Stranded assets and the fossil fuel divestment campaign: What does divestment mean for the valuation of fossil fuel assets?
Stranded assets and the fossil fuel divestment campaign: What does divestment mean for the valuation of fossil fuel assets?
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搁浅资产和化石燃料撤资运动：撤资对于化石燃料资产的估值意味着什么？
DOI：
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发表时间：
2013
期刊：
影响因子：
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通讯作者：
J. Tilbury
中科院分区：
文献类型：
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作者：
A. Ansar;Ben Caldecott;J. Tilbury
“搁浅资产”，指资产遭受意外或过早冲销、估值下调或
转化为负债，可能是由一系列与环境相关的风险引起的。本报告调查了
化石燃料撤资运动是一种现有的社会现象，也可能是此类风险之一。我们测试是否
撤资活动可能会影响化石燃料资产，如果会影响，影响方式、影响程度以及影响时间
视野。
撤资是私人财富所有者（个人或团体）出于社会动机进行的活动，例如
大学捐赠基金、公共养老基金或其指定的资产管理人。1 所有者可以决定
扣留其资本——例如，通过出售股票市场上市股票、私募股权或债务——公司
被视为从事应受谴责的活动。种族隔离南非的烟草、军火、公司，
20 世纪，提供成人服务和游戏都受到了撤资运动的影响。
基于最近的实证工作，我们完成了本报告中的两项任务。首先，我们阐述一个理论
尽管不完美，但可以评估和预测撤资的直接和间接影响的框架
活动。
其次，我们探讨最近发起的化石燃料撤资运动的案例。我们已经记录了
化石燃料撤资运动及其演变，并追踪其可能产生的直接和间接影响
生成。为了预测化石燃料运动的潜在影响，我们调查了之前的情况
烟草和南非种族隔离等撤资运动。
‘Stranded assets’, where assets suffer from unanticipated or premature write-offs, downward revaluations or
are converted to liabilities, can be caused by a range of environment-related risks. This report investigates the
fossil fuel divestment campaign, an extant social phenomenon that could be one such risk. We test whether
the divestment campaign could affect fossil fuel assets and if so, how, to what extent, and over which time
horizons.
Divestment is a socially motivated activity of private wealth owners, either individuals or groups, such as
university endowments, public pension funds, or their appointed asset managers.1 Owners can decide to
withhold their capital—for example, by selling stock market-listed shares, private equities or debt—firms
seen to be engaged in a reprehensible activity. Tobacco, munitions, corporations in apartheid South Africa,
provision of adult services, and gaming have all been subject to divestment campaigns in the 20th century.
Building on recent empirical efforts, we complete two tasks in this report. First, we articulate a theoretical
framework that can evaluate and predict, albeit imperfectly, the direct and indirect impacts of a divestment
campaign.
Second, we explore the case of the recently launched fossil fuel divestment campaign. We have documented
the fossil fuel divestment movement and its evolution, and traced the direct and indirect impacts it might
generate. In order to forecast the potential impact of the fossil fuel campaign, we have investigated previous
divestment campaigns such as tobacco and South African apartheid.
影响因子：
22.4
作者：
Green, L;Myerson, J
通讯作者：
Myerson, J