Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.1007/s10584-019-02542-2 |
Climate finance and disclosure for institutional investors: why transparency is not enough | |
Ameli, Nadia1; Drummond, Paul1; Bisaro, Alexander2; Grubb, Michael1; Chenet, Hugues1,3 | |
2019-10-31 | |
发表期刊 | CLIMATIC CHANGE
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ISSN | 0165-0009 |
EISSN | 1573-1480 |
出版年 | 2019 |
文章类型 | Article;Early Access |
语种 | 英语 |
国家 | England; Germany; France |
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'. |
英文关键词 | Institutional investors Low-carbon investment Disclosure Efficient markets hypothesis Climate finance Planetary economics |
领域 | 气候变化 |
收录类别 | SCI-E |
WOS记录号 | WOS:000493476900001 |
WOS关键词 | RENEWABLE ENERGY ; PARIS AGREEMENT ; MARKETS THEORY ; POLICY ; INVESTMENTS ; TRANSITION ; AMBIGUITY ; RISK ; UK ; PERSPECTIVE |
WOS类目 | Environmental Sciences ; Meteorology & Atmospheric Sciences |
WOS研究方向 | Environmental Sciences & Ecology ; Meteorology & Atmospheric Sciences |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/187857 |
专题 | 气候变化 |
作者单位 | 1.UCL, Inst Sustainable Resources, London, England; 2.GCF, Berlin, Germany; 3.Chair Energy & Prosper, Paris, France |
推荐引用方式 GB/T 7714 | Ameli, Nadia,Drummond, Paul,Bisaro, Alexander,et al. Climate finance and disclosure for institutional investors: why transparency is not enough[J]. CLIMATIC CHANGE,2019. |
APA | Ameli, Nadia,Drummond, Paul,Bisaro, Alexander,Grubb, Michael,&Chenet, Hugues.(2019).Climate finance and disclosure for institutional investors: why transparency is not enough.CLIMATIC CHANGE. |
MLA | Ameli, Nadia,et al."Climate finance and disclosure for institutional investors: why transparency is not enough".CLIMATIC CHANGE (2019). |
条目包含的文件 | 条目无相关文件。 |
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