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.
Table of Contents
List of Figures
List of Tables
List of Boxes
List of Contributors
Foreword by Achim Steiner
Foreword by Lord Nicholas Stern
1. Introduction: stranded assets and the environment
By Ben Caldecott
2. Stranded assets: then and now
By Dimitri Zenghelis, Roger Fouquet and Ralph Hippe
3. The ‘decarbonisation identity’: stranded assets in the power generation sector
By Alexander Pfeiffer
4. Stranded assets: an environmentally-driven framework of sunk costs
By Elizabeth Harnett
5. The stranding of upstream fossil fuel assets in the context of the transition to a low-carbon economy
By Jakob Thomä
6. Examining stranded assets in power generation: coal, gas and nuclear
By Daniel J. Tulloch
7. Understanding climate-related stranded assets in the global real estate sector
By Kevin Muldoon-Smith and Paul Greenhalgh
8. Knowing the risks: how stranded assets relate to credit risk assessment and the debt markets
By Michael Wilkins
9. An introduction to directors’ duties in relation to stranded asset risks
By Sarah Barker
10. Climate change: what implications for central banks and financial regulators?
By Sandra Batten, Rhiannon Sowerbutts and Misa Tanaka
11. Diversifying stranded asset risks by investing in ‘green’: mobilising institutional investment in green infrastructure
By Christopher R. Kaminker
12. Stranded assets as economic geography: the case for a disciplinary home?
By Ben Caldecott
13. Next steps for stranded assets and the environment
By Ben Caldecott
Ben Caldecott is the Founding Director of the Oxford Sustainable Finance Programme at the University of Oxford, UK. He has pioneered key concepts in his field, including the concept of ‘stranded assets’ and is the leading academic researcher in this area internationally.