SAP logo

Stranded Assets Programme

The Stranded Assets Programme works to understand the risks that result in stranded assets and how these change over time. We create the tools and frameworks needed for investors, businesses, regulators, and policy makers to address these challenges.

Overview

Stranded assets are assets that have suffered from unanticipated or premature write-downs, devaluations, or conversion to liabilities and they can be caused by a variety of risks. Increasingly risk factors related to the environment are stranding assets and this trend is accelerating, potentially representing a discontinuity able to profoundly alter asset values across a wide range of sectors.

Yet environment-related risks that could strand assets are poorly understood and regularly mispriced, resulting in an over-exposure to such risks throughout our financial and economic systems. Some of these risk factors include:

  • Environmental challenges (e.g. climate change, natural capital degradation)

  • Changing resource landscapes (e.g. shale gas abundance, phosphate scarcity)

  • New government regulations (e.g. carbon pricing, air pollution regulation)

  • Falling clean technology costs (e.g. solar PV, onshore wind, electric vehicles)

  • Evolving social norms (e.g. fossil fuel divestment campaign) and consumer behaviour (e.g. certification schemes)

  • Litigation (e.g. carbon liability) and changing statutory interpretations (e.g. fiduciary duty, disclosure requirements)

  • The Stranded Assets Programme at the University of Oxford's Smith School of Enterprise and the Environment was established in 2012 to understand these risks in different sectors and systemically.

    We research the materiality of environment-related risks over time, how different risks might be interrelated, and the potential impacts of stranded assets on investors, businesses, regulators, and policymakers. We also work with partners to develop strategies to manage the consequences of environment-related risks and stranded assets.

    The programme is based in a world leading university with a global reach and reputation. We are the only academic institution conducting work in a significant and coordinated way on stranded assets. We work with leading practitioners from across the investment chain (e.g. actuaries, asset owners, asset managers, accountants, investment consultants, lawyers), with firms and their management, and with experts from a wide range of related subject areas (e.g. finance, economics, management, geography, anthropology, climate science, law, area studies) within the University of Oxford and beyond.

    We have created the Stranded Assets Research Network, which brings together researchers, research institutions, and practitioners working on these and related issues internationally to share expertise. We have also created the Stranded Assets Forums, which are a series of private workshops to explore the issues involved. The Global Stranded Assets Advisory Council that guides the programme contains many of the key individuals and organisations involved in developing the emergent stranded assets agenda. The Council also has a role in helping to informally co-ordinate and share information on stranded assets work internationally

    The programme is led by Ben Caldecott and the Global Stranded Assets Advisory Council is chaired by Professor Gordon Clark, Director of the Smith School.

    People

    Core Team

  • Ben Caldecott - Programme Director
  • Gerard Dericks - Research Fellow
  • Dane Rook - Research Associate
  • Alexandra Morel - Research Associate
  • Ariel Gregory - Research Assistant
  • James Mitchell - Research Assistant
  • Natalie Page - Research Assistant
  • Lei Xie - Research Assistant
  • Faculty Affiliates

  • Robert Hahn
  • Cameron Hepburn
  • Paul Jepson
  • Patrick McSharry
  • Visiting Research Associates

  • Yunwen Bai - Greenovation Hub
  • Catherine Cameron - Agulhas Applied Knowledge
  • György Dallos - Greenpeace International
  • Mark Lewis - Kepler-Cheuvreux
  • Xiaozi Liu - Norwegian School of Economics
  • Manisha Kathuria - Russell Investments
  • Guy Turner - Independent Analyst
  • Current Graduate Students

  • Elizabeth Harnett
  • Alexander Pfeiffer
  • Former Graduate Students

  • Erik Edstrom (2013-2014)
  • Willy Limiady (2013-2014)
  • Alexander Marks (2013-2014)
  • James Mitchell (2013-2014)
  • Neslihan Yildirim (2013-2014)
  • Hanah Chang (2012-13)
  • David Livingston (2012-13)
  • Jeremy McDaniels (2012-13)
  • News

    October 2014


    Five things to know about fossi-fuel divestment - Cihna Dialogue

    Campaigns to persuade institutions to withdraw investments from the fossil-fuel sector are gaining momentum. So what do you need to know?

    Read more


    Fossil Fuel Divestment: A brief History - The Guardian

    As Glasgow becomes the first university in Europe to divest from fossil fuels, The Guardian takes a look at the key moments in the movementÕs history.

    Read More.


    Glasgow becomes first university in Europe to divest from fossil fuels - The Guardian

    University court votes to divest £18m from fossil fuel industry in what campaigners call Ōdramatic beachhead.

    Read More


    September 2014

    Rockefeller family abandons oil legacy with fossil fuel divestment - Campden FB

    The Rockefellers, a family synonymous with oil and wealth in the US, are among a coalition of ultra wealthy investors that have today announced they will divest $50 billion in fossil fuel assets.


    Toil for Oil Spells Danger for Majors

    New report by SAP's Visiting Research Associate Mark Lewis and Kepler Cheuvreux explores implications for oil majors and how unsustainable dynamics might require them to become 'energy majors'.


    Visiting Research Associates - Coal and Water Nexus

    The Stranded Assets Programme at the University of Oxford's Smith School of Enterprise and the Environment is looking to appoint up to two Visiting Research Associates (VRA), each with significant experience of coal as it relates to water and an interest in how water issues could have financial implications for coal. Ideally we would appoint one VRA with an interest in marine (e.g. impact from coal pollution on health of oceans and particularly fisheries) and another interested in freshwater (e.g. coal as a driver of water stress).

    These appointments are non-stipendiary (unpaid) and the term of appointment is one year, potentially renewable for an additional year. We are looking for individuals with a deep expertise and interest in coal, resource issues, and environmental challenges.

    The positions are part-time and applicants will retain a primary affiliation with another organisation during the duration of their appointment. Applicants must demonstrate that their home institution is supportive of their application and see value in the applicant spending a proportion of their time as a VRA.

    Associates will pursue their own research interests, support stranded assets research being conducted at the University of Oxford where possible, and bring back to their home institutions a better understanding of the issues, as well as enhanced networks and renewed confidence to tackle issues related to stranded assets and coal.

    Visiting Research Associates will be integrated into Stranded Assets Programme and broader University of Oxford research on stranded assets and coal. We will connect associates with the partner organisations with whom we actively collaborate and with the high-level Global Advisory Council that guides the work of the Stranded Assets Programme.

    Applicant Criteria

  • Higher degree (masters degree at least, ideally PhD)
  • 5 years experience (more without PhD)
  • Support from their home institution
  • Experience of coal and water issues, either marine or freshwater
  • Deep and long-term interest in coal, resource issues, and environmental challenges

  • To apply please contact by the 24th October 2014 with a cover letter, CV, letter of support from your home institution, and two examples of written work.


    Climate activism's new frontier is targeting fossil fuel investors - Sydney Morning Herald


    Scottish independence could see exit of Green Investment Bank - Green Wise Business

    The prospect of an independent Scotland is calling into question the future of the UK Green Investment Bank and how Scottish green infrastructure projects will be funded going forward.


    August 2014

    Don't get left holding the bag (or the oil can) - CampdenFB

    Piece featuring SSEE's Stranded Assets Programme with comments by Ben Goldsmith and others.


    Rise of renewables adds to need for gas power - Financial Times

    Piece featuring SSEE's work on rise of renewables in EU and capacity mechanisms.


    July 2014

    Fossil fuel divestment should be taken seriously - Boston Business Journal

    Opinion piece on the fossil fuel divestment movement in Massachusetts.


    June 2014

    Pension funds urged to publish climate risks - The Financial Times

    There are growing calls for pension funds to publish their carbon exposure as concern builds over the long-term investments risks of carbon-intensive portfolios. Peter Norman, Sweden's minister for financial markets, says he wants global pension funds to "published their carbon footprint". He hopes that increasing transparency will leads to a more "thorough and direct" discussion about the risks. Read More.


    Keep the climate, change the economy - The Guardian

    The UN says we need to make a 'massive shift' to renewables to curb climate change. How can we encourage investors?


    Under fire Australian miners look to repair their image - Financial Times

    Success of campaigns against business plans which damage environment threatens project funding for new schemes to develop mineral resources.


    Ben Caldecott quoted in China Energy News

    Stranded Assests Programme Director Ben Caldecott's Op-ed on Stranded Assets for the China Energy News.


    May 2014

    Are Australia's coal reserves at risk of becoming stranded assets?

    Interview with Ben Caldecott for Australian Ethical Investment. Read the Interview


    Can Harvard be on the 'wrong side of history'? - ClimateWire

    On Thursday, May 1, at around seven in the morning, 20-year-old college student Brett Roche was placed in handcuffs. His crime: standing in front of a door. But it wasn't just any door. It belonged to Harvard University and led to the office of its president, Drew Gilpin Faust. Roche's decision to defy orders from campus police to "move out of the way" was just one of many actions taken as part of a growing global movement that is calling on educational and religious establishments, cities and states to divest their finances from fossil fuels.

    Read More.

    Are Oil and Gas Reserves an Econominc Curse or Cure - The Times

    When governments and other national stakeholders take control of oil and gas reserves, there can be disadvantages as well as the seemingly obvious advantages.

    Read More.

    April 2014

    ABC Radio National's Big Ideas Programme

    Lecture by Ben Caldecott, Director of the Stranded Assets Programme is broadcast on the Australian Broadcasting Corporation's Radio National. John Hewson, former Leader of the Australian Liberal Party and Jemma Green, Research Fellow at Curtin University also speak. Show presented by Paul Barclay.

    Measures to offset the impact of climate change are likely to reduce demand for fossil fuels. So is it wise to continue to invest in fossil fuels or will they end up as stranded assets with a huge loss in value? Investment analysts discuss the need for governments and private companies to manage environment-related risks.

    Listen to the Programme


    Raj Thamotheram: the fossil fuel divestment debate: Is there a consensus way forward? - Responsible Investor

    First in a trilogy of articles examining the growing divestment campaign and where it could lead.


    Desmond Tutu calls for anti-apartheid style boycott of fossil fuel industry - The Guardian

    Nobel peace prize winner calls for organisations to cut ties with industry and for investors to dump fossil fuel stocks.


    An Open Letter

    On Thursday 10 April faculty members at Harvard University published an open letter to President Drew Faust and the University's Fellows, expressing frustration with the president's dismissive statements on divestment, and demanding that the University "divest, as soon as possible, its holdings in fossil fuel corporations."

    Read the Letter


    The oil industry is not only hurting the environment - it's a bad investment, too - The Week

    A new movement to divest from Big Oil focuses on the industry's wobbly business model.


    March 2014

    Monash University correspondence reveals secretive attitude over fossil fuel investments - The West Australian

    Confidential correspondence between senior Monash University executives shows a secretive attitude on how much money the university is making from fossil fuel investments.


    Coal's $1.8 trillion bad joke - Macrobusiness


    Coalminers starting to count the cost of activist pressure on funding - The Sydney Morning Herald

    Campaigns to get banks and big funds to drop their support for fossil fuel enterprises are gathering momentum and are likely to increasingly lead to reputational damage for coal miners, says an Oxford academic.


    Coalminers starting to count the cost of activist pressure on funding - The Canberra Times

    Campaigns to get banks and big funds to drop their support for fossil fuel enterprises are gathering momentum and are likely to increasingly lead to reputational damage for coal miners, says an Oxford academic.


    Monash letters reveal secretive attitude over fossil fuel investments - ABC LateLine

    Victoria's Monash University says it's committed to reducing its carbon emissions but confidential correspondence between its senior executives reveals a secretive attitude when it comes to how much money Monash is making from fossil fuel investments.


    First shots fired in mining battle - Australia Financial Review

    The decision to loose the Minerals Council on the coal problem says only that the campaign to undermine community, investor and government confidence in Australia's second biggest export industry is beginning to develop potentially debilitating momentum.


    Coalminers starting to count the cost of activist pressure on funding - The Age

    Campaigns to get banks and big funds to drop their support for fossil fuel enterprises are gathering momentum and are likely to increasingly lead to reputational damage for coal miners, says an Oxford academic.

    Read More


    Australian coal investments at risk of becoming 'stranded assets' - ABC Radio National Australia

    Radio interview with Fran Kelly

    Australia is the world's largest exporter of coal, with a boom over the past decade as black coal exports rose by more than 50 per cent. While prices have slumped over the last two years, plans remain on the books which would more than double Australia's coal exports by 2020. But is proposed investment in new Australian coal projects at risk of becoming a series of 'stranded assets'?

    Listen Now


    Fossil fuel campaigns to plague miners - Australian Financial Review

    Fossil fuel divestment campaigns are gathering momentum and are likely to increasingly lead to reputational damage for coal miners, as well as increased financing costs, according to Ben Caldecott, director of the Stranded Assets Program at Oxford University.


    Stranded assets and coal Visiting Research Associateships at the Smith School of Enterprise and the Environment, University of Oxford.

    We are recruiting six to eight Visiting Research Associates, each with significant experience of coal-related issues in major coal consuming or producing countries. These appointments will be non-stipendiary and the term of appointment is one year, renewable for an additional year. We are looking for individuals with an expertise and interest in coal, resource issues and environmental challenges.

    Read More


    Could the Global Economy Be Facing a Carbon Bubble? - Time

    Three new studies released this month lent weight behind the increasingly popular idea that funneling money into fossil fuels is not only harmful for the environment, it's also potentially calamitous for the global financial system.


    Norway spurs rethink on fossil fuel companies - Financial Times

    Norway's decision to set up an expert group to see if its $840bn oil fund should stop investing in fossil fuel companies has triggered a wave of speculations since it was announced last week.


    February 2014

    Protesters slam fossil fuel industry - The New Zealand Herald

    Campaigners are out to hit the fossil fuel industry where it hurts, by making it an unacceptable place to invest.


    Lessons from European Utilities: Wires Have What It Takes - Investing Daily

    While energy utilities are in the early stages of a transformation wrought by regulatory demands and revolutionary technologies, we recognize that those who already depend on income investments canÕt afford to stand by until clear winners emerge from the process of creative destruction.


    Is the public blind to "carbon bubble" risk? - Business Green

    Survey finds low levels of awareness of "carbon bubble", despite widespread concern about investment risk


    January 2014

    Are the economics and ethics of fossil fuel divestment aligning? - RTCC

    Divestment movement needs to explain why fossil fuel investments will end in financial disaster


    European utilities "ditched €6bn of gas plant last year" - Business Green

    Smith School study calls on governments to revamp their energy policies to ensure utilities can cope with low carbon transition.


    Utilities Shut 12% of Europe Gas Plants, Oxford Study Shows - Bloomberg

    Ten of Europe's biggest utilities mothballed 21.3 gigawatts of gas-fed stations last year, or 12 percent of Europe's generation fleet, as plants lost money for a second year, according to an Oxford University study.


    2013: the year the divestment campaign took flight - RTCC

    For climate activists, 2013 will be remembered as the year that divestment shed its indie skin and hit the mainstream.


    December 2013

    Australia facing slump as China 'goes green' - Ecologist

    Australia has been growing rich from exporting coal to China. But as Kieran Cooke reports, China's renewable energy revolution may soon bring the 'good times' to an end.


    China's coal crackdown could leave Australian mines stranded Down Under - Business Green

    A predicted slowdown in China's appetite for coal could have dire consequences for Australian mines, according to the latest research by University of Oxford's Stranded Assets Programme.


    Coal's grim forecast: projects may be 'stranded' by falling Chinese demand - The Guardian

    A string of projects to create some of the worldÕs largest coalmines in Australia risks becoming financially unviable due to falling demand from China, a new report by the University of Oxford has warned.


    Palmer and Rinehart's coal mine expansion queried by Oxford report - The Sunday Morning Herald

    Coal projects planned by some of Australia's biggest mining magnates and port developments backed by the federal government may be delayed or become unviable because of sagging demand for the resources from China, an Oxford University study has found.


    Australian coal investments at risk of becoming 'stranded assets' - Oxford study says - Mining.com

    New research suggests that Australian coal's second-biggest customer, China, could be headed for a coal-free diet.


    Coal mines could be 'mothballed' - Business Spectator

    A study by Oxford University looked at how coal demand from China, which accounts for half the world's coal consumption, due to environmental factors could lead to "stranded assets" in Australia. Stranded assets have suffered from unanticipated devaluations.


    College Divestment Movement Takes on Fossil Fuels After Battling Apartheid With Mandela - Time Magazine

    Students are trying recapture the fervor that surrounded the anti-apartheid protests for a new goal: getting universities across the country to stop investing in companies that extract fossil fuels.


    Coal Mines could be 'abandoned' - Sky News

    New research from Oxford University shows China's changing commodity demands will result in Australian coal mines becoming mothballed or abandoned.


    The Carbon Time Bomb in Your Retirement Account - The Atlantic

    A new financial tool lets Wall Street calculate the climate-change risk of investments.


    Bloomberg launches new 'carbon bubble' risk analysis service - Business Green

    Financial data giant launches Bloomberg Carbon Risk Valuation Tool to help investors gauge whether fossil fuel assets are at risk of overvaluation.


    Coal holds on while pieces of green puzzle come together - Financial Times


    November 2013

    Risk of stranded assets prompts debate over engaging or divesting - Pensions & Investments

    Pension funds and other institutional investors face new pressure to increase their focus on emerging risks triggered by exposure to what might become 'stranded assets' of oil, coal and other fossil fuel companies.


    Coal Seen as New Tobacco Sparking Investor Backlash: Commodities - Bloomberg News


    October 2013

    Al Gore tells investors to divest from fossil-fuel assets - FT.com

    Former US vice-president Al Gore has today backed a report highlighting the risks to investors of owning carbon-intensive assets. Mr Gore has stressed the need for investors to consider the carbon risk inherent in their investment portfolios, suggesting that investors "divest from carbon-intesive fossil fuel assets".


    UK universities urged to pull cash from fossil fuel giants - The Guardian


    Exxon Mobil's big threat: a calculator - CNBC.com


    Campaign against fossil fuels growing, says study - The Guardian


    Campaigns will damage oil companies' reputations - ABC


    Fossil fuel companies cannot afford to ignore divestment trend - Business Green


    Fossil fuel divestment campaigns can help 'stigmatise' industry - Blue & Green Tomorrow


    September 2013

    Energy: The toll on coal - Financial Times


    August 2013

    Investors in agriculture ignore environmental risks at their peril - The Guardian


    Surge of investment in farming threatens £5trn catastrophe - The Independent


    Agriculture market stoking £5trn asset bubble, study warns - Business Green


    Agriculture assets at 'significant risk' of becoming devalued - report - Environmental Finance


    Agriculture Assets Face $8 Trillion Risk from Climate Change, Water Scarcity - Environmental Leader


    Investment surge in farming could wipe $8 trillion off agriculture value: Study - Business Insurance


    June 2013

    'Staying afloat when assets get stranded' - Financial Times


    March 2013

    ‘Sustainable Agriculture & Food Security’ special report distributed in The Times. Article 'Putting Money Where Hungry Mouths Need It, with comments by Ben Caldecott, explores the many investments opportunities in agriculture and how complexities in food supply chain can create risks.


    ‘Putting Money Where Hungry Mouths Need it‘ - Huffington Post


    February 2013

    ‘Oxford researchers evaluate future investments in high-carbon assets and sectors’.

    On 11 February 2013, the University of Oxford launched a new research programme to help businesses and policy-makers future proof against investments in assets that might become devalued or written off, otherwise known as ‘stranded’. Assets become stranded for a number of different reasons: they can be supplanted by greener alternatives or technological innovations; or in sectors experiencing change due to new regulations or resource constraints.


    ‘Investors warned over unchanging groups‘.

    By Pilita Clark, Financial Times Environment Correspondent.

    Investors should think twice about putting money into especially dirty fossil fuel businesses and other companies at risk from mounting environmental pressures, a former Conservative cabinet minister has warned. “We should look very carefully at investing in companies that don’t recognise that the world is changing so fast,” said John Gummer, environment minister during the Major government and now known as Lord Deben.


    ‘University of Oxford to identify ‘stranded’ high carbon assets'. - The Guardian

    HSBC and Aviva-backed research aims to highlight investments whose value is likely to decline in a low-carbon future.


    June 2012

    'Global Financial System at Risk From High-Carbon Assets' - Bloomberg


    May 2012

    ‘Focus falls on asset owners’ climate risk’. - Financial Times


    February 2012

    ‘Investors urged to track ESG risks’ - Financial Times

    ‘Carbon bubble: Bank of England’s opportunity to tackle market failure’ - The Guardian


    January 2012

    ‘Fossil fuels are sub-prime assets, Bank of England governor warned’ - The Guardian


    July 2011

    ‘Why high-carbon investment could be the next sub-prime crisis’ - The Guardian

    Events

    Upcoming Events


    28 November 2014 | 4:30pm | Milner Hall | Rhodes House | South Parks Road | OX1 3RG

    Guest Lecture with Michael Liebreich - Founder and Chairman of Bloomberg New Energy Finance

    The entire global energy system is undergoing profound and rapid change. But while energy policy research often focuses on the economics of energy production, it can often ignore or assume away the importance of both finance and management. Finance questions extend beyond the cost of capital and to topics such as scaleable financing structures (e.g. 'green' bonds, yieldcos), capital recycling and refinancing, yield expectations/asset characteristics, portfolio construction, investor engagement, divestment, and capacity bottlenecks (e.g expertise, balance sheet capacity). While management questions might encompass issues such as how incumbent utilities can adapt to energy market transformations, the challenges of scaling renewable energy companies, operational efficiency, and how companies interact with and shape public policy.

    Michael will cover some of these issues, linking together developments in energy economics with parallel and inter-related changes in energy finance and management.

    This lecture will be followed by a drinks reception at 6pm

    Michael Liebreich is Chairman of the Advisory Board for Bloomberg New Energy Finance, the definitive source of insight, news and data on the transformation of the energy sector. Michael founded the company in 2004 and acted as Chairman and Chief Executive until its acquisition by Bloomberg in 2009. Michael is a member of the UN Secretary General's High Level Advisory Group on Sustainable Energy for All, the World Economic Forum's Global Agenda Council on the New Energy Architecture and Accenture's Global Energy Board. He is a former member of the advisory board of the Clinton Global Initiative's Energy and Climate Change working group, and of the selection panel for the Zayed Future Energy Prize.

    to register to attend.


    Recent Events

    23 October 2014 | Institute and Faculty of Actuaries | London

    Stranded Assets Networking Event

    This event will introduce the concept of stranded assets to the actuarial profession, use specific example of the assumed carbon bubble, outline possible implications for actuarial work and suggest further avenues for personal member research and CPD.

    Speakers inlcude: Ben Caldecott, Programme Director, Stranded Assets Programme, Smith School, Oxford University, Faith Ward, Environmental Agency and Kenneth Donaldson, Resource and Environment Board.

    More information


    4 September 2014 | Rothschild Foundation | Waddesdon Manor

    Stranded Assets Forum

    Regardless of whether there is an investment or ethical rationale for fossil fuel divestment, the divestment campaign has quickly put a series of tough questions on the agenda for many institutional investors. First, should asset owners consider managing exposure to fossil fuel assets and what's the rationale for doing so? Second, if exposure should be managed, what are the options? And third, what can be done quickly and easily today, and how might management of exposure evolve over time?

    These questions are particularly acute for endowments (especially university endowments), where public pressure and attention is most sharply focused. Endowments also have characteristics that could allow them to deal with these issues more effectively than other asset owners - e.g. permanent capital and no beneficiaries (with the associated fiduciary responsibilities that entails).

    So what should endowments do? This half day forum will bring together endowment fund managers and investment experts, including those from the University of Oxford, to discuss these pressing issues

    By Invitation only | Download Programme here.


    27 June 2014 | Generation Investment Management | 20 Air Street, London W1B 5AN

    Megaproject and capex mania among international oil companies? Causes, consequences and remedies

    On 27 June the Smith School's Stranded Assets Programme hosted a roundtable to look at whether there is a capex bias among international oil companies and if there is, what the causes of this might be and how this could then be addressed by company management and investors.

    This event was by invitation only.


    3 June 2014 | at The Guardian, London

    Investing in clean energy to ensure future development. Roundtable Discussion organized by The Guardian and WWF

    This roundtable discussed the importance of investing in clean energy. This debate on clean energy investment was timed to coincide with the UK government's Clean Energy Summit in June. The roundtable discussed how best to act upon latest UNIPCC report which concluded that there needs to be a rapid shift in investment patterns, out of polluting energy technologies and into renewable energy and efficiency to avoidfurther climate instability and ensure future development and prosperity.

    This roundtable was hosted and chaired by Larry Elliot, the Guardian's Economics Editor.

    Read the write up of the discussion here.


    2 June 2014 | Norton Rose Fulbright, 3 More London Pl, London SE1 2AQ

    REDD+ commodities and landscapes - stranded assets or golden opportunity - Roundtable Discussion

    Event co-hosted by the Smith School of Enterprise and the Environment

    Given the recent IPCC findings which recognises the need to take immediate action to reduce deforestation and restore degraded land, it is important that governments, corporates, the financial services sector and the NGO community work together to develop landscape level approaches which not only mitigate climate change but also help in incentivising a transition to the sustainable management of forests, agriculture and natural resources more broadly.

    In particular this roundtable discussion examined issues such as:

  • How do current financial and investor policies around soft commodities align with those of consumer goods companies? Where are the gaps? What should be best practice when it comes to financing decisions which cut across the entire value chain?
  • What can governments, industry and the finance sector do to increase the transparency around soft commodity supply chains like palm oil?
  • What do international policy developments such as REDD+ and Nationally Appropriate Mitigation Activities (NAMAs) etc. mean for current investments and assets such as land banking in regions such as Asia? What other forestry and landscapes associated risks exist and how can these bebetter addressed by the finance sector?
  • What are the potential opportunities that arise from REDD+ activities e.g. carbon credits, bonds, sustainable commodity products, mitigation of security threats (water, energy, food and health).
  • For more information about the event or to download a copy of the agenda please click here.


    21 May 2014 | Royal Geographical Society | 1 Kensignton Gore, London SW7 2AR

    Progressive Energy Governance Conference - University of Exeter

    This event explored the key governance challenges that the UK energy system is currently facing, along with potential solutions. The affordability of energy is now a highly controversial issue, there are growing arguments over the Climate Change Committee's recommended pace of decarbonisation, and concerns continue to mount over short - and long-term energy security. At the same time the GB electricity market is going through major reform as part of the 2013 Energy Act, along with the wider changes coming from the EU such as market coupling. Overall, energy is becoming increasingly politicised.The event explored these issues with some of the leading thinkers on energy. These experts set out their own views on the future of the energy system, the problems its faces and how these might be overcome.

    More Information


    12 May 2014 | Saïd Business School and Magdalen College, Oxford

    Stranded Assets: Forum for Natural Resources Companies

    The first in a series of roundtables on the challenges natural resources companies face as a result of environment-related risks and stranded assets. Invitation only.


    23 April 2014 | ABC Radio National's Big Ideas programme

    Stranded Assets

    Measures to offset the impact of climate change are likely to reduce demand for fossil fuels. So is it wise to continue to invest in fossil fuels or will they end up as stranded assets with a huge loss in value. Investment analysts discuss the need for governments and private companies to manage climate risk.

    Listen to the Programme


    3 April 2014 | University of Queensland | Brisbane, Australia.

    Future challenges for energy assets

    Global Change Institute and International Energy Centre Public Lecture. Lecture by Ben Caldecott


    1 April 2014 | University of Melbourne | Melbourne, Australia.

    Stranded assets, environment-related risks and the challenges facing Australia

    Melbourne Sustainable Society Institute Public Lecture. Lecture by Ben Caldecott.


    1 April 2014 | Responsible Investment Association Australasia and AustralianSuper | Melbourne, Australia.

    Stranded assets, environment-related risks and the challenges facing Australia

    Australian Superannuation Funds Briefing. Talk by Ben Caldecott.


    1 April 2014 | Norton Rose Fulbright | Melbourne, Australia.

    Stranded assets, environment-related risks and the challenges facing Australia

    Client Breakfast Briefing. Talk by Ben Caldecott.


    31 March 2014 | National Australia Bank | Melbourne, Australia.

    Stranded assets, environment-related risks and the challenges facing Australia.

    Lecture by Ben Caldecott.


    28 March 2014 | Responsible Investment Association Australasia and Investors Group on Climate Change | Sydney, Australia.

    Stranded assets, environment-related risks and the challenges facing Australia.

    RIAA/IGCC Member Lecture. Lecture by Ben Caldecott.


    27 March 2014 | Sydney Environment Institute | University of Sydney | Sydney, Australia

    Stranded assets, environment-related risks and the challenges facing Australia.

    Sydney Ideas Lecture. Lecture by Ben Caldecott.


    25 March 2014 | The Australian National University. Canberra, Australia

    Stranded assets, environment-related risks and the challenges facing Australia

    Regulatory Institutions Network Public Lecture. Lecture by Ben Caldecott.


    25 March | Crawford School of Public Policy | The Australian National University | Canberra, Australia

    Stranded assets, environment-related risks and the challenges facing Australia.

    Centre for Climate Economics and Policy Lecture. Lecture by Ben Caldecott.


    24 March | Goldman Sachs | Sydney, Australia

    Stranded assets, environment-related risks and the challenges facing Australia - Goldman Sachs Investment Manager Briefing

    Lecture by Ben Caldecott.


    15 March 2014 | 17:00 | Founder's Room | Saïd Busines School | Park End Street, Oxford, OX1 1HP

    Environmental Protection and Rare Disasters

    Lecture with Prof Robert Barro, Paul M. Warburg Professor of Economics at Harvard University

    Prof Barro's Biography: Robert J. Barro is Paul M. Warburg Professor of Economics at Harvard University, a senior fellow of the Hoover Institution of Stanford University, and a research associate of the National Bureau of Economic Research. The Research Papers in Economics project ranked him as the 3rd most influential economist in the world as of June 2013 based on his academic contributions. Barro is co-editor of Harvard's Quarterly Journal of Economics. Noteworthy research includes empirical determinants of economic growth, economic effects of public debt and budget deficits, and the formation of monetary policy. Recent books include Macroeconomics: A Modern Approach, Economic Growth (2nd edition, written with Xavier Sala-i-Martin), Nothing Is Sacred: Economic Ideas for the New Millennium, Determinants of Economic Growth, and Getting It Right: Markets and Choices in a Free Society.


    11 March 2014 | MEFMA Annual Conference | Dubai UAE

    Confronting and managing environment-related risks - opportunities for facilities management

    Keynote speech by Ben Caldecott


    4 March 2014 | UBS Smith in the City Amsterdam

    Environment-related risks and stranded assets.

    Talk by Ben Caldecott


    4 March 2014 | UBS Smith in the City Brussels

    Environment-related risks and stranded assets.

    Talk by Ben Caldecott


    27 February 2014 | 17:30 | Beckit Room | OUCE | South Park Road | OX1 3QY

    The challenges the international climate change negotiations face 20 years in and what this means for current attempts to secure a global deal in 2015.

    Lecture with Mr Simon Upton, Environment Director at the Organisation for Economic Co-operation and Development (OECD)

    Mr Upton's Biography: The Environment Directorate of the OECD, which Mr. Upton leads, is responsible for Environmental Performance Reviews of Member Countries, the economic analysis of policy instruments used to improve environmental outcomes and a wide range of work related to water, biodiversity, climate and chemicals. Mr. Upton is a former New Zealand Parliamentarian whose political career, between 1981 and 2000, included nine years as a Minister. His portfolios included Environment, Research, Biosecurity, Health and State Services. As Environment Minister he chaired the 7th Session of the UN Commission on Sustainable Development and the 1998 meeting of OECD Environment Ministers. Between his retirement from political life in 2000 and taking up his present role at the OECD, Mr. Upton combined his chairmanship of the Round Table on Sustainable Development at the OECD with a variety or private sector roles in New Zealand. He is a Fellow of the Royal New Zealand Society and a Rhodes Scholar with degrees in English literature, music and law from the University of Auckland and has an MLitt in political philosophy from Oxford University


    11 Feb 2014 | 10:30 | AXA IM, 7 Newgate Street, London, EC1A 7NX

    'Understanding the implications of Climate Change for Investment Returns and for Beneficiaries' - Training for Trustees

    Ben Caldecott, Director of the Stranded Assets Programme, lectured at a Training for Trustees organized by the Association of Member Nominated Trustees


    27 Nov 2013 | 11:00 | Oxford University Centre for the Environment

    'Stranded Assets and Environment-related Risks'

    Ben Caldecott, Director of the Stranded Assets Programme, gave a lecture to MSc students on the Biodiversity, Conservation and Management course at Oxford.


    22 Nov 2013 | Bloomberg New Energy Finance Leadership Forum 2013

    'Attracting Long-term Finance to Clean Energy Infrastructure'

    Ben Caldecott, Director of the Stranded Assets Programme, gave a presentation on Risks for investors in clean and fossil-fuel energy.


    20 Nov 2013 | 8:45 | Cleantech Summit 2013

    'Managing Risk and esuring resilience - sustainability in investment, business and government strategy'

    Ben Caldecott, Director of the Stranded Assets Programme, gave the plenary opening address on managing risk and ensuring resilience-sustainability in investment, business and government strategy.


    18 Nov 2013 | 16:00 - 17:00 | Natural Capital Declaration

    'Natural Capital Declaration Webinar: Natural Capital Risks in Agriculture'

    Ben Caldecott, Director of the Stranded Assets Programme, presented findings from the report, 'Stranded Assets in Agriculture: Protecting Value from Environment-related Risks'


    12 Nov 2013 | 10:00 - 11:00 | Standard Chartered, London, United Kingdom

    'Stranded Assets Webinar'

    Ben Caldecott, Director of the Stranded Assets Programme, spoke to Standard Chartered staff about stranded assets and environment-related risks and how it relates to the banking sector.


    7 Nov 2013 | 11:00 - 12:00 | Brussels, Belgium

    'Towards a renationalisation of energy policies?'

    Ben Caldecott, Director of the Stranded Assets Programme, was a guest speaker at Friends of Europe's 10th annual Energy Policy Summit entitled 'Europe's energy outlook: Heading in the right direction?'.

    For more information please visit the Summit's website.


    5 Nov 2013 | 09:30 - 13:00 | Chatham House, 10 St James's Square, London, SW1Y 4LE

    'Environment-related risks and stranded assets: the valuation of fossil fuel assets in emerging production regions'

    Ben Caldecott, Director of the Stranded Assets Programme, was a guest speaker at Chatham House's 'The Changing Dynamics of Global Energy Markets' Conference on 4-5 November 2013.


    1 Nov 2013 | Istanbul, Turkey

    'FT/IFC Investing in Climate Business Forum'

    Ben Caldecott was one of the panellists on the 'Policy: Creating an Enabling Environment' session, discussing:

    • Navigating the region: building mission critical partnerships with co-investors, governments, regulators and finance institutions
    • Necessary improvements in policies of the region: Public policy solutions to develop a structure for sustainable growth

    For more information on the event please visit the forum's website.


    22 Oct 2013 | 08:00-09:30 | Copenhagen, Denmark

    'Global Green Growth Forum'

    Ben Caldecott was one of the panellists at 3GF's Green Growth Best Practices session, discussing Public Private Partnerships.

    For more information on the event please visit the 3GF website.


    8 Oct 2013 | 17:00 | Aviva Investors, No1. Poultry, London, EC2R 8EJ

    'Fossil fuel divestment and what it could mean for companies and investors'

    Attendance to this event is by invitation only

    The divestment campaign has rapidly gained traction throughout US university campuses and elsewhere since its launch in 2012. The movement aims to secure commitments from university endowments, public funds and others to divest from fossil fuel assets. It has potential consequences for fossil fuel companies and investors and the Smith School's research has objectively looked to understand and analyse these issues. Part of this research has involved investigating the similarities between this divestment campaign and others, including on tobacco and apartheid.

    Speakers include:

    Prof Gordon Clark, Director, Smith School of Enterprise and the Environment

    David Nussbaum, CEO, WWF-UK

    David Pitt-Watson, Co-Chair of the UNEP Finance Initiative and Executive Fellow at London Business School

    Steve Waygood, Chief Responsible Investment Officer, Aviva Investors


    30 July 2013 | Smith School of Enterprise and the Environment, 75 George Street, Oxford, OX1 2BQ

    'Delegation of Chinese Financial Institutions briefed on stranded assets'

    A delegation of leading Chinese financial institutions were hosted by the Smith School for a briefing on stranded assets. The delegation was brought to the UK by the Foreign & Commonwealth Office and included representatives from the China Banking Regulatory Commission, China's Ministry of Environmental Protection, China Banking Association, China Development Bank, ICBC, Agricultural Bank of China, China Construction Bank, Bank of Communications, China Merchants Bank, Shanghai Pudong Development Bank and Industrial Bank.

    Speakers included:

    Ben Caldecott, Programme Director and Research Fellow, Smith School

    Liesel van Ast, Global Canopy Programme

    Edward Mott, Partner, Oxford Capital Partners


    29 July 2013 | The Exchange, 28 London Bridge St, SE1 9SG

    'Can poor product nutrition profiles put company value at risk?'

    Speakers included:

    Chair: Mark Driscoll, Head of Food at Forum for the Future

    Ben Caldecott, Programme Director and Research Fellow, The Smith School of Enterprise and the Environment

    Simon Howard, CEO, UK Sustainable Investment and Finance Association

    On Friday 12 July, Forum for the Future launched a new report which examines value at risk in the food sector from a new perspective. It explores how some assets in the food sector Š including both physical assets and brand value - risk becoming stranded or losing significant value, as consumer demand for products with better health and nutrition outcomes continues to grow and government reactions against increasing prevalence of diet-related disease escalates. You can read more in their blog.

    This roundtable discussion explored what companies and investors can do to both position themselves for success in the face of changes in the health and nutrition agenda and to drive a big shifttowards a food system fit to provide nutrition for 9 billion people.


    16 July 2013 | Edelman, Southside, 105 Victoria Street, London SW1E 6Qt

    'Transitioning energy investment into clean technologies'

    Speakers included:

    Chair: Nick Hay, Director, Cleantech, Edelman UK

    Ben Caldecott, Programme Director and Research Fellow, The Smith School of Enterprise and the Environment

    George Day, Head of Economic Strategy, The Energy Technologies Institute (ETI)

    The event at Edelman UK was about financial markets and their ability to finance required investement in renewable energy and to what extend environment-related risks might strand assets.


    23 June 2013 | CCLA Investment Management, 85 Queen Victoria Street, London, EC4V 4ET

    Church Investors Group Conference:

    Beyond Al Gore: Climate Change What Can Church Investors Do?

    Speakers included:

    Chair: Stephanie Pfeifer; Executive Director Institutional Investors Group on Climate Change

    Nick Robins, Head, HSBC Centre for Climate Change Excellence

    Angus McCrone, Managing Editor, Bloomberg New Energy Finance

    Ben Caldecott, Programme Director and Research Fellow, The Smith School of Enterprise and the Environment

    Susan Makos, Vice President of Social Reponsibility, Mercy Investment Services

    On Friday 19th October 2012, Al Gore came to St Paul's Cathedral in London to speak to an invited audience of Church investors, businesses, investment managers and our fellow asset owners with a vision of how capitalism might be renewed in a sustainable way. He reminded investors of their obligation to future generations stating that they "will ask of us, what were you thinking? Was your attention focussed elsewhere? They'll ask if we rose to the difficult challenge we face." This session discussed practical steps that Church investors can, and have, taken to respond to this challenge.


    20 June 2013, 14:00 | Generation Investment Management | 20 Air Street, London, W1B 5AN

    Fossil fuel divestment roundtable hosted by Oxford University and WWF-UK

    The Smith School of Enterprise and the Environment and WWF-UK is hosting a roundtable discussion on the fossil fuel divestment campaign and what it could mean for polluting companies and assets.

    The fossil fuel divestment campaign has rapidly gained traction throughout US university campuses and elsewhere since its launch in 2012. The movement aims to secure commitments from university endowments, public funds and others to divest from fossil fuel assets, though the primary focus is on securing commitments from university endowments.

    It has potential consequences for the valuations of fossil fuel assets in the US and internationally. These consequences could be direct (university endowments divest) and indirect (e.g. changes norms among investors) and may happen in the near term or over a longer period of time. The Smith School has begun a research project to understand and analyse these issues, which will be published in September. We are also looking to understand the similarities between this divestment campaign and others on apartheid, munitions and tobacco.

    Please RSVP to attend. Numbers are limited, so please RSVP as soon as possible. The full agenda and a discussion document will be sent closer to the time.


    8 May 2013 | SSEE, Hayes House, 75 George Street, Oxford OX1 2BQ

    'How Global Carbon Constraints Could Impact The Oil Sector’s Creditworthiness'

    Speaker:

    Michael Wilkins - Managing Director, Infrastructure Finance Ratings, Standard & Poor’s , London

    An increasingly carbon-constrained world could pose formidable challenges for the global oil sector, according to a report published by Standard & Poor’s Ratings Services and Carbon Tracker Initiative. In this talk Standard & Poor’s managing director Michael Wilkins assessed the implications of such a scenario on moderately sized, independent, unconventional oil companies as well as major oil and gas producers.


    11 February 2013 | Saļd Business School, Park End Street, Oxford OX1 1HP

    'Carbon Lock-in, Path Dependencies and Asset Stranding'

    Speaker:

    Rt Hon John Gummer, Lord Deben Chairman of the Committee on Climate Change

    Chaired by Prof Gordon Clark, Director of the Smith School of Enterprise and the Environment

    Watch video

    Publications
    SAP Forum Summary of Proceedings

    Summary of Proceedings: 2nd Stranded Assets Forum at Waddesdon Manor, 4th September 2014

    10 October 2014 | Authors: Ben Caldecott, Dane Rook, Julian Ashwin | Conference Proceedings

    The University of Oxford's Smith School of Enterprise and the Environment and The Rothschild Foundation held the second Stranded Assets Forum at Waddesdon Manor, Buckinghamshire, on the 4th September 2014. The topic was fossil fuel divestment and endowments. This report provides a summary of the proceedings and deliberations from the Forum. It outlines the key discussion points and issues that emerged during the sessions held.

    SAP Greening China Paper Cover

    China's Financial Markets: The Risks and Opportunities of Stranded Assets

    1 September 2014 | Authors: Ben Caldecott, Nick Robins | Briefing Paper

    This Briefing Paper was produced to help inform an International Institute for Sustainable Development (IISD) and UNEP Inquiry collaboration with policymakers in China, particularly those from the Development Research Center of the State Council (DRC) and People's Bank of China (PBoC). The paper examines the risks and opportunities associated with stranded assets, provides five international case studies, and identifies how these issues might be relevant to Chinese policy makers.

    SAP UNEP Working Paper Cover

    Financial Dynamics of the Environment: Risks, Impacts, and Barriers to Resilience

    14 July 2014 | Authors: Ben Caldecott, Jeremy McDaniels | Working Paper for UNEP Inquiry into the Design of a Sustainable Financial System

    This Working Paper does three things: first, summarises the underlying logic for why the financial sector should care about the environment and environment-related risks; second, reviews the barriers preventing the financial system from managing such issues; and third, identifies the researchers and organisations working on these topics. This is a reference guide for those concerned with both how environment-related risks could affect the financial sector and what financial institutions can do to manage such risks.

    SAP Forum Summary Cover

    Summary of Proceedings: 1st Stranded Assets Forum at Waddesdon Manor, 14th - 15th March 2014

    25 April 2014 | Authors: Ben Caldecott, Jeremy McDaniels, Gerard Dericks | Conference Proceedings

    The University of Oxford's Smith School of Enterprise and the Environment and The Rothschild Foundation held the first Stranded Assets Forum at Waddesdon Manor, Buckinghamshire, on the 14th and 15th March 2014. This report provides a summary of the proceedings and deliberations from the Forum. It outlines the key discussion points and issues that emerged during the sessions held.

    SAP Scenarios Paper Cover

    Stranded Assets and Scenarios

    28 January 2014 | Authors: Ben Caldecott, James Tilbury, Christian Carey | Discussion Paper

    Scenarios can help investors, firms and policy makers increase the resilience of assets by making them better prepared for inherently hard to predict events. In this high-level discussion paper we review existing scenarios to determine trends and gaps in the literature and propose a general type of scenario that would be most useful for the management of stranded asset risks.

    SAP Working Paper Cover

    Stranded Generation Assets: Implications for European Capacity Mechanisms, Energy Markets and Climate Policy

    17 January 2014 | Authors: Ben Caldecott, Jeremy McDaniels | Working Paper

    An increasing number of major EU utilities have decided to mothball or prematurely close recently built, high-efficiency combined-cycle gas turbine (CCGT) power plants. This working paper examines how EU utilities are reacting, how these stranded assets are affecting firm value and strategy, and what implications may exist for energy market design, low-carbon energy and climate policy.

    SAP China Report Cover

    Stranded Down Under? Environment-related Factors Changing China's Demand for Coal and What this Means for Australian Coal Assets

    16 December 2013 | Authors: Ben Caldecott, James Tilbury, Yuge Ma | Report

    China's demand for coal is changing as a result of environment-related factors, including environmental regulation, developments in cleaner technologies, local pollution, improving energy efficiency, changing resource landscapes and political activism. We look at how this evolving demand picture could then translate into impacts on the coal price and then on the stranded asset risks faced by coal and coal-related assets in Australia - a country that is a large and growing coal exporter to China.

    SAP Report Cover

    Stranded Assets and the Fossil Fuel Divestment Campaign: What Does Divestment Mean for the Valuation of Fossil Fuel Assets?

    8 October 2013 | Authors: Atif Ansar, Ben Caldecott, James Tilbury | Report

    The fossil fuel divestment campaign has rapidly gained traction throughout university campuses and elsewhere since its launch. As part of our research we test whether the divestment campaign could affect fossil fuel assets and if so, how, to what extent, and over which time horizons. We also look at the similarities and differences between this campaign and others, such as tobacco and apartheid.

    SAP Report Cover

    Stranded Assets in Agriculture: Protecting Value from Environment-related Risks

    9 August 2013 | Authors: Ben Caldecott, Nicholas Howarth, Patrick McSharry | Report

    This report maps out environment-related risks in the agricultural supply chain and shows how they might create stranded assets over time. We have systematised the different risk factors and have completed an assessment of where and how risks might affect agricultural assets. We have also completed a high-level Value at Risk (VaR) assessment to give an indication of the magnitudes of capital exposed and to stimulate further work in this area.

    Articles

    The solution to coal plants? Pay their owners to close them

    19 September 2014 | China Dialogue by Ben Caldecott

    Opinion Piece by Ben Caldecott arguing how compensating owners of coal assets for prematurely closing their power stations could be a cost-effective and politically feasible way of dealing with coal divesment.


    The coal industry needs to know the game is up

    30 July 2014 | Business Green by Ben Caldecott

    Opinion Piece by Ben Caldecott arguing how the world needs to develop Coal Closure Funds to manage the necessary decline of the industry


    Investors should be wary of domino effect on 'stranded assets'

    13 June 2014 | China Dialogue by Ben Caldecott

    The US fossil fuel divestment campaign could increase the chance of carbon pollution regulation, thereby stranding some carbon-intensive assets


    Why the coal industry is right to fear divestment

    3 April 2014 | The Drum by Ben Caldecott

    Divestment by Australia's Group of Eight universities would have little direct impact on the fossil fuel industry, but the message it would send would be powerful.


    Sidestepping Australia's unsustainable assets

    27 March 2014 | Business Spectator by Ben Caldecott

    There are a variety of converging risks that could erode or destroy the value of polluting and environmentally unsustainable assets in Australia and almost everywhere else. These range from climate change, through to new environmental regulations, developments in clean energy technologies, resource limits, evolving public opinion, and litigation.


    Australia could be caught out by Chinese peak in coal demand

    17 December 2013 | China Dialogue by Ben Caldecott

    Falling Chinese demand for coal could impact the viability of Australian coal projects.


    Steps to deal with emerging risks of stranded assets

    5 December 2013 | Pensions & Investments by Ben Caldecott

    Changes in environmental regulations and technologies could quickly erode the value of assets in various sectors including energy and real estate. Ben Caldecott, Director of the Stranded Assets Programme at the Smith School of Enterprise and the Environment, Oxford University, offers steps to deal with emerging risks of so-called "stranded assets".


    What does divestment mean for the valuation of fossil fuel assets?

    8 October 2013 | Business Green by Ben Caldecott

    Ben Caldecott explains why fossil fuel investors and companies should be concerned about the emerging divestment trend.


    The environment: The carbon bubble

    5 September 2013 | The Actuary

    Catherine Cameron, Elisa Hewlett, Simon Jones and Paula Robinson evaluate the current carbon budget commitment and the implications for fossil fuel investments.


    Stranded assets in Agriculture: Are we facing a multi-trillion dollar agri-bubble?

    9 August 2013 | Business Green opinion piece by Ben Caldecott

    Writing in BusinessGreen, Ben Caldecott highlights the need for investors and asset managers in the agricultural supply chain to prioritise environmental factors in their risk management strategies.


    Bank of England's opportunity to tackle market failure

    6 February 2012 | The Guardian by Ben Caldecott and James Leaton

    Writing in The Guardian, Ben Caldecott and James Leaton recommend that the Bank of England investigate the financial system's exposure to high carbon and environmentally unsustainable investments.


    High-carbon investment and systemic risk

    12 July 2011 | The Guardian by Ben Caldecott

    Writing in The Guardian, Ben Caldecott explores how markets might be fundamentally mispricing risk and as a result, creating a systemic risk that threatens long-term growth.

    Partners

    We are currently supported by grants from: Craigmore Sustainables, European Climate Foundation, Generation Foundation, Growald Family Fund, HSBC Holdings plc, The Luc Hoffmann Institute, The Rothschild Foundation, The Woodchester Trust and WWF-UK.

    Craigmore Farming European Climate Foundation Generation Foundation Growald Family Fund HSBC Luc Hoffman Institute Rothschild Foundation WWF-UK

    Past grant-makers include: The Ashden Trust, Aviva Investors, Bunge.

    Ashden Trust Aviva Investors Bunge Ltd

    Our research partners include: Standard & Poor’s, Carbon Disclosure Project, TruCost, Ceres, Carbon Tracker Initiative, Asset Owners Disclosure Project, 2° Investing Initiative, Global Footprint Network and RISKERGY.

    Standard & Poors CDP TruCost Cerer Carbon Tracker Initiative Asset Owners Disclosure Project 2 degree Investing Initiative Global Footprint Network RISKERGY
    Forums
    The Rothschild Foundation

    Stranded Assets Forum at Waddesdon Manor | Rothschild Foundation

    4 September 2014 | Waddesdon Manor | Aylesbury, Bucks, HP18 0JH

    Download summary of proceedings here.

    The Rothschild Foundation and the Smith School of Enterprise and the Environment would like to announce the Second Forum on Stranded Assets taking place at Waddesdon Manor.

    Regardless of whether there is an investment or ethical rationale for fossil fuel divestment, the divestment campaign has quickly put a series of tough questions on the agenda for many institutional investors. First, should asset owners consider managing exposure to fossil fuel assets and what's the rationale for doing so? Second, if exposure should be managed, what are the options? And third, what can be done quickly and easily today, and how might management of exposure evolve over time?

    These questions are particularly acute for endowments (especially university endowments), where public pressure and attention is most sharply focused. Endowments also have characteristics that could allow them to deal with these issues more effectively than other asset owners - e.g. permanent capital and no beneficiaries (with the associated fiduciary responsibilities that entails).

    So what should endowments do? This half day forum will bring together endowment fund managers and investment experts, including those from the University of Oxford, to discuss these pressing issues


    The Rothschild Foundation

    Stranded Assets Forum at Waddesdon Manor | Rothschild Foundation

    14 & 15 March 2014 | Waddesdon Manor | Aylesbury, Bucks, HP18 0JH

    Download summary of proceedings here.

    The Rothschild Foundation and the Smith School of Enterprise and the Environment have the pleasure of announcing the First Forum on Stranded Assets taking place at Waddesdon Manor, a National Trust property in the heart of Buckinghamshire built by Baron Ferdinand de Rothschild in 1874.

    There are a wide range of environment-related risks that could result in 'stranded assets', where assets suffer from unanticipated or premature write-downs and devaluations. These risks range from climate change, through to new environmental regulations, developments in clean energy technology, and litigation, and these are poorly understood and regularly mispriced.

    The Stranded Assets Forum will bring together a select number of key people from across the investment chain to better understand these risks, their consequences and how to develop effective responses to the challenges they could generate.

    The March 2014 Forum is the first of a series at Waddesdon Manor on stranded assets over 2014 and 2015.

    Research Network

    Global Stranded Assets Research Network

    The University of Oxford is hosting a new global research network and hub on 'stranded assets'. The purpose of this international network is to bring together leading researchers, research institutions and practitioners working on these and related issues to share expertise and begin research collaborations. The network was established in November 2013 and plans to meet annually and have regular conference calls, as well as an online community.

    To join the Global Stranded Assets Research Network, please contact .

    Global Advisory Council

    The Global Stranded Assets Advisory Council has been created to guide our work and is chaired by Professor Gordon Clark, Director of the Smith School. It also provides a high-level forum for work on stranded assets to be co-ordinated internationally. Members currently include:

    • Jane Ambachtsheer, Partner and Global Head of Responsible Investment, Mercer Investment and Adjunct Professor, University of Toronto
    • Rob Bailey, Acting Research Director, Energy, Environment and Resources, Chatham House
    • Vicki Bakhshi, Director, Head of Governance & Sustainable Investment, F&C Asset Management
    • Philippe Benoit, Head, Energy Efficiency and Environment Division, International Energy Agency
    • Robin Bidwell, Group President, ERM
    • David Blood, Co-Founder and Senior Partner, Generation IM
    • Yvo de Boer, Director General, Global Green Growth Institute
    • Susan Burns, Founder and CEO, Global Footprint Network
    • James Cameron, Chairman, Climate Change Capital and Overseas Development Institute
    • Mike Clark, Institute and Faculty of Actuaries, also Director, Responsible Investment, Russell Investments
    • Professor Robert Eccles, Professor of Management Practice, Harvard Business School
    • Jessica Fries, Executive Chairman, The Prince's Accounting for Sustainability Project (A4S)
    • Professor Charles Godfray, Director, Oxford Martin Programme on the Future of Food
    • Ben Goldsmith, Founding Partner, WHEB
    • Thomas Heller, Executive Director, Climate Policy Initiative
    • Anthony Hobley, CEO, Carbon Tracker Initiative
    • Catherine Howarth, CEO, ShareAction
    • Michael Jacobs, Senior Advisor, IDDRI
    • Zoe Knight, Head, Climate Change Centre of Excellence, HSBC
    • Roland Kupers, Chairman, LEAD International
    • Bernice Lee, Director, Climate Change and Resource Initiatives, World Economic Forum
    • Michael Liebreich, Chairman, Advisory Board, Bloomberg New Energy Finance
    • Mindy Lubber, President, Ceres
    • Nick Mabey, CEO, E3G
    • Richard Mattison, CEO, Trucost
    • David Nussbaum, CEO, WWF-UK
    • Stephanie Pfeifer, CEO, Institutional Investors Group on Climate Change
    • Julian Poulter, Executive Director, Asset Owners Disclosure Project
    • Nick Robins, Co-Director, UNEP Inquiry into a Sustainable Financial System
    • Paul Simpson, CEO, Carbon Disclosure Project
    • James Stacey, Partner, Earth Capital Partners LLP
    • James Thornton, CEO, ClientEarth
    • Simon Upton, Director, Environment Directorate, OECD
    • Steve Waygood, Chief Responsible Investment Officer, Aviva Investors
    • Michael Wilkins, Managing Director, Infrastructure Finance Ratings, Standard & Poor’s
    • Simon Zadek, Tsinghua School of Economics and Management
    • Dimitri Zenghelis, Principal Research Fellow, Grantham Institute, London School of Economics