Carbon Risk & Fossil Fuel Divestment

Learning the Basics: 

Read through a quick guide to some fundamental concepts about divestment 

Investment Risks and Options: The Climate Case and Beyond

This 2014 IEN panel covers stranded asset risks; carbon, climate, and other risk assessment; low carbon investing strategies; and dealing with commingled funds and alternative investments

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Fossil Fuel Divestment and Reinvestment 

Resources and a framework for thinking through reinvestment options from US SIF, the forum for sustainable and responsible investment

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A Guide to Fossil Fuel Free Investing

Green Century's guide on how investors can make a clean break and practice ethical investing for a sustainable future

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Fossil Fuel Divestment: A Practical Introduction

MSCI's resource for investors facing the possibility or necessity of divesting from some type of fossil fuel holdings

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IEN Curated Resources: 

Webinars and online workshops 

Recordings of webinars that IEN has hosted on divestment

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Events 

Access event summaries and panel recordings on divestment

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Blogs 

Collection of thought leadership by network members and partners on divestment

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Other Divestment Resources: 

Fossil Fuel Divestment and Reinvestment - resources and a framework for thinking through reinvestment options from US SIF, the forum for sustainable and responsible investment.

Making It Mainstream – Carbon Action 100+ Power Utility Profiles | Carbon Tracker Initiative

A Guide to Fossil Fuel Free Investing l Green Century

Fossil Fuel Divestment Reports from Campuses

Divestment Guide - a web-portal with resources, tools, and data on fossil fuel divestment and fossil free investing (a project of Divest-Invest Individual)

GoFossilFree.org - an international network of campaigns and campaigners working to promote divestment from the top 200 fossil fuel companies 

The Carbon Underground 200 - the list of the top 200 fossil fuel companies ranked by the potential carbon emissions content of their reported reserves (maintained by Fossil Free Indexes) 

The Carbon Clean 200 - the Clean200 list ranks the largest publicly listed companies by their total clean energy revenues, with environmental, social, and governance screens (As You Sow and Corporate Knights) 

Divest-Invest Philanthropy - a network of philanthropic organizations committed to divesting from the top 200 fossil fuel companies and investing at least 5% of their portfolio into climate solutions. 

Fossil Free Funds - an online tool that enables users to look up mutual funds and see their exposure to various fossil fuel companies. (As You Sow, with financial data provided by Morningstar)

Fossil Fuel Divestment: A Practical Introduction - Meggin Thwing Eastman, MSCI, September 2016

SEC Sustainability Disclosure Search l - The tool scours the text of SEC annual filings (10-Ks, 20-Fs and 40-Fs) and automatically identifies relevant disclosures on sustainability issues like climate change, carbon asset risk, water availability and quality, and hydraulic fracturing (Ceres) 

The Financial Impact of Fossil Fuel Divestment | Auke Plantinga & Bert Scholtens research finds that the investment performance of portfolios that exclude fossil fuel production companies does not significantly differ in terms of risk and return from unrestricted portfolios - August  2020 

Investing in Our Mission: A Five-Year Case Study of Fossil Fuel Divestment at the Rockefeller Brothers Fund | Rockefeller Brothers Fund, May 2020

Climate Impact: Understanding Vulnerability as the Missing Piece in the Climate Risk Puzzle | Morgan Stanley, April 2020

Managing Climate Risk in the US Financial System| Climate-Related Market Risk Subcommittee, 2020

University of Pennsylvania will not invest in tar sands | The Daily Pennsylvanian, February 2020

Georgetown University says it will divest from fossil fuel companies | The Washington Post, February 2020

Examining the Impact of Divestment from Fossil Fuels on University Endowments | Social Science Research Network, CJ Ryan and Christopher Marsicano, January 2020

A Summary of Climate Change Science for Investors | Cambridge Associates, December 2019

Land of the Rising Sun and Offshore Wind | Carbon Tracker Initiative, October 2019

Completing the Picture: How the Circular Economy Tackles Climate Change | Ellen MacArthur Foundation, September 2019

2019 Progress Report | Climate Action 100+

12 Reports on Carbon Pricing, Climate Security, and More | Yale Climate Connections, October 2019

The Speed of the Energy Transition | Carbon Tracker Initiative, September 2019

Divest Invest Philanthropy: Five Years After Launch | Croatan Institute, October 2019

Internal Carbon Pricing For Low-carbon Finance | Generation Foundation, Navigant, and CDP, July 2019

The Risk of Fiscal Collapse in Coal-Reliant Communities | Columbia University, July 2019

Task Force on Climate-Related Financial Disclosures (TCFD) Implementation Guide | Climate Disclosure Standards Board (CDSB) and the Sustainability Accounting Standards Board (SASB), May 2019

Overexposed: The IPCC’s Report on 1.5°C and the Risks of Overinvestment in Oil and Gas | Global Witness, April 2019

Thinking Outside the Box: How and Why to Invest in a Climate Change Strategy | Grantham, Mayo, Van Otterloo &Co. LLC (GMO), April 2019

Investing In A Time Of Climate Change — The Sequel | Mercer, 2019

Addressing Climate Risks and Opportunities in the Investment Process l Institutional Investors Group on Climate Change (IIGCC), November 2018

The Climate Accountability Scorecard (2018) l The Union of Concerned Scientists, October 2018

2020 Vision: Why You Should See the Fossil Fuel Peak Coming l Carbon Tracker, September 2018

Fossil Fuel Divestment Funds Rise to $6tn l The Guardian, September 2018

New Report Disproves Financial Argument Against Divestment l Global News Wire, September 2018

The Race of Our Lives Revisited l Grantham, Mayo, Van Otterloo &Co. LLC (GMO), August 2018

Climate Change Considerations Up Five-Fold Over Two Years In Money Manager Decisions, Says Report l Forbes, August 2018

How to Invest in the Low-carbon Economy | Principles for Responsible Investment, June 2018

Addressing Climate Risks and Opportunities in the Investment Process l Institutional Investors Group on Climate Change (IIGCC), October 2018 

Oxford Martin Principles for Climate-Conscious Investment | Oxford Martin School, February 2018

How to Divest Invest: A guide for Institutional Investors l Divest Invest Network, February 2018

Climate Change Investment Risk Update on the “Smart Carbon” Methodology | Impax Asset Management, April 2017

Make a Clean Break: Your Guide to Fossil Fuel Free Investing l Trillium Asset Management, Green Century & 350, April 2017

Fossil Fuel Divestment and Its Potential Impacts On Students, Faculty and Other University and Pension Stakeholders | Hendrik Bessembinder. Arizona State University, University of Washington, and Compass Lexecon, April 2017

Climate Investing in 2017 l Cornerstone Capital Group, January 2017

Unconventional Risks: The Growing Instability of Oil Investments | As You Sow, 2016

Recommendations of the Task Force on Climate-related Financial Disclosures l TCFD, December 14, 2016

Video: Interview with Don Gould, Trustee at Pitzer College, About Their Decision to Divest From Fossil Fuels l EcoCiv, December 2016

Measuring the Growth of the Global Fossil Fuel Divestment and Clean Energy Investment Movement l Arabella Advisors, December 2016

Applying Asset Pricing Theory to Calibrate the Price of Climate Risk | Kent D. Daniel, Robert B. Litterman, Gernot Wagner, National Bureau of Economic Research, November 2017

Disclosing the Facts: Transparency and Risk in Hydraulic Fracturing Operations| As You Sow, Boston Common Asset Management, and the Investor Environmental Health Network

Out of the Starting Blocks: Tracking Progress on Corporate Climate Action l CDP, October 2016

Adapting Portfolios to Climate Change: Impactions and Strategies for All Investors | BlackRock Investment Institute, September 2016

Positive Organizational Leadership and Pro-Environmental Behavior: The Phenomenon of Institutional Fossil Fuel Divestment | July 2016

Value-Chain Analysis: Partnership for a Carbon Efficiency Strategy l BNY Mellon, April 2016

Investing in a Time of Climate Change: California State Teachers Retirement System Portfolio Climate Change Risk Assessment Executive Summary l Mercer, February 23, 2016

The Risks and Opportunities from the Changing Climate: Playbook for the Truly Long-Term Investor | Cambridge Associates, December 2015

Climate Change: Separating the Real Risks for Investors from the Noise l Teachers' Pension Plan, Ontario 

The Road to Paris: Global Companies Speak Out for Action on Climate Change l Walden Asset Management, October 2015

Action on Climate: A Practical Guide for Fiduciaries l Croatan Institute, September 2015

Fossil Free Campaign Orientation Paper for University of Ottawa | Dr. Tessa Hebb, Carleton University, June 2015 

Investing in a Time of Climate Change l Mercer, June 2015

Climate Change Investment Solutions: A Guide for Asset Owners l Global Investor Coalition on Climate Change, April 2015

Beyond Divestment: Using Low Carbon Indexes l MSCI Research, March 2015

Fossil Fuel Divestment: A Costly and Ineffective Investment Strategy | Daniel R. Fischel, Compass Lexecon, on behalf of the Independent Petroleum Association of America, February 2015

Stormy Seas, Rising Risks: What Investors Should Know About Climate Change Impacts at Oil Refineries l Center for Science and Democracy at the Union of Concerned Scientists, 2015

The Path to Fossil Fuel Divestment for Universities: Climate Responsible Investment l Cutler J. Cleveland and Richard Reibstein, Boston University, Department of Earth and Environment, February 12, 2015 

The Case for Forceful Stewardship (Part 1): The Financial Risk from Global Warming | Howard Covington and Raj Thamotheram, January 2015 

Fossil Fuel Divestment: Reviewing Arguments, Implcations & Policy Opportunities l Justin Ritchie and Hadi Dowlatabadi, Pacific Institute for Climate Solutions, January 2015

Storms on the Horizon: Is Climate Change Policy Likely to Undermine the Value of Fossil Fuel Assets, and Should Investors Divest? | Impax Asset Management, November, 2014

The Economic Risks of Climate Change in the United States | Risky Business Project, June 2014 

Climate Change: Implications for Investors and Financial Institutions | Institutional Investors Group on Climate Change, University of Cambridge, UN Environment Programme, June 2014 

Responding to the Call for Fossil-fuel Free Portfolios | MSCI ESG Research, December 2013

Stranded Carbon Assets:  Why and How Carbon Risks should be Incorporated in Investment Analysis | Generation Foundation, October 2013

Emerging Research on Climate Change Risk and Fossil-Fuel Divestment | Veris, April 2013

Do the Investment Math:  Building a Carbon-Free Portfolio | Aperio Group, 2013

Beyond Fossil Fuels:  The Investment Case for Fossil Fuel Divestment | Impax Asset Management, 2013

The Other Reason for Divestment | Robert Litterman, Ensia, 2013

Investing to Curb Climate Change:  A Guide for the Institutional Investor | US SIF, 2013

Unburnable Carbon – Are the world’s financial markets carrying a carbon bubble? | Carbon Tracker Initiative, 2012 

Climate Change Scenarios – Implications for Strategic Asset Allocation | Mercer, 2011 

Reports and Publications from the Stranded Assets Programme at the Smith School of Enterprise and the Environment, University of Oxford

 

 

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