Descrizione del progetto
Mercati finanziari che affrontano il cambiamento climatico
Gli investitori istituzionali come i gestori patrimoniali, le società di assicurazione, i fondi pensione e i fondi sovrani di investimento possiedono più del 70 % delle azioni di società quotate in borsa. Pertanto, possono svolgere un ruolo significativo nell’incoraggiare queste aziende a intensificare i loro sforzi nella lotta al cambiamento climatico. A tal fine, i mercati finanziari dovrebbero svolgere un ruolo nuovo. Il progetto FinanceCC, finanziato dall’UE, intende in primo luogo determinare come i mercati finanziari possano aiutare gli investitori a modellare le loro strategie di portafoglio per affrontare il rischio del cambiamento climatico. In secondo luogo, il progetto individuerà in che modo gli investitori istituzionali possono impegnarsi con le aziende per guidarle nella loro transizione verso l’energia rinnovabile. Infine, il progetto studierà come la politica pubblica modella il comportamento delle imprese attraverso le azioni degli investitori istituzionali.
Obiettivo
Should firms maximize financial value without regard to any environmental and social damages? If not, how should shareholders convey their social and environmental preferences? And, how should investors form their portfolio strategies and engage with the companies they invest in to mitigate climate change and other externalities? These are new fundamental questions firms and investors are confronted with in the face of accelerating climate change, and the new role financial markets are expected to play in the fight against climate change. Another transformational development is the rise of institutional investors –asset managers, insurance companies, pension funds, and sovereign wealth funds—who together own more than 70% of the shares of publicly traded companies. These institutional investors are de facto the critical actors to aggregate investor preferences and engage with companies on their behalf.
This research project is divided into two major themes: (A) to determine how financial markets provide the asset price signals and information to help investors shape their portfolio strategies in the face of climate change risk; (B) to identify how institutional investors approach climate change and engage with companies to lead them to accelerate the transition towards renewable energy. These two themes cannot be separated from public policy towards climate change, and the broader context of the global fight against climate change by governments, municipalities, regulators and civil society. Accordingly, a major aspect of the research is to make explicit how public policy shapes corporate behaviour through the actions of institutional investors.
Campo scientifico
- social sciencespolitical sciencespolitical policiespublic policies
- engineering and technologyenvironmental engineeringenergy and fuelsrenewable energy
- social sciencespolitical sciencespolitical policiescivil society
- natural sciencesearth and related environmental sciencesatmospheric sciencesclimatologyclimatic changes
Programma(i)
Argomento(i)
Meccanismo di finanziamento
ERC-ADG - Advanced GrantIstituzione ospitante
SW7 2AZ LONDON
Regno Unito