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Financial Risks and Opportunities in the Time of Climate Change
Report

Financial Risks and Opportunities in the Time of Climate Change

Dirk Schoenmaker and Rens van Tilburg
Bruegel, 2016
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Editorial Rating

8

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  • Innovative

Recommendation

Climate change, along with the overuse of natural resources, poses not just a global environmental risk but also raises the potential of serious financial shocks to the economy. While some of the dangers based on the current trajectory of environmental degradation are knowable, others present asymmetric perils to the financial ecosystem, argue authors Dirk Schoenmaker and Rens van Tilburg. getAbstract recommends their cogent report to policy makers, financial executives and others interested in the nexus of finance and energy.

Take-Aways

  • A warming planet will have serious repercussions for both for the environment and the global economy.
  • The most conspicuous financial system risk from climate change arises from the “carbon bubble,” which is the “overvaluation of fossil-fuel reserves and related assets should the world manage to tackle global warming.”
  • To remain below the 2ºC [3.6ºF] limit to 2050 agreed upon at the 2015 Paris summit on climate change, the global community will have to abandon “35% of known oil reserves, 52% of gas reserves and 88% of coal reserves.”

About the Authors

Dirk Schoenmaker is a senior fellow at Bruegel. Rens van Tilburg is the director of the Sustainable Finance Lab at Utrecht University.

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