McDonnell Clara, Gupta Joyeeta
Department of Geography, Planning and International Development, University of Amsterdam's Governance and Inclusive Development Research Group, Amsterdam, Netherlands.
IHE-Delft Institute for Water Education, Delft, Netherlands.
Clim Policy. 2023 Oct 12;24(3):314-331. doi: 10.1080/14693062.2023.2261900. eCollection 2024.
Institutional investors, who control as much as $154 trillion globally, may play an important role in shaping the energy transition as major stakeholders in fossil fuel producing, distributing and consuming companies. Research on investors and fossil fuels has focused largely on the divestment movement or on shareholder engagement. However, given their limited success to date, additional strategies to influence the fossil fuel sector are merited. This review paper expands the scope of attention to investors, asking: what strategies for influencing the fossil fuel industry are available to institutional investors and what are the implications of these for achieving an inclusive fossil fuel phase-out? Through a systematic review of 153 papers, we identify seven strategies for influencing the fossil fuel phase-out: divestment, shareholder engagement, hiring practices, engaging the financial sector, engaging indirect financial actors, litigation, and green investment. These strategies represent ways for investors to increase the impact of their engagements, as well as areas deserving greater attention from academics, policymakers, and activists. Across these strategies, we note trade-offs in favour of financial returns at the expense of social, ecological, and equity outcomes. We argue that future research should focus on: (a) the role of under-studied actors in aligning finance with climate goals; (b) the implications of investor action for an inclusive energy transition; and (c) policy solutions capable of overcoming investors' short-term profit motives to instead incentivise long-term investor engagement with climate issues.
机构投资者在全球控制着高达154万亿美元的资产,作为化石燃料生产、分销和消费公司的主要利益相关者,他们可能在塑造能源转型方面发挥重要作用。关于投资者与化石燃料的研究主要集中在撤资运动或股东参与方面。然而,鉴于迄今为止这些方法成效有限,有必要采取其他策略来影响化石燃料行业。这篇综述文章将关注范围扩大到投资者,提出以下问题:机构投资者可采用哪些策略来影响化石燃料行业,以及这些策略对实现包容性化石燃料淘汰意味着什么?通过对153篇论文的系统综述,我们确定了七种影响化石燃料淘汰的策略:撤资、股东参与、招聘实践、与金融部门合作、与间接金融行为者合作、诉讼和绿色投资。这些策略代表了投资者增强其参与影响力的方式,也是学术界、政策制定者和活动家应给予更多关注的领域。在这些策略中,我们注意到存在以牺牲社会、生态和公平成果为代价来换取财务回报的权衡。我们认为,未来的研究应聚焦于:(a)研究较少的行为者在使金融与气候目标保持一致方面的作用;(b)投资者行动对包容性能源转型的影响;(c)能够克服投资者短期利润动机,转而激励投资者长期参与气候问题的政策解决方案。