November 2020
Energy Research & Social Science 69:101736
DOI:10.1016/j.erss.2020.101736
Project: Leave Fossil Fuels Underground
Authors:
Arthur Rempel
University of Amsterdam
Joyeeta Gupta
University of Amsterdam
Download full-text PDFRead full-text
Abstract and Figures
The 2015 Paris Agreement on Climate Change implicitly calls for leaving 80% of coal, 50% of gas and 33% of oil reserves underground. This paper studies the scarcely addressed relationship between investors like pension funds and climate policy implementation by addressing the question: what is the extent of pension fund investments in the fossil fuel sector, what is the range of actions that pension funds take to address environmental issues, and what does this suggest about pension fund commitments to ambitious climate targets through leaving fossil fuels underground? A small sample of pension funds alone manages at least €79 billion in liquid fossil fuel assets, suggesting that OECD pension funds may jointly manage between €238–828 billion. Sustainability reports reveal that pension funds engage in five actions to implement climate policies: 1) divestment; 2) direct engagement; 3) carbon footprint calculations; 4) investing in ‘green’ alternatives; and 5) engaging in climate-oriented coalitions. However, their use of these actions is so far ineffective and counterproductive to taming the fossil fuel sector. Pension funds are not fully committed to leaving fossil fuels underground, which de facto renders them not yet committed to meeting ambitious climate targets. Forthcoming policies must target investors like pension funds to improve the prospects of meeting such targets and protect vulnerable countries from inheriting the risks of stranded assets.
Descriptive Statistical Results.
…
Estimating fossil fuel assets beyond the sample.
…
Figures - available via license: Creative Commons Attribution 4.0 International
Content may be subject to copyright.
Green Bonds: Current Development and Their Future
January 2019
DOI:10.13140/RG.2.2.10059.82722
Authors:
Olaf Weber
University of Waterloo
Vasundhara Saravade
University of Waterloo
Download full-text PDFRead full-text
Abstract and Figures
Given the urgency of climate change and the short time frames, it is necessary that our society make a transition toward a green and low-carbon economy. One way to do so is through finance markets that are tailored to fund low-carbon and climate-friendly projects. Such climate finance markets can prove to be an important factor in how fast and how incentivized our society is to make the transition. An important tool in measuring the recent impact of climate change on financial markets has been the green bond. As its name suggests, a green bond allows various issuer types — whether countries or organizations — to mobilise traditional debt investments into projects or assets that can help society adapt or mitigate climate change impacts. Furthermore, it allows investors to fulfill their environmental, social and governance (ESG) concerns and mandates by allowing for climate-aligned investments. This “bonus” moral or green factor is what currently sets the market apart from its traditional counterparts. The popularity of the green bond market and its impact are explored in this paper, which also addresses the growth of the market in the national as well as international context. The paper introduces the green bond market by highlighting its ability to tackle risk and serve as an opportunity for the financial sector. It then addresses the growth in various international and national contexts, with a brief overview of the Canadian market. The paper highlights the ongoing challenges in the market, especially given its exponential growth in recent years. Finally, it speaks to the environmental performance of the green bond and showcases the need for standardization and regulation around the market. The paper ends with policy recommendations for various key stakeholders including regulators, governments and issuers and concludes by addressing ongoing standardization efforts by other market players.
Top Green Bond Issuances per Country, 2018
…
Green Bond Issuances Based on Green Bond Countries in 2015, 2016 and 2017
…
Green Bond Issuances Based on Sectors in 2016 and 2017
…
Overview of Institutional Investors' Assets under Management as of 2015
…
Figures - uploaded by Vasundhara Saravade
Author content
Content may be subject to copyright.
January 2019
DOI:10.13140/RG.2.2.10059.82722
Authors:
Olaf Weber
University of Waterloo
Vasundhara Saravade
University of Waterloo
Download full-text PDFRead full-text
Abstract and Figures
Given the urgency of climate change and the short time frames, it is necessary that our society make a transition toward a green and low-carbon economy. One way to do so is through finance markets that are tailored to fund low-carbon and climate-friendly projects. Such climate finance markets can prove to be an important factor in how fast and how incentivized our society is to make the transition. An important tool in measuring the recent impact of climate change on financial markets has been the green bond. As its name suggests, a green bond allows various issuer types — whether countries or organizations — to mobilise traditional debt investments into projects or assets that can help society adapt or mitigate climate change impacts. Furthermore, it allows investors to fulfill their environmental, social and governance (ESG) concerns and mandates by allowing for climate-aligned investments. This “bonus” moral or green factor is what currently sets the market apart from its traditional counterparts. The popularity of the green bond market and its impact are explored in this paper, which also addresses the growth of the market in the national as well as international context. The paper introduces the green bond market by highlighting its ability to tackle risk and serve as an opportunity for the financial sector. It then addresses the growth in various international and national contexts, with a brief overview of the Canadian market. The paper highlights the ongoing challenges in the market, especially given its exponential growth in recent years. Finally, it speaks to the environmental performance of the green bond and showcases the need for standardization and regulation around the market. The paper ends with policy recommendations for various key stakeholders including regulators, governments and issuers and concludes by addressing ongoing standardization efforts by other market players.
Top Green Bond Issuances per Country, 2018
…
Green Bond Issuances Based on Green Bond Countries in 2015, 2016 and 2017
…
Green Bond Issuances Based on Sectors in 2016 and 2017
…
Overview of Institutional Investors' Assets under Management as of 2015
…
Figures - uploaded by Vasundhara Saravade
Author content
Content may be subject to copyright.
No comments:
Post a Comment