Stranded Assets and the Environment: Risk, Resilience and Opportunity

Description

Drawing on the work of leading researchers and practitioners from a range of disciplines, including economic geography, economics, economic history, finance, law, and public policy, this edited collection provides a comprehensive assessment of stranded assets and the environment, covering the fundamental issues and debates, including climate change and societal responses to environmental change, as well as its origins and theoretical basis. The volume provides much needed clarity as the discourse on stranded assets gathers further momentum. In addition to drawing on scholarly contributions, there are chapters from practitioners and analysts to provide a range of critical perspectives. While chapters have been written as important standalone contributions, the book is intended to systematically take the reader through the key dimensions of stranded assets as a topic of research inquiry and practice. The work adopts a broad based social science perspective for setting out what stranded assets are, why they are relevant, and how they might inform the decision-making of firms, investors, policymakers, and regulators. The topic of stranded assets is inherently multi-disciplinary, cross-sectoral, and multi-jurisdictional and the volume reflects this diversity. This book will be of great relevance to scholars, practitioners and policymakers with an interest in include economics, business and development studies, climate policy and environmental studies in general. Contents Lists of figures List of tables List of boxes List of contributors Foreword • Achim Steiner Foreword • Lord Nicholas Stern Preface Acknowledgements 1 Introduction: stranded assets and the environment • Ben Caldecott 2 Stranded assets: then and now • Dimitri Zenghelis, Roger Fouquet and Ralph Hippe 3 The ‘decarbonisation identity’: stranded assets in the power generation sector • Alexander Pfeiffer 4 Stranded assets: an environmentally driven framework of sunk costs • Elizabeth Harnett 5 The stranding of upstream fossil fuel assets in the context of the transition to a low-carbon economy • Jakob Thomä 6 Examining stranded assets in power generation: coal, gas and nuclear • Daniel J. Tulloch 7 Understanding climate-related stranded assets in the global real estate sector • Kevin Muldoon-Smith and Paul Greenhalgh 8 Knowing the risks: how stranded assets relate to credit risk assessment and the debt markets • Michael Wilkins 9 An introduction to directors’ duties in relation to stranded asset risks • Sarah Barker 10 Climate change: what implications for central banks and financial regulators? • Sandra Batten, Rhiannon Sowerbutts and Misa Tanaka 11 Diversifying stranded asset risks by investing in “green”: mobilising institutional investment in green infrastructure • Christopher R. Kaminker 12 Stranded assets as economic geography: the case for a disciplinary home? • Ben Caldecott 13 Next steps for stranded assets and the environment • Ben Caldecott Index