AAG 2018 Call for Papers: Critical perspectives on climate change, capital markets and financial instruments
Sponsored by the Cultural and Political Ecology Specialty Group
Session organisers: Felicia Liu (King’s College London, UK), Samuel Tang (Queen Mary University of London, UK), David Demeritt (King’s College London, UK)
Climate change is a threat to the stability of the financial system (TCFD, 2017; Christophers, 2017). Its challenges are complex and manifold, so much so that the Governor of the Bank of England has famously warned of a ‘climate Minsky moment’, destabilising enough to induce a new global financial crisis (Carney, 2015). Climate change and its responses pose a range of physical and nonphysical risks that might endanger systemic financial stability, for example, mounting liability for climate-related losses and damages, trillions of dollars i potential stranded assets, and increasingly vocal calls for disclosure of potentially damaging climate-related financial information. Meanwhile, financial institutions frame the transition to a 2 degree-C economy as an urgent task for the sector, and a source of financial opportunities waiting to be identified and harnessed.
Multiple mechanisms have emerged through both public and private channels to address these risks and opportunities, including but not exclusive of climate-related accounting and disclosures (Christophers, 2017; Kolk et al., 2008; Linnenluecke, 2015; Reid & Toffel, 2009), shifting risk insurance schemes (Hoeppe & Gurenko, 2006; Johnson, 2010; Grove, 2010), climate and green investments (Bowman, 2015; Knuth, 2017; Richardson, 2009), as well as related laws and regulations (Bulkeley et al., 2012). These financial initiatives, scheme and regulations take different sizes, scales and structures. However, our understanding of the effectiveness of these mechanisms in addressing climate-related financial risks remains incomplete.
This session seeks a critical evaluation of mechanisms to addressing climate-related risks experienced through the financial system. We therefore invite papers interested in (though not limited to) the following topics:
Explorations of the role of capital markets in climate change adaptation and mitigation
Investigations of specific climate-related risks or opportunities that affect the stability of the financial system
Evaluations of the rationale, processes, governance or effectiveness of climate-related financial initiatives, schemes, regulations or disclosures
Abstracts of no more than 250 words must be sent to Felicia Liu at [log in to unmask] by Friday 19th October 2017. For conference information, see: http://www.aag.org/cs/annualmeeting
References
Bowman, M. (2015). Banking on Climate Change: How Finance Actor and Transnational Regulatory Regimes are Responding, Wolters Kluwer: The Netherlands
Bulkeley, H., Andonova, L., Bäckstrand, K., Betsill, M., Compagnon, D., Duffy, R., ... & Milledge, T. (2012). Governing climate change transnationally: assessing the evidence from a database of sixty initiatives. Environment and Planning C: Government and Policy, 30(4), 591-612.
Carney, M. (2015). Breaking the tragedy of the horizon—Climate change and financial stability. [Accesible via: http://www.banko fengland.co.uk/publications/Documents/speeches/2015/ speech844.pdf; Last accessed 4th Oct 2017)
Christophers, B. (2017). Climate Change and Financial Instability: Risk Disclosure and the Problematics of Neoliberal Governance. Annals of the American Association of Geographers, 1-20.
Grove, K. J. (2010). Insuring “our common future?” Dangerous climate change and the biopolitics of environmental security. Geopolitics, 15(3), 536-563.
Hoeppe, P., & Gurenko, E. N. (2006). Scientific and economic rationales for innovative climate insurance solutions. Climate Policy, 6(6), 607-620.
Johnson, L. (2010). Climate change and the risk industry: the multiplication of fear and value. Global political ecology, 185-202.
Knuth, S. (2017). Green Devaluation: Disruption, Divestment, and Decommodification for a Green Economy. Capitalism Nature Socialism, 28(1), 98-117.
Kolk, A., Levy, D., & Pinkse, J. (2008). Corporate responses in an emerging climate regime: The institutionalization and commensuration of carbon disclosure. European Accounting Review, 17(4), 719-745.
Linnenluecke, M. K., Birt, J., & Griffiths, A. (2015). The role of accounting in supporting adaptation to climate change. Accounting & Finance, 55(3), 607-625.
Reid, E. M., & Toffel, M. W. (2009). Responding to public and private politics: Corporate disclosure of climate change strategies. Strategic Management Journal, 30(11), 1157-1178.
Richardson, B. J. (2009). Climate finance and its governance: moving to a low carbon economy through socially responsible financing?. International & Comparative Law Quarterly, 58(3), 597-626.
Task Force on Climate-Related Financial Disclosures (TCFD). (2017). Final Report Recommendations of Task Force on Climate-Related Financial Disclosures [Accessible via: https://www.fsb-tcfd.org/wp-content/uploads/2017/06/FINAL-TCFD-Report-062817.pdf; Last accessed on 4th Oct 2017]
--
Felicia Liu
PhD Student
King's College London | National University of Singapore
Tel: (+44) 7552595672
Email: [log in to unmask]
|