Dr Ben Caldecott

Profile

Dr Ben Caldecott is the founding Director of the Oxford Sustainable Finance Group at the University of Oxford Smith School of Enterprise and the Environment. At the University of Oxford, he is the inaugural Lombard Odier Associate Professor and Senior Research Fellow of Sustainable Finance, the first ever endowed professorship of sustainable finance, and a Supernumerary Fellow at Oriel College, Oxford. Ben is also the founding Director and Principal Investigator of the UK Centre for Greening Finance & Investment (CGFI), established by UK Research and Innovation in 2021 as the national centre to accelerate the adoption and use of climate and environmental data and analytics by financial institutions internationally.

Ben specialises in environment, energy, and sustainability issues and works at the intersection between finance, public policy, and academe, having held senior roles in each domain. Ben has authored and edited a substantial number of publications related to sustainability and is an experienced media commentator and public speaker. He is also a regular peer reviewer and has a number of trustee, board, and advisory panel appointments, including with the Green Alliance, The Prince of Wales' Accounting for Sustainability Project, the UK Department for International Trade's Export Guarantees Advisory Council, and Climate Impact X's International Advisory Council. He also an advisor to the Secretariat of the One Planet Sovereign Wealth Fund Initiative and a Senior Fellow at Policy Exchange.

He has conceived and initiated a number of initiatives related to sustainable finance. Ben founded and is Co-Chair of the Global Research Alliance for Sustainable Finance and Investment (GRASFI), an alliance of global research universities promoting rigorous and impactful academic research on sustainable finance. He established and leads the Sustainable Finance Theme at The Alan Turing Institute and initiated the Spatial Finance Initiative, which aims to mainstream geospatial capabilities enabled by space technology and data science into financial decision-making globally. He co-founded and serves on the board of the Commonwealth Climate and Law Initiative (CCLI), which is examining the legal basis for directors and trustees to consider, manage, and report on climate-related risk, and the circumstances in which they may be liable for failing to do so. He established and is the Faculty Chair of the Public and Third Sector Academy for Sustainable Finance at the University of Oxford, a global centre of learning on sustainable finance for the public and third sectors. Ben is a Co-Investigator for the Leverhulme Centre for Nature Recovery where he co-leads its work on finance.

Ben chairs the Finance Sector Expert Group for Race to Zero and Race to Resilience and serves on the Glasgow Financial Alliance for Net Zero's Steering Group and on the UK Government's Green Technical Advisory Group. He co-leads the Secretariat for the high-level Transition Plan Taskforce established by HM Treasury in 2022. From 2019, he was seconded part-time to the UK Cabinet Office for two years to work on COP26 in Glasgow as the COP26 Strategy Advisor for Finance. He has also served on the US Commodity Futures Trading Commission's Climate-Related Market Risk Subcommittee and in his capacity as a Member of the UK Green Finance Taskforce, chaired its Workstream on Task Force on Climate-related Disclosures (TCFD) Implementation.

Ben teaches and supervises a wide range of students at the University of Oxford and beyond. In addition to supervising PhD/DPhil students, he established and leads BA, MSc, and MPhil options and electives on finance and sustainability. He is an experienced lecturer and tutor and has created and course directs a number of executive education courses at Oxford each year, including: the Sustainable Finance Executive Programme, an introduction to sustainable finance for current and future leaders, and the Climate-related Financial Risk Course, to equip participants with the very latest knowledge, as well as the expertise, networks, and confidence to design and implement practices for measuring and managing climate-related risks. Ben also co-hosts a regular roundtable breakfast meeting in the City of London on sustainable finance with the Centre for the Study of Finance Innovation (CSFI). The 'Sustainable Finance for Breakfast' series brings together a wide range of practitioners to discuss and debate the latest developments in sustainable finance. He contributes to training and capacity building across different finance professions internationally, including as the Academic Advisor to the CFA UK Certificate in Climate and Investing and as lead author of the Global Association of Risk Professional's Sustainability and Climate Risk Certificate textbook. He serves on CSFI's Governing Council and has also served as an Academic Associate at the Chartered Banker Institute and on the Institute and Faculty of Actuaries' ESG Investment Working Party.

Prior to joining the University of Oxford, he was a Vice President at investment bank Climate Change Capital, one of the early leading asset management and advisory firms focused on the net zero carbon transition, where he ran the firm's research centre and advised clients and funds on the development of policy-driven markets. Ben has previously worked as Research Director for Environment and Energy at the think tank Policy Exchange, as Head of Government Advisory at Bloomberg New Energy Finance, as a Director in the Strategy Directorate of the UK's Department for Environment, Food and Rural Affairs (on secondment), as a Deputy Director in the Strategy Directorate of the UK's Department of Energy and Climate Change (on secondment), as an Advisor to The Prince of Wales' International Sustainability Unit, as Sherpa to the UK Green Investment Bank Commission, and as the Senior Advisor to the Chair and CEO of the UK Green Finance Institute.

Ben holds a doctorate in economic geography from the University of Oxford. He initially read economics and specialised in development and China at the School of Oriental and African Studies, University of London, and the University of Cambridge. He has been an Academic Visitor at the Bank of England, a Visiting Scholar at Peking University, and held Visiting Fellowships at the University of Oxford, the University of Sydney, and the University of Melbourne. He is an Associate Editor of the Journal of Sustainable Finance & Investment. Ben is also a Visiting Scholar at Stanford University and a Non-Resident Fellow at the Payne Institute for Earth Resources at the Colorado School of Mines.

Projects

• The Oxford Offsetting Principles
• Energy transition risk & cost of capital
• UK Centre for Greening Finance & Investment
• Spatial finance
• Climate & environmental analytics
• Stranded assets & transition finance

Teaching

Current Graduate Research Students

• Galina Alova | The low-carbon transition of the global electricity sector
• Moritz Baer | Climate Risks and the Financial System - The role of climate-stress testing for central banks and financial regulators
• Alex Clark | Stranded states: Public management of fossil fuel assets in the international system
• Jimmy Jia | A new tool for energy and environmental valuation to improve decision making for capital deployment of climate-resilient infrastructure
• Krister Koskelo | Incorporating the costs of physical climate risks: A portfolio analysis approach
• José Luis Reséndiz | Transition finance and sustainability-linked assets: metrics and incentive structures
• Christian Wilson | Paris Aligned Portfolios and the Real Economy

Recent graduate research students (since 2006)

• Lucas Kruitwagen Completed DPhil in 2021 | Technology, information, and the governance of environmental risk

Selected publications

• Caldecott, B.L. (ed.) (2018) Stranded assets and the environment: risk, resilience, and opportunity. Routledge, London. pp. 340. ISBN: 9781138120600.
• Caldecott, B.L. (ed.) (2018) Stranded Assets: Developments in finance and investment. Routledge, London. pp. 174. ISBN: 978-1-138-57423-6.

Journal articles

• Zhou, X.Y., Caldecott, B., Hoepner, A.G.F. and Wang, Y. (2022) Bank green lending and credit risk: an empirical analysis of China's Green Credit Policy. Business Strategy and the Environment: 1-18.
• Alova, G. and Caldecott, B. (2021) A machine learning model to investigate factors contributing to the energy transition of utility and independent power producer sectors internationally. iScience, 24(9). 102929.
• Caldecott, B. (2021) Defining transition finance and embedding it in the post-Covid-19 recovery. Journal of Sustainable Finance and Investment.
• Caldecott, B., Clark, A., Koskelo, K., Mulholland, E. and Hickey, C. (2021) Stranded Assets: Environmental Drivers, Societal Challenges, and Supervisory Responses. Annual Review of Environment and Resources, 46(1): 417-447.
• Hickey, C., O'Brien, J.O., Caldecott, B.L., McInerney, C. and Gallachoir, B.O. (2021) Can European electric utilities manage asset impairments arising from net zero carbon targets? Journal of Corporate Finance, 70. 102075.
• Caldecott, B. (2020) Post Covid-19 stimulus and bailouts need to be compatible with the Paris Agreement. Journal of Sustainable Finance and Investment.
• Saygin, D., Rigter, J., Caldecott, B.L., Wagner, N. and Gielen, D. (2019) Power sector asset stranding effects of climate policies. Energy Sources, Part B: Economics, Planning, and Policy.
• Caldecott, B.L. and Dericks, G. (2018) Empirical calibration of climate policy using corporate solvency: a case study of the UK's carbon price support. Climate Policy, 18(6): 766-780.
• Pfeiffer, A., Hepburn, C., Vogt-Schilb, A. and Caldecott, B. (2018) Committed emissions from existing and planned power plants and asset stranding required to meet the Paris Agreement. Environmental Research Letters, 13(5).
• Caldecott, B.L. (2017) Introduction to special issue: stranded assets and the environment. Journal of Sustainable Finance and Investment, 7(1): 1-13.
• Jepson, P., Caldecott, B., Schmitt, S.F., Carvalho, S.H.C., Correia, R.A., Gamarra, N., Bragagnolo, C., Malhado, A.C.M. and Ladle, R.J. (2017) Protected area asset stewardship. Biological Conservation, 212: 183-190.
• Kruitwagen, L., Madani, K., Caldecott, B. and Workman, M.H.W. (2017) Game theory and corporate governance: conditions for effective stewardship of companies exposed to climate change risks. Journal of Sustainable Finance and Investment, 7(1): 14-36.
• Caldecott, B.L. Kruitwagen, L. and Kok, I. (2016) Carbon capture and storage in the thermal coal value chain. Oxford Energy Forum, May 2016(105): 50-55.
• Caldecott, B.L. and Mitchell, J. (2015) Premature retirement of sub-critical coal assets: the potential role of compensation and the implications for international climate policy. Seton Hall Journal of Diplomacy and International Relations, Fall/Winter: 59-70.
• McGlashan, N., Workman, M.H.W., Caldecott, B.L. and Shah, N. (2012) High level techno-economic assessment of negative emissions technologies. Process Safety and Environmental Protection, 90(6): 501-510.

Special / Edited collections

• Caldecott, B.L. (2017) Stranded assets and the environment. Journal of Sustainable Finance and Investment, 7(1): 1-138.

Book chapters

• Caldecott, B.L. (2020) What next for central banks and financial supervisors? In, Murphy, H. (ed.) Pathway to COP26: the role of green finance. Social Market Foundation, London, UK. ISBN: 978-1-910683-99-6.
• Barker, S., Mulholland, E. and Caldecott, B.L. (2019) Directors' liability and climate risk: navigating the step change in disclosure and governance expectations. In, Kuilman, M. and Kloosterman, W. (eds.) Sustainability and Financial Markets. De Nederlandsche Bank, Amsterdam, Netherlands.
• Caldecott, B.L. (2019) How banks can contribute to the Paris Agreement and the Sustainable Development Goals. In, Lambert, B. (ed.) How sustainable finance can tackle the climate emergency. Social Market Foundation, London, UK. ISBN: 978-1-910683-67-5.
• Caldecott, B. (2018) Next steps for stranded assets and the environment. In,  Stranded Assets and the Environment: Risk, Resilience and Opportunity. Routledge.
• Caldecott, B. (2018) Stranded assets as economic geography: the case for a disciplinary home? In, Caldecott, B. (ed.) Stranded Assets and the Environment: Risk, Resilience and Opportunity. Routledge. ISBN: 9781138120600..
• Kruitwagen, L., Madani, K., Caldecott, B. and Workman, M.H.W. (2018) Game theory and corporate governance: conditions for effective stewardship of companies exposed to climate change risks. Chapter 7 in,  Stranded Assets: Developments in Finance and Investment. Routledge.
• Kruitwagen, L., Collins, S. and Caldecott, B.L. (2017) Coal-fired power stations. In, Hester, R.E. and Harrison, R.M. (eds.) Coal in the 21st Century: Energy Needs, Chemicals and Environmental Controls. Royal Society of Chemistry, London, UK. ISBN: 978-1-78262-860-6.
• Ansar, A. and Caldecott, B.L. (2016) Divestment campaigns: bottom-up geo-economics. In, Leonard, M. (ed.) Connectivity wars: why migration, finance and trade are the geo-economic battlegrounds of the future. European Council on Foreign Relations, Brussels, Belgium.
• Caldecott, B.L. and Barker, S. (2016) Defending prosperity and the environment (at the same time). In, Save the Children (ed.) Our today, their tomorrow: how British leadership can build a better world for children. Save the Children, London, UK.
• Caldecott, B. (2015) Avoiding Stranded Assets. In, Gardner, G. and Mastny, L. (eds.) State of the World 2015: Confronting Hidden Threats to Sustainability. Island Press/Center for Resource Economics. pp. 51-63. ISBN: 978-1-59726-073-2.
• Caldecott, B.L. (2015) Retiring subcritical coal-fired power stations. In, Dudok van Heel, O. (ed.) An Economy that Works: Better growth beyond GDP. Aldersgate Group, London, UK.
• Caldecott, B.L. and Robins, N. (2015) Greening China’s financial markets: the risks and opportunities of stranded assets. In, Zhang, C., Zadek, S., Chen, N., and Halle, M. (eds.) Greening China’s Financial System. International Institute for Sustainable Development, Winnipeg, Canada. ISBN: 978-1-894784-74-0.
• Gawel, A., Ward, M., Caldecott, B.L., Low, L.P., van der Gaast, W., Lee, N. and Yoshino, M. (2014) Public-private collaboration. Chapter 7 in, Benioff, R., Franke, N., Ha, S., Park, E., Harrison, N., Höhne, N., Braun, N., van Tilburg, X., Cameron, L., van der Gaast, W. and Forstater, M. (eds.) Green Growth in Practice: Lessons from country experiences. Global Green Growth Institute, Seoul, Korea. pp. 173-194.
• Caldecott, B.L. and Cameron, J. (2011) Sustainability and the financial system. In, Schwab, K. (ed.) The Global Competitiveness Report 2011 – 2012. World Economic Forum, Geneva, Switzerland. ISBN: 978-92-95044-74-6.
• Caldecott, B.L. (2010) We fight to win: security and action on climate change. In, Rowley, S. and Phillips, R. (eds.) From Hot Air to Happy Endings: How to inspire public support for a low carbon society. Green Alliance, London, UK. ISBN: 978-1-905869-31-2.
• Caldecott, B.L. and Cameron, J. (2010) Breaking our dependence on the high carbon economy. In, Raingold, A. and Young, P. (eds.) Financing the Future: A green investment bank to power the economic recovery. Aldersgate Group, London, UK.
• Caldecott, B.L. and Sweetman, T. (2008) Setting the standard. In, Littlecott, C. (ed.) A Last Chance for Coal: Mmaking carbon capture and storage a reality. Green Alliance, London, UK.

Reports

• Hähl, T., Kube, M., Schütze, F., den Hamer, J., van der Zee, R., Bouveret, G., Caldecott, B.L., Harnett, E., Schumacher, S., Stolbova, V., Battiston, S., Bingler, J. and Liesch, T. (2021) Carbon Bubble: analyses, economic risks, measures, and instruments. Report No. FB000243/ENG. German Environment Agency, Berlin, Germany. ISSN: 1862-4804.
• Zhou, X.Y., Christian, W. and Caldecott, B.L. (2021) The energy transition and changing financing costs, Oxford Sustainable Finance Programme. Smith School of Enterprise and the Environment, Oxford.
• Allen, M., Axelsson, K., Caldecott, B., Hale, T., Hepburn, C., Hickey, C., Mitchell-Larson, E., Malhi, Y., Otto, F., Seddon, N. and Smith, S. (2020) The Oxford Principles for Net Zero Aligned Carbon Offsetting. Smith School of Enterprise and the Environment, Oxford.
• Caldecott, B. (2020) Achieving Alignment in Finance. UNEP Finance Initiative. 1-21.
• Zhou, X.Y., Caldecott, B.L., Harnett, E. and Schumacher, K. (2020) The Effect of Firm-level ESG Practices on Macroeconomic Performance. Working Paper, May 2020, Oxford Sustainable Finance Programme, Smith School of Enterprise and the Environment.
• Thomä, J., Caldecott, B.L. and Ralite, S. (2019) Sustainability Improvement Loans: a risk-based approach to changing capital requirements in favour of sustainability outcomes. 2degrees Investing Initiative (Paris, France) and Smith School of Enterprise and the Environment, University of Oxford (Oxford, UK)
• Caldecott, B., Dericks, G., Bouveret, G., Schumacher, K., Pfeiffer, A., Tulloch, D.J., Kruitwagen, L. and McCarten, M. (2018) Asset - level data and the Energy Transition: Findings from ET Risk Work Package 2. Smith School of Enterprise and the Environment, University of Oxford, Oxford, UK.
• Caldecott, B., Kruitwagen, L., McCarten, M., Zhou, X., Lunsford, D., Marchand, O., Hadjikyriakou, P., Bickel, V., Sachs, T. and Bohn, N. (2018) Climate risk analysis from space: remote sensing, machine learning, and the future of measuring climate-related risk. Smith School of Enterprise and the Environment, University of Oxford (Oxford, UK), Carbon Delta (Zurich, Switzerland), and German Research Centre for Geosciences (Berlin, Germany)
• Caldecott, B.L. (2018) Water infrastructure for climate adaptation: the opportunity to scale up funding and financing. World Water Council (Marseille, France) and Global Water Partnership (Stockholm, Sweden)
• Caldecott, B.L. and Ives, E. (eds.) (2018) Conservation nation: protecting and restoring the natural world. Bright Blue, London, UK. ISBN: 978-1-911128-39-7.
• Caldecott, B.L., Holmes, I., Kruitwagen, L., Orozco, D. and Tomlinson, S. (2018) Crude awakening: making oil major business models climate-compatible. Smith School of Enterprise and the Environment, University of Oxford (Oxford, UK), E3G (London, UK), and Chatham House (London, UK)
• Caldecott, B.L., Ives, E. and Holmes, M. (2018) Saving global nature: greening UK Official Development Assistance. Bright Blue (London, UK) and Conservative Environment Network (London, UK) ISBN: 978-1-911128-81-6.
• Caldecott, B.L., McCarten, M. and Triantafyllidis, C. (2018) Carbon Lock-in Curves and Southeast Asia: implications for the Paris Agreement. Briefing Paper. Smith School of Enterprise and the Environment, University of Oxford, Oxford, UK.
• Dericks, G., Potts, R. and Caldecott, B.L. (2018) Stranded Property Assets in China’s Resource-based Cities: implications for financial stability?Working Paper, February 2018, Sustainable Finance Programme, Smith School of Enterprise and the Environment
• Caldecott, B.L., Bouveret, G., Dericks, G., Kruitwagen, L., Tulloch, D. and Liao, X. (2017) Managing the political economy frictions of closing coal in China. Smith School of Enterprise and the Environment, University of Oxford, Oxford, UK.
• Caldecott, B.L., Bouveret, G., Dericks, G., Tulloch, D., Liao, X., Kruitwagen, L. and Bouveret, B. (2017) Stranded assets and thermal coal in China: an analysis of environment-related risk exposure. Smith School of Enterprise and the Environment, University of Oxford, Oxford, UK.
• Caldecott, B.L., Dericks, G., Pfeiffer, A. and Astudillo, P. (2017) Emerging Risk Report 2017: stranded assets - the transition to a low carbon economy. Innovation Series: Society and Security. Lloyd's of London, London, UK.
• Caldecott, B.L., Harnett, E. and MacDonald-Korth, D. (2017) Ultra High-Net-Worth Individuals (UHNWIs), private banks, and sustainable finance. Smith School of Enterprise and the Environment, University of Oxford, Oxford, UK.
• Caldecott, B.L., Saygin, D., Rigter, J., and Gielen, D. (2017) Stranded assets and renewables: how the energy transition affects the value of energy reserves, buildings, and capital stock. International Renewable Energy Agency, Abu Dhabi, UAE.
• Caldecott, B.L., Tulloch, D., Bouveret, G., Pfeiffer, A., Kruitwagen, L., McDaniels, J. and Dericks, G. (2017) The fate of European coal-fired power stations planned in the mid-2000s: insights for policymakers, companies, and investors considering new coal. Smith School of Enterprise and the Environment, University of Oxford, Oxford, UK.
• Caldecott, B.L. (2016) Keeping the lights on: security of supply after coal. Bright Blue, London, UK. ISBN: 978-1-911128-10-6.
• Caldecott, B.L. (2016) What environmental change might mean for commodity traders. The Trafigura Responsibility Report 2016. 14th November 2016.
• Caldecott, B.L. and Kruitwagen, L. (2016) Guest Opinion: How asset-level data can improve the assessment of environmental risk in credit analysis. Ratings Direct. Standard & Poor's Global Ratings, New York, USA. Standard & Poor's Global Ratings. 3 October 2016.
• Caldecott, B.L., Dericks, G., Tulloch, D., Kruitwagen, L. and Kok, I. (2016) Stranded assets and thermal coal in Japan: an analysis of environment-related risk exposure. Smith School of Enterprise and the Environment, University of Oxford, Oxford, UK.
• Caldecott, B.L., Harnett, E., Cojoianu, T., Kok, I. and Pfeiffer, A. (2016) Stranded assets: a climate risk challenge. Inter-American Development Bank, Washington, D.C., USA.
• Caldecott, B.L., Kruitwagen, L., Dericks, G., Tulloch, D., Kok, I. and Mitchell, J. (2016) Stranded assets and thermal coal: an analysis of environment-related risk exposure. Smith School of Enterprise and the Environment, University of Oxford, Oxford, UK. ISBN: 978-0-9927618-2-0.
• Dupre, S., Thomae, J., Weber, C. and Caldecott, B.L. (2016) Climate disclosure: how to make it fly. 2 Degrees Investing Initiative and Smith School of Enterprise and the Environment, University of Oxford, Paris, France and London, UK.
• Hall, S. and Caldecott, B.L. (2016) Better homes: incentivising home energy improvements. Bright Blue, London, UK. ISBN: 978-1-911128-21-2.
• Kruitwagen, L., Harnett, E. and Caldecott, B.L. (2016) Ultra High-Net-Worth Individuals, private banks, and the state of sustainable investment. Summary of Proceedings of the 5th Stranded Assets Forum, Waddesdon Manor, 15th April 2016. Smith School of Enterprise and the Environment, University of Oxford, Oxford, UK.
• Kruitwagen, L., MacDonald-Korth, D. and Caldecott, B.L. (2016) Environment-related risks and the future of prudential regulation and financial conduct. Summary of Proceedings of the 4th Stranded Assets Forum, Waddesdon Manor 6th March 2015. Smith School of Enterprise and the Environment, University of Oxford, Oxford, UK.
• Morel, A., Friedman, R., Tulloch, D. and Caldecott, B.L. (2016) Stranded assets in palm oil production: a case study of Indonesia. Smith School of Enterprise and the Environment, University of Oxford, Oxford, UK.
• Caldecott, B.L. (2015) Green and responsible conservatism: embedding sustainability and long-termism within the UK economy. Bright Blue, London, UK. ISBN: 978-1-911128-07-6.
• Caldecott, B.L. (2015) Stranded assets and Multilateral Development Banks. Inter-American Development Bank, Washington, D.C., USA.
• Caldecott, B.L. and Dericks, G. (2015) Making climate policy more like monetary policy: calibrating climate policy through corporate solvency. Smith School of Enterprise and the Environment, University of Oxford, Oxford, UK.
• Caldecott, B.L., Dericks, G. and Mitchell, J. (2015) Stranded assets and subcritical coal: the risk to companies and investors. Smith School of Enterprise and the Environment, University of Oxford, Oxford, UK. ISBN: 978-0-9927618-1-3.
• Jepson, P., Caldecott, B.L., Milligan, H. and Chen, D. (2015) A framework for protected area asset management. Smith School of Enterprise and the Environment, University of Oxford, Oxford, UK.
• Clark, G.L., Blowfield, M., McElroy, C., Caldecott, B.L., McSharry, P., McDaniels, J., Tilbury, J., Krosinsky, C. and Chachoua, E. (2014) A new vision of value: connecting corporate and societal value creation. KPMG International, Amsterdam, Netherlands.
• Ansar, A., Caldecott, B.L. and Tilbury, J. (2013) Stranded assets and the fossil fuel divestment campaign: what does divestment mean for the valuation of fossil fuel assets? Smith School of Enterprise and Environment, University of Oxford, Oxford, UK.
• Caldecott, B.L., Herbertson, P. and Morton, T. (2013) Perpetuity Funds: New permanent capital structures to finance climate-compatible development. Climate Change Capital, London, UK.
• Caldecott, B.L., Howarth, N. and McSharry, P. (2013) Stranded assets in agriculture: protecting value from environment-related risks. Smith School of Enterprise and the Environment, University of Oxford, Oxford, UK.
• Caldecott, B.L., Tilbury, J. and Ma, Y. (2013) Stranded Down Under? Environment-related factors changing China's demand for coal and what this means for Australian coal assets. Smith School of Enterprise and the Environment, University of Oxford, Oxford, UK. ISBN: 978-0-9927618-0-6.
• Jones, A., Allen, I., Silver, N., Howarth, C., Cameron, C. and Caldecott, B.L. (2013) Resource constraints: sharing a finite world - implications of limits to growth on the actuarial profession. The Actuarial Profession (London, UK) and Anglia Ruskin University Global Sustainability Institute (Cambridge, UK)
• Jones, A., Allen, I., Silver, N., Howarth, C., Cameron, C. and Caldecott, B.L. (2013) Resource constraints: sharing a finite world - implications of limits to growth on the actuarial profession. The Actuarial Profession, London, UK.
• Kaminker, C., Kawanishi, O., Stewart, F., Caldecott, B.L. and Howarth, N. (2013) Institutional Investors and Green Infrastructure Investments. OECD Working Papers on Finance, Insurance and Private Pensions, 35 OECD
• McGlashan, N., Workman, M., Caldecott, B.L. and Shah, N. (2012) Negative Emissions Technologies. Grantham Institute for Climate Change, Imperial College London, London, UK.
• Caldecott, B.L. and Dickie, I. (2011) Habitat banking: scaling up private investment in the protection and restoration of our natural world. Climate Change Capital and eftec, London, UK.
• Edwards, R., Caldecott, B.L. and Gray, S. (2011) Signal failure? Real economy signals for developing country climate finance and the future of the Green Climate Fund. Climate Change Capital, London, UK.
• Caldecott, B.L. (2010) Green Infrastructure Bonds: accessing the scale of low cost capital required to tackle climate change. Climate Change Capital, London, UK.
• Caldecott, B.L. and Lingard, T. (eds.) (2010) Conservatism in a changing climate: Security, prosperity and a low carbon future. Green Alliance, London, UK. ISBN: 978-1-905869-27-5.
• Caldecott, B.L. and McIlveen, R. (2010) At a rate of knots: improving public transport on the River Thames. Policy Exchange, London, UK. ISBN: 978-1-906097-56-1.
• Caldecott, B.L. (ed.) (2009) Litterbugs: how to deal with the problem of littering. Campaign to Protect Rural England and Policy Exchange, London, UK. ISBN: 978-1-906097-42-4.
• Caldecott, B.L. and McIlveen, R. (2009) Knowledge is power: securing transparency in Britain's liberalised energy market. Policy Exchange, London, UK. Research Note.
• Caldecott, B.L. and Sweetman, T. (2009) Warm homes: delivering energy efficiency improvements in the UK. Policy Exchange, London, UK. Research Note.
• Caldecott, B.L. and Tooze, S. (2009) Green skies thinking: promoting the development and commercialisation of sustainable bio-jet fuels. Policy Exchange, London, UK. Research Note.
• Helm, D., Wardlaw, J. and Caldecott, B.L. (2009) Delivering a 21st century infrastructure for Britain. Policy Exchange, London, UK. ISBN: 978-1-906097-55-4.
• McIlveen, R. and Caldecott, B.L. (eds.) (2009) A wasted opportunity: getting the most out of Britain's bins. Policy Exchange, London, UK. ISBN: 978-1-906097-52-3.
• Caldecott, B.L. (ed.) (2008) The root of the matter: carbon sequestration in forests and peatlands. Policy Exchange, London, UK. ISBN: 978-1-906097-31-8.
• Caldecott, B.L. (2007) Burma: changing course. Strategic Briefing. The Henry Jackson Society, London, UK.
• Caldecott, B.L. (2007) China in 2028: friend or foe? Strategic Briefing. The Henry Jackson Society, London, UK.
• Caldecott, B.L. (2007) The activities of UK firms in East China related to climate change. Foreign and Commonwealth Office, Shanghai, China.
• Caldecott, B.L. (2006) Livelihood and environmental change in the Kelabit Highlands of Sarawak, Borneo. Royal Society for Asian Affairs and WWF, London, UK and Petaling Jaya, Malaysia.

Working papers

• Caldecott, B.L. & Rook, D. (2015) Investment consultants and green investment: risking stranded advice? Working Paper. Smith School of Enterprise and the Environment, University of Oxford (Oxford, UK).
• Rook, D. & Caldecott, B.L. (2015) Cognitive biases and stranded assets: detecting psychological vulnerabilities within International Oil Companies. Working Paper. Smith School of Enterprise and the Environment, University of Oxford (Oxford, UK).
• Caldecott, B.L. & Rook, D. (2015) Investment consultants and green investment, 3rd Stranded Assets Forum, Waddesdon Manor 6th March 2015. Summary of Proceedings. Smith School of Enterprise and the Environment, University of Oxford (Oxford, UK).
• Caldecott B.L., Dericks, G. & Mitchell, J. (2015) Subcritical coal in Australia: risks to investors and implications for policy makers. Working Paper. Smith School of Enterprise and the Environment, University of Oxford (Oxford, UK).
• Rook, D. & Caldecott, B.L. (2015) Evaluating capex risk: new metrics to assess extractive industry project portfolios. Working Paper. Smith School of Enterprise and the Environment, University of Oxford (Oxford, UK).
• Caldecott B.L., Workman, M. & Lomax, G. (2015) Stranded Carbon Assets and Negative Emissions Technologies (NETs). Working Paper. Smith School of Enterprise and the Environment, University of Oxford (Oxford, UK).
• Caldecott, B.L. & Jepson, P. (2014) Towards a Framework for Protected Area Asset Management. Discussion Paper. Smith School of Enterprise and the Environment, University of Oxford (Oxford, UK).
• Caldecott, B.L., Rook, D. & Ashwin, J. (2014) Endowments and fossil fuels, 2nd Stranded Assets Forum, Waddesdon Manor 4th September 2014. Summary of Proceedings. Smith School of Enterprise and the Environment, University of Oxford (Oxford, UK).
• Caldecott, B.L. & Robins, N. (2014) Greening China's financial markets: the risks and opportunities of stranded assets. Briefing Paper. Smith School of Enterprise and the Environment, University of Oxford (Oxford, UK).
• Caldecott, B.L. & McDaniels, J. (2014) Financial dynamics of the environment: risks, impacts, and barriers to resilience. Working Paper for the UNEP Inquiry into the Design of a Sustainable Financial System. Working Paper. Smith School of Enterprise and the Environment, University of Oxford (Oxford, UK).
• Caldecott, B.L., McDaniels, J. & Dericks, G. (2014) Stranded Assets Forum, Waddesdon Manor 14th - 15th March 2014. Summary of Proceedings. Smith School of Enterprise and the Environment, University of Oxford (Oxford, UK).
• Caldecott, B.L. & McDaniels, J. (2014) Stranded generation assets: implications for European capacity mechanisms, energy markets and climate policy. Working Paper. Smith School of Enterprise and the Environment, University of Oxford (Oxford, UK).
• Caldecott, B.L., Tilbury, J. & Carey, C. (2014) Stranded assets and scenarios. Discussion Paper. Smith School of Enterprise and the Environment, University of Oxford (Oxford, UK).
• Caldecott, B.L. & Elders, G. (2013) Bloomberg Carbon Risk Valuation Tool. White Paper, 25th November 2013. Bloomberg New Energy Finance (London, UK).