气候变化领域集成服务门户(CCPortal): Low-carbon transition risks for finance

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DOI	10.1002/wcc.678
	Low-carbon transition risks for finance
	Semieniuk G.; Campiglio E.; Mercure J.-F.; Volz U.; Edwards N.R.
发表日期	2021
ISSN	1757-7780
卷号	12 期号:1
英文摘要	The transition to a low-carbon economy will entail a large-scale structural change. Some industries will have to expand their relative economic weight, while other industries, especially those directly linked to fossil fuel production and consumption, will have to decline. Such a systemic shift may have major repercussions on the stability of financial systems, via abrupt asset revaluations, defaults on debt, and the creation of bubbles in rising industries. Studies on previous industrial transitions have shed light on the financial transition risks originating from rapidly rising “sunrise” industries. In contrast, a similar conceptual understanding of risks from declining “sunset” industries is currently lacking. We substantiate this claim with a critical review of the conceptual and historical literature, which also shows that most literature either examines structural change in the real economy, or risks to financial stability, but rarely both together. We contribute to filling this research gap by developing a consistent theoretical framework of the drivers, transmission channels, and impacts of the phase-out of carbon-intensive industries on the financial system and on the feedback from the financial system into the rest of the economy. We also review the state of play of policy aiming to protect the financial system from transition risks and spell out research implications. This article is categorized under: Climate Economics > Economics and Climate Change. © 2020 The Authors. WIREs Climate Change published by Wiley Periodicals LLC.
关键词	financial stability low-carbon economy stranded assets structural change sunset industries transition risks
语种	英语
scopus关键词	Carbon; Climate change; Finance; Fossil fuels; Conceptual understanding; Financial stability; Financial system; Fuel production; Low carbon economy; Low-carbon transitions; Theoretical framework; Transmission channels; Industrial economics; climate change; conceptual framework; environmental economics; financial system; policy analysis; policy approach; pollution tax; risk assessment; structural change
来源期刊	Wiley Interdisciplinary Reviews: Climate Change
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/249682
作者单位	Political Economy Research Institute & Department of Economics, University of Massachusetts Amherst, Amherst, MA, United States; Department of Economics & SOAS Centre for Sustainable Finance, SOAS University of London, London, United Kingdom; Institute for Ecological Economics, Vienna University of Economics and Business, Vienna, Austria; Global Systems Institute, University of Exeter, Exeter, United Kingdom; Cambridge Centre for Energy, Environment and Natural Resource Governance (C-EENRG), Department of Land Economy, University of Cambridge, Cambridge, United Kingdom; Cambridge Econometrics Ltd, Cambridge, United Kingdom; German Development Institute, Bonn, Germany; Environment, Earth and Ecosystems, The Open University, Milton Keynes, United Kingdom
推荐引用方式 GB/T 7714	Semieniuk G.,Campiglio E.,Mercure J.-F.,et al. Low-carbon transition risks for finance[J],2021,12(1).
APA	Semieniuk G.,Campiglio E.,Mercure J.-F.,Volz U.,&Edwards N.R..(2021).Low-carbon transition risks for finance.Wiley Interdisciplinary Reviews: Climate Change,12(1).
MLA	Semieniuk G.,et al."Low-carbon transition risks for finance".Wiley Interdisciplinary Reviews: Climate Change 12.1(2021).