Investment in new oil & gas assets: The effect of energy-related uncertainty and climate policy
利用1991-2022年资产层面数据，研究能源相关不确定性和气候政策如何影响油气企业的最终投资决策，发现不确定性和碳价等市场型政策均会抑制投资。
To meet climate goals, investment in new oil & gas assets needs to be curtailed. Yet, there is limited empirical evidence assessing the drivers of investment decisions by oil & gas firms within the context of the energy transition. Using asset-level data (1991–2022), we examine how energy-related uncertainty and climate policy impact final investment decisions in oil & gas at the firm level and at the asset level. Using the Energy-Related Uncertainty Index ( Dang et al., 2023 ) and the OECD Environmental Policy Stringency Index, we find that increased uncertainty and more robust market-based policies, such as carbon prices, both reduce investment. These findings are relevant to policymakers seeking to understand the impact of climate policy and uncertainty on new oil & gas supply.