Policy, 21
-
R. Gerlagh, R. Heijmans, K. Rosendahl (2021)
An Endogenous Emissions Cap Produces a Green ParadoxEconomic Policy
-
Guillaume Coqueret (2020)
Perspectives in ESG equity investingBehavioral & Experimental Finance eJournal
-
Samuel Hartzmark, Abigail Sussman (2019)
Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund FlowsSocially Responsible Investment eJournal
-
A theoretical analysis of the choice between divestment and engagement shows that engagement can be more effective than divestment in affecting firm environmental decisions -
A. Benthem, Suzi Kerr (2013)
Scale and transfers in international emissions offset programsJournal of Public Economics, 107
-
Wally Contreras, C. Hardy, Kaylene Tovar, Allison Piwetz, Chad Harris, E. Tullos, Adam Bymaster, J. McMichael, I. Laurenzi (2021)
Life cycle greenhouse gas emissions of crude oil and natural gas from the Delaware BasinJournal of Cleaner Production
-
M. Golosov, John Hassler, Per Krusell, Aleh Tsyvinski (2011)
Optimal Taxes on Fossil Fuel in General EquilibriumPolitical Economy: Taxation
-
Grischa Perino, Robert Ritz, A. Arthur, Van Benthem (2019)
Working Papers in Economics : 1920 UNDERSTANDING OVERLAPPING POLICIES : INTERNAL CARBON LEAKAGE AND THE PUNCTURED WATERBED -
N. Bento, Gianfranco Gianfrate, J. Aldy (2021)
National Climate Policies and Corporate Internal Carbon PricingThe Energy Journal, 42
-
(2021)
Private equity's ESG journey: from compliance to value creation. Global private equity responsible investment survey 2021 -
C Flammer, MW Toffel, K Viswanathan (2021)
Shareholder activism and firms’ voluntary disclosure of climate change risksStrateg. Manag. J., 42
-
(2021)
Eni's commitment to protecting and conserving forests -
S. Borenstein, J. Bushnell, F. Wolak, Matthew Zaragoza-Watkins (2015)
Expecting the Unexpected: Emissions Uncertainty and Environmental Market DesignPolitical Economy: Taxation
-
Prepared remarks before the principles for responsible investment 'Climate and global financial markets' webinar. US Securities and Exchange Commission -
Stefano Giglio, Matteo Maggiori, J. Stroebel, Andreas Weber (2015)
Climate Change and Long-Run Discount Rates: Evidence from Real EstateEnvironmental Economics eJournal
-
SM Hartzmark, AB Sussman (2019)
Do investors value sustainability? A natural experiment examining ranking and fund flowsJ. Finance, 74
-
Eleonora Broccardo, Oliver Hart, Luigi Zingales (2020)
Exit vs. VoiceCEPR Discussion Paper Series
-
L Pastor, RF Stambough, LA Taylor (2021)
Sustainable investing in equilibriumJ. Financ. Econ., 142
-
G. Alekseev, Stefano Giglio, Quinn Maingi, Julia Selgrad, J. Stroebel (2022)
A Quantity-Based Approach to Constructing Climate Risk Hedge PortfoliosSSRN Electronic Journal
-
Kenneth Froot, D. Scharfstein, J. Stein (1992)
Risk Management: Coordinating Corporate Investment and Financing PoliciesRisk Management eJournal
-
J. Stroebel, Jeffrey Wurgler (2021)
What Do You Think about Climate Finance?SRPN: Green Investment (Topic)
-
Douglas Breeden, S. Viswanathan (2015)
Why Do Firms Hedge? An Asymmetric Information ModelThe Journal of Fixed Income, 25
-
Chevron CEO explains why the oil giant ’ s lower - carbon investments look past wind and solar energy -
Ľuboš Pástor, R. Stambaugh, Lucian Taylor (2019)
Sustainable Investing in EquilibriumMutual Funds
-
Shell aims to install 50 , 000 on - street EV charge points by 2025 -
M. Andersson, P. Bolton, F. Samama (2015)
Hedging Climate RiskFinancial Analysts Journal, 72
-
Third Point has big Shell stake , urges energy giant to break up -
L. Goulder, Mark Jacobsen, Arthur Benthem (2009)
Unintended Consequences from Nested State & Federal Regulations: the Case of the Pavley Greenhouse-Gas-Per-Mile LimitsNBER Working Paper Series
-
LH Goulder, MR Jacobsen, AA van Benthem (2012)
Unintended consequences from nested state and federal regulations: the case of the Pavley greenhouse-gas-per-mile limitsJ. Environ. Econ. Manag., 63
-
M Billio, M Costola, I Hristova, C Latino, L Pelizzon (2020)
Inside the ESG ratings: (dis)agreement and performanceSSRN
-
Ralf Martin, Mirabelle Muûls, LAURE, B., DE PREUX, ULRICH, J., WAGNER (2012)
UNIT Industry Compensation under Relocation Risk : A Firm-level Analysis of the EU Emissions Trading Scheme -
J Stroebel, J Wurgler (2021)
What do you think about climate finance?J. Financ. Econ., 142
-
Ann Logue (2003)
Learning about Internal Capital Markets from Corporate Spin-OffsCfa Digest, 33
-
René Stulz (1984)
Optimal Hedging PoliciesJournal of Financial and Quantitative Analysis, 19
-
Grischa Perino, Maximilian Willner, Simon Quemin, M. Pahle (2022)
The European Union Emissions Trading System Market Stability Reserve: Does It Stabilize or Destabilize the Market?Review of Environmental Economics and Policy, 16
-
Exxon ’ s board defeat signals the rise of social - good activists -
The prices of houses exposed to sea-level rise risk drop in value (relative to houses not exposed) when real estate participants pay more attention to climate risks -
Owen Lamont (1996)
Cash Flow and Investment: Evidence from Internal Capital MarketsCorporate Finance: Valuation
-
Marcus Painter (2018)
An Inconvenient Cost: The Effects of Climate Change on Municipal BondsEnvironmental Economics eJournal
-
Caroline Flammer, M. Toffel, Kala Viswanathan (2019)
Shareholder Activism and Firms' Voluntary Disclosure of Climate Change RisksHarvard Business School Working Papers
-
R. Engle, Stefano Giglio, B. Kelly, Heebum Lee, J. Stroebel (2019)
Hedging Climate Change NewsMicroeconomics: Decision-Making under Risk & Uncertainty eJournal
-
Andreas Hoepner, Ioannis Oikonomou, Z. Sautner, L. Starks, Xiaoyan Zhou (2018)
ESG Shareholder Engagement and Downside RiskCGN: General (Shareholders) (Sub-Topic)
-
(2020)
The returns of portfolios of stocks sorted on environmental scores co-move with a measure of climate news -
E. Hertwich, Richard Wood (2018)
The growing importance of scope 3 greenhouse gas emissions from industryEnvironmental Research Letters, 13
-
Catherine Pattillo, Hugh Bredenkamp (2010)
Financing the Response to Climate Change -
A. Ansar, Ben Caldecott, J. Tilbury (2013)
Stranded assets and the fossil fuel divestment campaign: What does divestment mean for the valuation of fossil fuel assets? -
Philipp Krueger, Z. Sautner, L. Starks (2019)
The Importance of Climate Risks for Institutional InvestorsChemRN: Energy Policy (Topic)
-
Rui Dai, Rui Duan, Hao Liang, Lilian Ng (2021)
Outsourcing Climate ChangeCapital Markets: Asset Pricing & Valuation eJournal
-
M Fowlie, C Petersen, M Reguant (2021)
Border carbon adjustments when carbon intensity varies across producers: evidence from CaliforniaAEA Pap. Proc., 111
-
Patricia Crifo, Vanina Forget, Sabrina Teyssier (2015)
The price of environmental, social and governance practice disclosure: An experiment with professional private equity investorsJournal of Corporate Finance, 30
-
R Gertner, E Powers, D Scharfstein (2002)
Learning about internal capital markets from corporate spin-offsJ. Finance, 57
- Publisher
- Springer Journals
- Copyright
- Copyright © Springer Nature Limited 2022
- eISSN
- 2058-7546
- DOI
- 10.1038/s41560-022-01070-1
- Publisher site
- See Article on Publisher Site
Abstract
In recent years, the investment community has become increasingly aware of the investment risks from both the physical effects of climate change and the regulatory responses to facilitate the transition to a net-zero economy. The potential impact of climate transition risks is especially large for fossil energy companies, given their central role in producing carbon emissions. Here we discuss how concerns about climate risks influence the way investors allocate their capital and exercise their oversight of firms, and how this investor response affects companies in the energy sector. We then explore how different energy firms have responded to climate-related pressures from their investors and other stakeholders. We conclude by highlighting promising areas of research for understanding how climate risks affect the interaction between financial markets and the energy sector.
Journal
Nature Energy – Springer Journals
Published: Aug 1, 2022