Fossil fuel reserves and resources reporting and unburnable carbon: Investigating conflicting accounts

Bebbington, Jan; Schneider, Thomas; Stevenson, Lorna; Fox, Alison M.

doi:10.1016/j.cpa.2019.04.004

Cited by 70 publications

(56 citation statements)

References 39 publications

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“…This is because, researchers have identified critical empirical data demonstrating that certain actors and tools facilitate the mandates of climate capitalism, but do so in ways that result in uneven wealth accumulation, and uneven burdens in emission reductions (Bumpus and Liverman, 2008; Newell & Paterson, ; Beymer‐Farris & Bassett, ; Ormond, ; Walenta, ). Additional notes of concern center around recent research on the functionality of accounting and disclosure systems in the transition to a carbon constrained economy (Beggington, Schneider, Stevenson, & Fox, n.d.). Will SBTs and CRAs make a difference in facilitating quantifiable emission reductions?…”

Section: Resultsmentioning

confidence: 99%

Climate risk assessments and science‐based targets: A review of emerging private sector climate action tools

Walenta

2019

WIREs Climate Change

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With the retreat of the United States from the Paris Climate Agreement, the campaign to enroll corporations and other private sector actors into the climate governing arena has accelerated. The tools used by such actors in addressing climate change are similarly expanding. While carbon footprints and carbon offsets have been previously underscored as the chief climate action tools to date, climate risk assessments and science-based targets have been proposed as new quantitative tools to mobilize corporate action against climate change. This article presents a review of these two tools, arguing for more comprehensive and sustained scholarly investigation into each. Following overviews on the early developments of each tool, related academic research is considered in an effort to point toward future research priorities. These priorities emphasize generating empirical data around each tool's origins, diffusion, and impacts (social, economic, and environmental) so that more robust academic debates might occur on the role of science-based targets and climate risk assessments in advancing effective polycentric climate governance.

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Section: Resultsmentioning

confidence: 99%

Climate risk assessments and science‐based targets: A review of emerging private sector climate action tools

Walenta

2019

WIREs Climate Change

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“…The risk that excess reserves of fossil‐fuel companies pose for their valuation was briefly reviewed in Section 3. The inconsistency that arises between the valuation of these resources by fossil‐fuel companies, and the valuation consistent with climate change mitigation is discussed by Bebbington, Schneider, Stevenson, and Fox (2019). 9 Davis, Caldeira, and Matthews (2010) calculate that existing fossil‐fuel sector assets in 2009 would emit about 500 Gt of CO 2 , or about half the carbon budget then remaining.…”

Section: A Model and Classification Of Low‐carbon Transition Risksmentioning

confidence: 99%

Low‐carbon transition risks for finance

Semieniuk

Campiglio

Mercure

et al. 2020

WIREs Climate Change

213

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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

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“…They found increasing response rates in terms of numbers of disclosing firms but the current level of disclosures is not satisfactory. Bebbington, Schneider, Stevenson, and Fox (2019) investigated fossil fuel reserves and resources disclosures and how they might change in response to global climate change agreements. One of their conclusions was that there is a relative absence of disclosures of unburnable carbon.…”

Section: Research On Climate Change-related Disclosures Levels (Stream 1)mentioning

confidence: 99%

Climate Change Disclosure: An Empirical Study On The Oil & Gas Companies Listed on Toronto Stock Exchange (TSX)

Salat¹

2021

Preprint

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This research investigates the current state of disclosure on the climate change issues of the oil & gas companies listed on the Toronto Stock Exchange (TSX). Using a sample of 58 companies, I conduct a content analysis of their publicly available documents and develop a disclosure index. The study demonstrates that there is a significant association between the level of disclosure of climate change issues (disclosures index) and the board of director’s effectiveness (measured by Board Shareholder Confidence Index) for Canadian oil & gas companies. This study also explores the association between firms’ value and the level of climate change disclosure. The empirical evidence indicates that the investors take the extent of disclosures on climate changes into considerations when they assess the market value of the firms. This study contributes to environmental accounting literature because it examines the relationship between climate change disclosures and corporate governance. From a practical point of view, the outcome of this analysis will help Canadian Securities Administrator (CSA) to have insight into climate change disclosures practices and provides a frame of references for developing related disclosures requirement.

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Fossil fuel reserves and resources reporting and unburnable carbon: Investigating conflicting accounts

Cited by 70 publications

References 39 publications

Climate risk assessments and science‐based targets: A review of emerging private sector climate action tools

Climate risk assessments and science‐based targets: A review of emerging private sector climate action tools

Low‐carbon transition risks for finance

Climate Change Disclosure: An Empirical Study On The Oil & Gas Companies Listed on Toronto Stock Exchange (TSX)

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