气候变化领域集成服务门户(CCPortal): Green finance and the restructuring of the oil-gas-coal business model under carbon asset stranding constraints

CCPortal

DOI	10.1016/j.enpol.2020.112055
	Green finance and the restructuring of the oil-gas-coal business model under carbon asset stranding constraints
	Chevallier J.; Goutte S.; Ji Q.; Guesmi K.
发表日期	2021
ISSN	03014215
卷号	149
英文摘要	Against the background of climate change, oil-gas-coal companies are particularly concerned by the notion of stranded assets, i.e., the fact that known fossil reserves cannot be burnt should limitations on greenhouse gas emissions become more stringent. Those assets can suffer from unanticipated or premature write-downs, devaluations or conversion to liabilities. This paper simulates the impacts of carbon stranded assets for 17 major oil-gas-coal firms' value until the horizon 2050. The core of the paper is a stochastic model with stopping times that determines by initial conditions (reserves and extraction rates) which companies are left with ‘stranded assets.’ In the business-as-usual scenario, one-quarter of the Earth's capacity for absorbing emissions will be depleted by 2050. With stringent emissions-curbing policies, an environmental gain of 80% can be achieved. Without a restructuring of their business model, many oil-gas-coal companies stand out from our simulations as being particularly vulnerable to the financial risks of bankruptcies and default events. © 2020 Elsevier Ltd
关键词	Green finance Monte-Carlo simulations Stochastic process Stranded asset
英文关键词	Carbon; Climate change; Coal; Coal industry; Gas emissions; Greenhouse gases; Petroleum industry; Stochastic models; Stochastic systems; Business modeling; Business-as-usual; Extraction rate; Financial risks; Fossil reserves; Initial conditions; Oil gas; Proven reserves; business development; energy policy; gas supply; Monte Carlo analysis; numerical model; oil supply; stochasticity
语种	英语
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/205056
作者单位	IPAG Business School (IPAG Lab), 184 Boulevard Saint-Germain, 75006 Paris, and Université Paris 8 (LED), 2 rue de la Liberté, Saint-Denis cedex, 93526, France; Université Paris-Saclay, CEMOTEV, France & Paris School of Business, PSB, 59 rue Nationale, Paris, 75013, France; Institutes of Science and Development, Chinese Academy of Sciences, Beijing, 100190, China, and School of Public Policy and Management, University of Chinese Academy of Sciences, Beijing, 100049, China; Center of Research for Energy and Climate Change (CRECC), Paris School of Business, Paris, France
推荐引用方式 GB/T 7714	Chevallier J.,Goutte S.,Ji Q.,et al. Green finance and the restructuring of the oil-gas-coal business model under carbon asset stranding constraints[J],2021,149.
APA	Chevallier J.,Goutte S.,Ji Q.,&Guesmi K..(2021).Green finance and the restructuring of the oil-gas-coal business model under carbon asset stranding constraints.Energy Policy,149.
MLA	Chevallier J.,et al."Green finance and the restructuring of the oil-gas-coal business model under carbon asset stranding constraints".Energy Policy 149(2021).