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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]”
From Tackling climate change with machine learning (2023) · cites this paper as [185]
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“The huge gap between the practice and the expected goal leads to the more severe situation of tackling climate change more serious, which in turn makes financial regulators and financial institutions start to pay attention to the impact of physical risks and transition risks of climate change on the financial system (…”
BackgroundClimate Change and Financial Systemic Risk: Evidence from Us Banks and InsurersPreprint
Vioto, D., Curcio, D., & Gianfrancesco, I. (2022) · SSRN Electronic Journal · doi:10.2139/ssrn.4030022 · Cited by 7
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“Investors’ perception s of such stranded assets would change, possibly resulting in “ fire sales ” and, thus, higher market risk (Dietz et al., 2016).”
The Impact of Physical Climate Risks and Adaptation on Sovereign Credit RatingsPreprint
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“Estimates suggest possible global financial losses in the tens of trillions by the end of the century if we follow a business-as-usual emissions path (Dietz et al., 2016).”
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“Dietz et al. (2016) investigated the impact of climate change on asset values.”
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“Physical risks, on the other hand, describe the increased probability of direct impacts of climate change in the shape of losses and damages to humans as well as the natural and built environment from acute (extreme weather) and chronic (sea level rise, droughts) climate events (Dietz et al 2016).”
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Finance for Climate Action: Postcovid-19 Recovery Challenges
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“Finally, extreme weather events can result in the deterioration of balance sheets, and the decline in the asset quality and value of financial institutions (Dietz et al. 2016).”
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“Anthropogenic climate change is likely the most important and difficult collective action dilemma humankind has ever faced (Dietz et al. 2003). Despite the urgency of the problem, only recently, with the Paris Agreement of 2015, have global climate negotiations achieved some modicum of qualified success. Still, even i…”
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Stimulating Non-bank Financial Institutions’ Participation in Green Investments
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BackgroundEmbodied CO2 emissions of equity portfolios for Chinese asset managers
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ResultClimate-Related Default Probabilities
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“The future ‘climate value at risk’ of global financial assets is US$2.5 trillion in the ‘business-as-usual’ scenario, while the 99th percentile of the possible outcomes gives the value of approximately US$24.2 trillion (Dietz et al., 2016).”
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International Political Uncertainty and Climate Risk PremiumPreprint
Gong, X., Fu, C., Huang, Q., & Lin, M. (2022) · SSRN Electronic Journal · doi:10.2139/ssrn.4122678 · Cited by 3
“…of physical risk (e.g., Bovari et al., 2018; Burke et al., 2015, 2018; Campiglio et al., 2018; Coronese et al., 2019; Diffenbaugh and Burke, 2019; Dietz et al., 2016; Painter, 2020) and transition risk (e.g., Benedetti et al., 2021; Battiston et al., 2017; Carbon Tracker Initiative, 2011; Sen…”
BackgroundXu, X. W., Huang, S., Lucey, B. M., & An, H. (2022) · SSRN Electronic Journal · doi:10.2139/ssrn.4101828 · Cited by 3
Climate Risk, ESG Performance, and ESG Sentiment for U.S. Commercial BanksPreprint
Erhemjamts, O., Huang, K., & Tehranian, H. (2022) · SSRN Electronic Journal · doi:10.2139/ssrn.4275638 · Cited by 3
Nobletz, C. (2024) · Review of World Economics · doi:10.1007/s10290-024-00554-4 · Cited by 2
“Firstly, Gilchrist and Zakrajsek (2012) derive their GZ credit spreads from the secondary market prices of senior unsecured bonds issued by a large, representative sample of U.S. non-financial firms.”
InfluentialAn asset-level analysis of financial tail risks under extreme weather events
Kerkhofs, R., Bernhofen, M., Borsuk, M., Baer, M., Ranger, N. A., Schoutens, W., & Shrimali, G. (2025) · Environmental Research Climate · doi:10.1088/2752-5295/addf6f · Cited by 2
“These economic impacts subsequently propagate to the financial system [1] [2], and financial markets [3].”
Climate change risk, investor sentiment, and the performance of new entrant firms
Amini, S., Johan, S., Pour, E. K., & Mohamed, A. (2025) · Small Business Economics · doi:10.1007/s11187-025-01067-6 · Cited by 2
“2 Extant literature documents that climate change poses substantial costs to the economy (e.g., Nordhaus, 2007; Stern and Stern, 2007; Burke et al., 2015; Dietz et al., 2016; Lesk et al., 2016, Thistlethwaite and Wood, 2018).”
Public climate concern and policy shifts: Understanding the joint impact on carbon prices in China
Chen, H. (2025) · Journal of Climate Finance · doi:10.1016/j.jclimf.2025.100071 · Cited by 2
Extreme climatic event shocks and employment: empirical evidence from Chinese firms
Wang, S., Ma, L., Lai, Y., & Zhang, S. (2025) · Environment and Development Economics · doi:10.1017/s1355770x25100144 · Cited by 2
Physical Climate Risk in Asset Management
Azzone, M., Ghesini, M., Stocco, D., & Viola, L. (2025) · Corporate Social Responsibility and Environmental Management · doi:10.1002/csr.70215 · Cited by 2
“…by proposing an alternative approach for physical risk in asset management that strikes a balance between the two extrema discussed above: Dietz et al. (2016) estimate only a global loss, while Bressan et al. (2024) provide highly detailed asset-level estimations for a single country,…”
Climate sentiment-induced stock liquidity
Das, K. K., & Yaghoubi, M. (2025) · International Journal of Managerial Finance · doi:10.1108/ijmf-04-2025-0187 · Cited by 3
Informed trading and the fossil fuel industry's influence over UN climate meetings
Chen, X.-Y., Ling, X., Linnenluecke, M., Rajabi, M. M., & Smith, T. (2026) · Energy Economics · doi:10.1016/j.eneco.2025.109065 · Cited by 1
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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