{"title":"The finance perspective on fossil fuel divestment","authors":"Auke Plantinga , Bert Scholtens","doi":"10.1016/j.cosust.2023.101394","DOIUrl":null,"url":null,"abstract":"<div><p>This paper reviews the fossil fuel divestment literature. It argues that the origin of climate change is in the ‘carbon shield’, meaning that fossil fuel firms are not held sufficiently responsible for their externalities. By divesting from these firms, investors do not want to be complicit. The literature differentiates three dimensions in the fossil fuel divestment debate: Justification, Impact, and Agent. The first discusses the justification for divesting, whereas the second discusses the impact of divesting on financial performance and/or emissions, and the third relates to how to accomplish divesting and its consequences for individual agents. The review concludes that the number of perspectives used to analyze the divestment debate is rising, that the environmental and financial impact of divestment is very limited, and that a wide variety of agents relate to divesting from fossil fuel.</p></div>","PeriodicalId":294,"journal":{"name":"Current Opinion in Environmental Sustainability","volume":"66 ","pages":"Article 101394"},"PeriodicalIF":6.6000,"publicationDate":"2023-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1877343523001410/pdfft?md5=376da3f3a646628ebddf07d57c72ef27&pid=1-s2.0-S1877343523001410-main.pdf","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Current Opinion in Environmental Sustainability","FirstCategoryId":"93","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1877343523001410","RegionNum":2,"RegionCategory":"环境科学与生态学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ENVIRONMENTAL SCIENCES","Score":null,"Total":0}
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Abstract
This paper reviews the fossil fuel divestment literature. It argues that the origin of climate change is in the ‘carbon shield’, meaning that fossil fuel firms are not held sufficiently responsible for their externalities. By divesting from these firms, investors do not want to be complicit. The literature differentiates three dimensions in the fossil fuel divestment debate: Justification, Impact, and Agent. The first discusses the justification for divesting, whereas the second discusses the impact of divesting on financial performance and/or emissions, and the third relates to how to accomplish divesting and its consequences for individual agents. The review concludes that the number of perspectives used to analyze the divestment debate is rising, that the environmental and financial impact of divestment is very limited, and that a wide variety of agents relate to divesting from fossil fuel.
期刊介绍：
"Current Opinion in Environmental Sustainability (COSUST)" is a distinguished journal within Elsevier's esteemed scientific publishing portfolio, known for its dedication to high-quality, reproducible research. Launched in 2010, COSUST is a part of the Current Opinion and Research (CO+RE) suite, which is recognized for its editorial excellence and global impact. The journal specializes in peer-reviewed, concise, and timely short reviews that provide a synthesis of recent literature, emerging topics, innovations, and perspectives in the field of environmental sustainability.
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