Stranded Assets in the Transition to a Carbon-Free Economy

Assets in the fossil fuel industries are at risk of losing market value due to unanticipated breakthroughs in renewable technology and governments stepping up climate policies in light of the Paris commitments to limit global warming to 1.5 or 2°C. Stranded assets arise due to uncertainty about the...

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Published inAnnual review of resource economics Vol. 12; no. 1; pp. 281 - 298
Main Authors van der Ploeg, Frederick, Rezai, Armon
Format Journal Article
LanguageEnglish
Published Palo Alto Annual Reviews 06.10.2020
Annual Reviews, Inc
Subjects
Alternative energy sources
Assets
Carbon
decarbonization
Environmental policy
Fossil fuels
Global warming
JEL E62
JEL F41
JEL G11
JEL O33
JEL Q33
JEL Q34
JEL Q35
JEL Q40
JEL Q54
policy tipping
stranded assets
Stranded investment
technology
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Abstract Assets in the fossil fuel industries are at risk of losing market value due to unanticipated breakthroughs in renewable technology and governments stepping up climate policies in light of the Paris commitments to limit global warming to 1.5 or 2°C. Stranded assets arise due to uncertainty about the future timing of these two types of events and substantial intertemporal and intersectoral investment adjustment costs. Stranding of assets mostly affects the 20 biggest oil, gas, and coal companies who have been responsible for at least one-third of global warming since 1965, but it also affects carbon-intensive industries such as steel, aluminum, cement, plastics, and greenhouse horticulture. A disorderly transition to the carbon-free economy will lead to stranded assets and legal claims. Institutional investors should be aware of these financial risks. A broader definition of stranded assets also includes countries reliant on fossil fuel exports and workers with technology-specific skills.
AbstractList Assets in the fossil fuel industries are at risk of losing market value due to unanticipated breakthroughs in renewable technology and governments stepping up climate policies in light of the Paris commitments to limit global warming to 1.5 or 2°C. Stranded assets arise due to uncertainty about the future timing of these two types of events and substantial intertemporal and intersectoral investment adjustment costs. Stranding of assets mostly affects the 20 biggest oil, gas, and coal companies who have been responsible for at least one-third of global warming since 1965, but it also affects carbon-intensive industries such as steel, aluminum, cement, plastics, and greenhouse horticulture. A disorderly transition to the carbon-free economy will lead to stranded assets and legal claims. Institutional investors should be aware of these financial risks. A broader definition of stranded assets also includes countries reliant on fossil fuel exports and workers with technology-specific skills.
Author Rezai, Armon
van der Ploeg, Frederick
AuthorAffiliation School of Business and Economics, Vrije Universiteit Amsterdam, 1081 HV Amsterdam, The Netherlands
1
2
3
Department of Economics, University of Oxford, Oxford OX1 3UQ, United Kingdom; email
Department of Socio-Economics, Vienna University of Economics and Business, 1020 Vienna, Austria; email
armon.rezai@wu.ac.at
rick.vanderploeg@economics.ox.ac.uk
AuthorAffiliation_xml – name: Department of Economics, University of Oxford, Oxford OX1 3UQ, United Kingdom; email
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Snippet Assets in the fossil fuel industries are at risk of losing market value due to unanticipated breakthroughs in renewable technology and governments stepping up...
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StartPage 281
SubjectTerms Alternative energy sources
Assets
Carbon
decarbonization
Environmental policy
Fossil fuels
Global warming
JEL E62
JEL F41
JEL G11
JEL O33
JEL Q33
JEL Q34
JEL Q35
JEL Q40
JEL Q54
policy tipping
stranded assets
Stranded investment
technology
Title Stranded Assets in the Transition to a Carbon-Free Economy
URI http://dx.doi.org/10.1146/annurev-resource-110519-040938
https://www.proquest.com/docview/2459645866
Volume 12
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