Stranded Assets and Thermal Coal: An Analysis of Environment-Related Risk Exposure

Stranded Assets Programme, SSEE, University of Oxford

188 Pages Posted: 9 Feb 2016

See all articles by Ben Caldecott

Ben Caldecott

University of Oxford - Smith School of Enterprise and the Environment

Lucas Kruitwagen

University of Oxford - Smith School of Enterprise and the Environment

Gerard Dericks

University of Oxford - Smith School of Enterprise and the Environment

Daniel J. Tulloch

University of Oxford - Smith School of Enterprise and the Environment

Irem Kok

University of Oxford, Students

James Mitchell

University of Oxford - Stranded Assets Programme; Carbon War Room

Date Written: January 28, 2016

Abstract

The principal aim of this report is to turn the latest research on environment-related risk factors facing thermal coal assets into actionable investment hypotheses for investors. By examining the fundamental drivers of environment-related risk, creating appropriate measures to differentiate the exposure of different assets to these risks, and linking this analysis to company ownership, debt issuance, and capital expenditure plans, our research can help to inform specific investor actions related to risk management, screening, voting, engagement, and disinvestment. To our knowledge, this report contains the most comprehensive and up-to-date analysis of the environment-related risks facing thermal coal companies that is publicly available.

Keywords: Stranded Assets, Thermal Coal, Risk Exposure; Mining; Utilities; Processing plants

JEL Classification: Q43, Q3, Q13, N50, L71

Suggested Citation

Caldecott, Ben and Kruitwagen, Lucas and Dericks, Gerard and Tulloch, Daniel James and Kok, Irem and Mitchell, James, Stranded Assets and Thermal Coal: An Analysis of Environment-Related Risk Exposure (January 28, 2016). Stranded Assets Programme, SSEE, University of Oxford, Available at SSRN: https://ssrn.com/abstract=2724550 or http://dx.doi.org/10.2139/ssrn.2724550

Ben Caldecott (Contact Author)

University of Oxford - Smith School of Enterprise and the Environment ( email )

United Kingdom

Lucas Kruitwagen

University of Oxford - Smith School of Enterprise and the Environment ( email )

United Kingdom

Gerard Dericks

University of Oxford - Smith School of Enterprise and the Environment ( email )

United Kingdom

Daniel James Tulloch

University of Oxford - Smith School of Enterprise and the Environment ( email )

United Kingdom
1865614934 (Phone)

Irem Kok

University of Oxford, Students ( email )

Oxford
United Kingdom

James Mitchell

University of Oxford - Stranded Assets Programme ( email )

South Parks Road
Oxford, OX1 3QY
United Kingdom

Carbon War Room ( email )

29 East 19th Street, 4th Floor
New York, NY 10003
United States

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