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‘Climate value at risk’ of global financial assets
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“Climate change poses a substantial financial risks to global assets measured in the trillions of dollars [185]”
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“Overall, the global climate “Value at Risk” (VaR) due to climateinduced physical damages has been estimated as approximately 24 trillion USD of lost financial asset (Dietz et al., 2016).”
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“This metric can deal with drawbacks from more conventional measures that are used in this arena (see Dietz et al., 2016; Battiston et al., 2017).”
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“In particular, Dietz et al. (Dietz et al. 2016) propose a top-down measure of climate value at risk using GDP projections derived from the DICE integrated assessment model (Nordhaus 2014).”
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Financial Stability and Climate Change
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“Carbon Bombs” - Mapping key fossil fuel projects
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“A wealth of recent evidence on climate risk and property values is consistent with the perspective that, at least in many cases, markets are underestimating climate risk (e.g., Dietz et al. , 2016; Battiston et al. , 2017; Monasterolo and De Angelis, 2020).”
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“Dietz et al. [43] estimate that the expected loss of financial assets amounts to USD 2.5 trillion (1.8% of the assets’ value) in a baseline business-as-usual scenario.”
BackgroundMethodInfluentialCorporate climate risk and stock market reaction to performance briefings in China
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“According to Dietz et al. (2016), the projected “climate Value-at-Risk” under the business-as-usual scenario is US$2.5 trillion.”
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“Losses can cascade on financial actors via adjustments in the value of securities and loans of the hit firms, leading to credit, insurance and sovereign risk (Dietz et al., 2016, Monasterolo, 2020a, Beirne et al., 2021).”
BackgroundFrom state to system: financialization and the water-energy-food-climate nexus
Schmidt, J. J., & Matthews, N. (2018) · Geoforum · doi:10.1016/j.geoforum.2018.03.001 · Cited by 73
Climate Risk and the Price of Audit Services: The Case of Drought
Truong, C., Garg, M., & Adrian, C. (2020) · Auditing A Journal of Practice & Theory · doi:10.2308/ajpt-18-097 · Cited by 61
Macrofinancial Risks of the Transition to a Low-Carbon Economy
Campiglio, E., & van der Ploeg, F. (2022) · Review of Environmental Economics and Policy · doi:10.1086/721016 · Cited by 63
“Hence, with some exceptions (e.g., Dietz et al. 2016), numerical IAMs are currently used mainly to provide reference emission, energy, and carbon price pathways that are then incorporated into other models that provide a more sophisticated representation of macrofinancial dynamics (Allen et al.…”
MethodClimate risk and the systemic risk of banks: A global perspective
Wu, B., Wen, F., Zhang, Y., & Huang, Z. (. (2024) · Journal of International Financial Markets Institutions and Money · doi:10.1016/j.intfin.2024.102030 · Cited by 63
Calabrese, R., Dombrowski, T., Mandel, A., Pace, R. K., & Zanin, L. (2021) · European Journal of Operational Research · doi:10.1016/j.ejor.2023.11.022 · Cited by 60
Quantifying the implied risk for newly-built coal plant to become stranded asset by carbon pricing
Mo, J., Cui, L., & Duan, H. (2021) · Energy Economics · doi:10.1016/j.eneco.2021.105286 · Cited by 57
Metadata
- Authors
- Dietz, S., Bowen, A., Dixon, C., & Gradwell, P.
- Affiliations
- Vivid Economics (United Kingdom) (GB)
- Centre for Climate Change Economics and Policy (GB)
- Corresponding author
- Dietz, Simon
- ORCID
- Dietz, Simon
- Venue
- Nature Climate Change
- Published
- 2016-04-04
- Volume
- 6
- Issue
- 7
- Pages
- 676-679
- ISSN
- 1758-678X (ISSN-L)
- 1758-6798
- OpenAlex
- W2330768275
- Cited by
- 694
- References
- 33
- Citations by year
- 2026: 111 · 2025: 126 · 2024: 121 · 2023: 66 · 2022: 66 · 2021: 72 · 2020: 45 · 2019: 32 · 2018: 27 · 2017: 19 · 2016: 6
- FWCI
- 42.30
- Type
- journal article
- Language
- en
- Open access
- green
- orcid.org
- Licence
- www.springer.com/tdm (tdm)
- Locations
- Nature Climate Change (publishedVersion)
- London School of Economics and Political Science Research Online (London School of Economics and Political Science) (acceptedVersion)
- London School of Economics and Political Science Theses Online (London School of Economics and Political Science) (acceptedVersion)
- LSE Research Online Documents on Economics (submittedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Funders
- Grantham Foundation for the Protection of the Environment
- Economic and Social Research Council (ES/K006576/1)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Sustainable Finance and Green Bonds
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Climate Change Policy and Economics
- Physical Sciences › Environmental Science › Global and Planetary Change › Climate Change and Geoengineering
- Keywords
- financial assets, 2°C target, integrated assessment models, business-as-usual emissions, tail risk, mitigation costs, risk-neutral investors, risk-averse investors
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