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Carbon finance: the financial implications of climate change

Author: Labatt, Sonia ; White, Rodney R.Publisher: Wiley, 2007.Language: EnglishDescription: 268 p. : Graphs ; 24 cm.ISBN: 9780471794677Type of document: BookBibliography/Index: Includes bibliographical references and index
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Item type Current location Collection Call number Status Date due Barcode Item holds
Book Europe Campus
Main Collection
Print GE42 .L33 2007
(Browse shelf)
001215585
Available 001215585
Total holds: 0

Includes bibliographical references and index

Digitized

Carbon Finance: The Financial Implications of Climate Change Contents Foreword About the Authors Acknowledgments List of Acronyms CHAPTER 1 Introduction Introduction The Changing Climate The Scientific Context of Climate Change The Political Context of Climate Change Corporate Climate Risk Regulatory Risk Physical Risks Business Risks Climate Policies Mitigation Policies Adaptation Measures Role of the Financial Services Sector Conclusion iii xiii xv xvii 1 1 3 5 8 11 11 13 14 15 15 19 21 23 CHAPTER 2 The Energy Chain Introduction The Energy Chain and the Value Chain Carbon Policies Policy Approaches The Broader Policy Context National and Local Self-Sufficiency Impacts of Different Users and Uses on Climate Change Users: Business, Households, and Government 27 27 28 32 32 33 33 34 34 Uses: Manufacturing, Transportation, Heating, Water, and Solid Waste Sources of Energy: Fossil Fuels Coal Oil Gas Sources of Energy: Nuclear Energy Sources of Energy: Hydroelectric Power Sources of Energy: Renewables Traditional Biomass Wind Energy Solar Energy Tidal Energy and Wave Energy Modern Biomass and Biofuels Geothermal Energy Key Issues A Hydrogen Economy Based on Fuel Cells? Carbon Sequestration Unintended Discharges Financing the Transformation of the Energy Chain: The Role of Venture Capital Conclusion 34 36 36 37 38 39 41 42 44 44 46 47 48 50 50 51 52 53 53 55 Chapter 3 Regulated and Energy-Intensive Sectors Introduction Power Industry Integrated Oil and Gas Industry Government Mandates Physical Capital Restricted Access to Oil and Gas Reserves The Coming Age of Gas, and Beyond Global Concerns Regarding Energy Security Transportation Automotive Industry Factors Affecting Auto Manufacturers' Carbon Profile Aviation Cement Competitive Implications of Climate Risk in Regulated and Energy-Intensive Sectors Conclusion 57 57 57 65 65 66 66 68 70 71 72 76 80 82 84 87 CHAPTER 4 The Physical Impacts of Climate Change on the Evolution of Carbon Finance Introduction Physical Impacts on Unregulated Sectors Water Supply and Treatment Agriculture Forestry Fisheries Real Property and Production Facilities Transportation Tourism Municipalities The Built Environment Physical Impacts on Carbon-Regulated Sectors Electric Power Oil and Gas Producers Financial Services Banking Investment Insurance Conclusion 88 89 90 90 92 94 96 96 97 97 98 100 103 103 104 105 105 106 106 108 CHAPTER 5 Institutional Investors and Climate Change Introduction Institutional Investors: Size and Global Reach Environmental Reporting Corporations Institutional Investors Corporate Environmental Reporting New Era of Fiduciary Responsibility for Institutional Investors Investment Decision Making Active Engagement Shareholder Resolutions and Proxy Voting Mutual Funds New Momentum in the Corporate World Barriers to the Financial Consideration of Climate Change Institutional Investors and Climate Change 111 111 112 112 112 113 113 116 117 118 120 122 125 127 130 Institutional Investors' Group on Climate Change (IIGCC) Carbon Disclosure Project (CDP) The Equator Principles Investor Network on Climate Risk (INCR) Conclusion 131 131 134 135 135 CHAPTER 8 Emissions Trading hi Theory and Practice Introduction How Carbon Is Traded Now The Kyoto Protocol The Chicago Climate Exchange The European Union Emission Trading Scheme The Price of Carbon in the EU ETS Countries outside Europe with Kyoto Caps Carbon Markets in the United States and Australia Setting up the Clean Development Mechanism and Joint Implementation The Role of Carbon Funds, Carbon Brokers, and Exchanges Key Issues Verification--Protocols for Measuring Emission Reductions Controlling the Sale of "Hot Air" The Quality and Price of Carbon Credits Enforcing Compliance Integrating the Various Trading Platforms The CDM Bottleneck Extending the Time Horizon beyond 2012 Extending Carbon Caps to Uncapped Parties The Carbon Offset Market The Role of Insurance in Emissions Trading Issues for Dispute Resolution Conclusion 137 137 140 140 143 143 148 150 151 153 156 159 159 160 161 161 162 162 163 163 164 165 166 166 CHAPTER 7 Climate Change and Environmental Security: Individuals, Communities, Nations 189 Introduction Direct Effect of Extreme Weather Events 169 170 Health Effects of Climate Change Direct Effects of Temperature Extremes: Heat Waves and Cold Spells Indirect Effects of Climate Change: Vector-Borne Infectious Diseases Polar Regions Climate Systems and National Sovereignty The Gulf Stream and the Thermohaline Current The El Nino/Southern Oscillation (ENSO) Conclusion 173 174 175 179 181 181 183 185 CHAPTER 8 Adapting to Adverse and Severe Weather Introduction Adverse Weather: The Role of Weather Derivatives Weather Derivative Instruments Examples of Weather Derivative Contracts Current Status of Weather Markets Constraints on the Weather Derivatives Market Severe Weather: The Role of Catastrophe Bonds The Structure of a Catastrophe Bond Catastrophe Bonds and Carbon Finance Conclusion 187 187 188 191 192 193 196 198 199 200 201 CHAPTER 9 Key Players in the Carbon Markets by Mar Whittaker, guest author Introduction Basic Elements of the Market EU ETS Trading Clean Development Mechanism (CDM) and Joint Implementation (JI) Projects Intermediaries, Speculators, and Professional Services Key Private-Sector Players Compliance Participants Commercial Banks Carbon Funds Speculative Investors Project Developers and Aggregators, Consultants Equity Research Carbon Brokers 205 205 206 206 207 208 210 210 210 211 211 213 213 215 Exchanges Credit Rating Agencies Insurers Key Players from the Public Sector National Governments National Business Associations Multilateral Banks Information Services Professional Services Accounting Legal New Horizons for the Carbon Market Carbon as an Asset Class Mainstreaming into Project Finance Conclusion 216 217 217 218 218 219 219 220 221 221 221 222 222 222 223 CHAPTER 10 Carbon Finance: Present Status and Future Prospects Introduction Trading Volumes in Carbon and Weather Markets Carbon Markets Weather Derivatives What Can Be Traded Where? (and What Cannot?) Price Discovery The Evolution of Products for Carbon Finance Litigation over Responsibility for Climate Change Is Carbon Finance Likely to Help Us Avert Dangerous Levels of Climate Change? Carbon Finance within the Broader Field of Environmental Finance Conclusion 225 225 227 227 228 229 230 231 232 234 235 237 Endnotes Web Sites References Index 241 245 247 283

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