Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.1016/j.ecolecon.2019.03.008 |
Are pension funds actively decarbonizing their portfolios? | |
Boermans, Martijn A.1,2; Galema, Rients2 | |
2019-07-01 | |
发表期刊 | ECOLOGICAL ECONOMICS
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ISSN | 0921-8009 |
EISSN | 1873-6106 |
出版年 | 2019 |
卷号 | 161页码:50-60 |
文章类型 | Article |
语种 | 英语 |
国家 | Netherlands |
英文摘要 | We study whether investors are actively decarbonizing their portfolios. With the adoption of the Paris Agreement in December 2015, a better understanding of portfolio related carbon dioxide (CO2) exposures has become increasingly important for investors, regulators and society at large. Carbon-intensive stocks still carry a substantial weight in common market benchmarks. We analyze if investors are actively divesting by deviating from market benchmark allocations to reduce carbon exposures. We utilize a stock-level holdings dataset of Dutch pension funds over the period 2009-2017 and combine this with firm-level CO2 emissions information to measure the portfolio carbon footprint and active portfolio management. We find that pension funds that deviate from market benchmark weights have substantially lower carbon footprints. This effect is mostly driven by reduced exposures to carbon-intensive industries and is larger for pension funds that measure and report their carbon footprints. We find no evidence that deviations from the market benchmark impair risk-adjusted portfolio performance. |
英文关键词 | Carbon footprint Pension funds Active portfolio management |
领域 | 资源环境 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000470049700006 |
WOS关键词 | FOSSIL-FUEL DIVESTMENT ; PERFORMANCE ; RISK ; ALLOCATION ; GOVERNANCE ; SHARE |
WOS类目 | Ecology ; Economics ; Environmental Sciences ; Environmental Studies |
WOS研究方向 | Environmental Sciences & Ecology ; Business & Economics |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/184461 |
专题 | 资源环境科学 |
作者单位 | 1.De Nederlandsche Bank, Westeinde 1, NL-1017 ZN Amsterdam, Netherlands; 2.Univ Utrecht, Sch Econ, POB 80125, NL-3508 TC Utrecht, Netherlands |
推荐引用方式 GB/T 7714 | Boermans, Martijn A.,Galema, Rients. Are pension funds actively decarbonizing their portfolios?[J]. ECOLOGICAL ECONOMICS,2019,161:50-60. |
APA | Boermans, Martijn A.,&Galema, Rients.(2019).Are pension funds actively decarbonizing their portfolios?.ECOLOGICAL ECONOMICS,161,50-60. |
MLA | Boermans, Martijn A.,et al."Are pension funds actively decarbonizing their portfolios?".ECOLOGICAL ECONOMICS 161(2019):50-60. |
条目包含的文件 | 条目无相关文件。 |
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