Accounting for decarbonisation and reducing capital at risk in the S&P500
研究了2008-2014年标普500公司的碳排放未减少，高碳商业模式带来搁浅资产和碳泡沫风险，建议金融机构将投资组合从高碳模式转移。
Highlights• Carbon emissions in the S&P500 for the period 2008 to 2014 have not been reduced.Fig. 1 S&P 313 Business Models: Carbon Generating and Carbon dependent business models.Notes: the shares of carbon emissions are the average for all companies in these business models covering the period 2008–2014Display full sizeFig. 2 S&P 313 Business Models: Carbon intensity and capital employed.Notes: the shares of carbon emissions are the average for all companies in these business models covering the period 2008–2014. Capital employed is: Short and Long-run debt plus total shareholder equity which is paid in capital, additional capital paid in and retained earnings reserves after adjustments for changes in comprehensive income.Display full sizeChart 1 Trading price of carbon on European ETS.Display full sizeChart 2 CO2 emissions: China, US and European Union 1960–2014 (bill tons).Display full sizeChart 3 Energy and Digital Lifestyle Business Model: Market Value Index.Display full size• Carbon intensive business models present a threat to financial stability from ‘stranded assets’ and ‘carbon bubbles’.• Financial institutions should migrate investment portfolios away from carbon intensive business models.• Carbon intensive business models are conjoined to less carbon intensive business models which generate substantial financial leverage.