气候变化领域集成服务门户(CCPortal): Climate finance and disclosure for institutional investors: why transparency is not enough

CCPortal

DOI	10.1007/s10584-019-02542-2
	Climate finance and disclosure for institutional investors: why transparency is not enough
	Ameli N.; Drummond P.; Bisaro A.; Grubb M.; Chenet H.
发表日期	2020
ISSN	0165-0009
起始页码	565
结束页码	589
卷号	160 期号:4
英文摘要	The finance sector’s response to pressures around climate change has emphasized disclosure, notably through the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD). The implicit assumption—that if risks are fully revealed, finance will respond rationally and in ways aligned with the public interest—is rooted in the “efficient market hypothesis” (EMH) applied to the finance sector and its perception of climate policy. For low carbon investment, particular hopes have been placed on the role of institutional investors, given the apparent matching of their assets and liabilities with the long timescales of climate change. We both explain theoretical frameworks (grounded in the “three domains”, namely satisficing, optimizing, and transforming) and use empirical evidence (from a survey of institutional investors), to show that the EMH is unsupported by either theory or evidence: it follows that transparency alone will be an inadequate response. To some extent, transparency can address behavioural biases (first domain characteristics), and improving pricing and market efficiency (second domain); however, the strategic (third domain) limitations of EMH are more serious. We argue that whilst transparency can help, on its own it is a very long way from an adequate response to the challenges of ‘aligning institutional climate finance’. © 2019, The Author(s).
英文关键词	Climate finance; Disclosure; Efficient markets hypothesis; Institutional investors; Low-carbon investment; Planetary economics
语种	英语
scopus关键词	Climate change; Commerce; Public risks; Risk perception; Transparency; Disclosure; Efficient market hypothesis; Efficient markets hypothesis; Financial disclosure; Financial stability; Institutional investors; Low carbon; Theoretical framework; Investments; climate change; environmental policy; finance; institutional framework; perception; strategic approach
来源期刊	Climatic Change
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/147172
作者单位	Institute for Sustainable Resources, University College London, London, United Kingdom; Global Climate Forum (GCF), Berlin, Germany; Chair Energy and Prosperity, Paris, France
推荐引用方式 GB/T 7714	Ameli N.,Drummond P.,Bisaro A.,et al. Climate finance and disclosure for institutional investors: why transparency is not enough[J],2020,160(4).
APA	Ameli N.,Drummond P.,Bisaro A.,Grubb M.,&Chenet H..(2020).Climate finance and disclosure for institutional investors: why transparency is not enough.Climatic Change,160(4).
MLA	Ameli N.,et al."Climate finance and disclosure for institutional investors: why transparency is not enough".Climatic Change 160.4(2020).