DOI: 10.1007/s10584-017-2095-9
Scopus记录号: 2-s2.0-85035092747
论文题名: Vulnerable yet relevant: the two dimensions of climate-related financial disclosure
作者: Monasterolo I. ; Battiston S. ; Janetos A.C. ; Zheng Z.
刊名: Climatic Change
ISSN: 0165-0009
EISSN: 1573-1480
出版年: 2017
卷: 145, 期: 2018-03-04 起始页码: 495
结束页码: 507
语种: 英语
Scopus关键词: Commerce
; Competition
; Decision making
; Economics
; Finance
; Greenhouse gases
; Investments
; Public policy
; Renewable energy resources
; Risk assessment
; Supply chains
; Climate related risks
; Climate transition
; Financial disclosure
; Greenhouse gases (GHG)
; Imperfect information
; Low-carbon transitions
; Policy implications
; Smooth transitions
; Climate change
; carbon emission
; climate change
; emission control
; financial market
; greenhouse gas
; incentive
; information
; limiting factor
; policy making
; transitional economy
; vulnerability
英文摘要: Market-based solutions to climate change are widely advocated by financial actors and policy makers in order to foster a smooth transition to a low-carbon economy. A first important limiting factor to this approach is widely recognized to be the imperfect information on investors’ portfolios’ exposure to climate-related risks. While better disclosure of climate-relevant information is often recommended as a remedy, the current lack of concise and comparable measures of portfolios’ exposure to climate risk fails to provide major investors with the full incentives to reallocate their portfolios. A second limiting factor arises from the fact that in the context of the low-carbon transition, it is not clear how to measure the market share of participants because many economic sectors produce greenhouse gases (GHG) emissions or induce them along the supply chain. The lack of common and concise measures of the relevant market share hampers the ability of policy makers to ensure fair competition policies and the ability of major investors to assess the effects of their own and their competitors’ portfolio reallocation. To address these two gaps, we propose two novel and complementary indices: (i) the “GHG exposure,” capturing the exposure of single investors’ portfolios to climate transition risks, and (ii) “GHG holding,” capturing the market share of each financial actor weighted by its contribution to GHG emissions. We illustrate the use of the indices on a dataset of portfolios of equity holdings and loans in the Euro-Area, and we discuss the policy implications for the low-carbon transition. © 2017, The Author(s). Citation statistics:
资源类型: 期刊论文
标识符: http://119.78.100.158/handle/2HF3EXSE/83856
Appears in Collections: 气候减缓与适应 气候变化事实与影响
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作者单位: Vienna University of Economics and Business, Welthandelsplatz 1, D5, Vienna, Austria; FINEXUS - Center for Financial Networks and Sustainability, Department of Banking and Finance, University of Zurich, Zurich, Switzerland; Frederick S. Pardee Center for the Study of the Longer Range Future, Boston University, 67 Bay State Road, Boston, MA, United States
Recommended Citation:
Monasterolo I.,Battiston S.,Janetos A.C.,et al. Vulnerable yet relevant: the two dimensions of climate-related financial disclosure[J]. Climatic Change,2017-01-01,145(2018-03-04)