Assets in the fossil fuel industries are at risk of losing market value due to anticipated breakthroughs in renewable technology and governments stepping up climate policies in the light of the Paris commitments to limit global warming to 1.5 or 2 degrees Celsius. Stranded assets arise due to uncertainty about the future timing of these two types of events and substantial intertemporal and intersectoral investment adjustment costs. Stranding of assets mostly affects the 20 biggest oil, gas and coal companies who have been responsible for at least a third of global warming since 1965, but also carbon-intensive industries such as steel, aluminium, cement, plastics and greenhouse horticulture. A disorderly transition to the carbon-free economy will lead to stranded assets and legal claims. Institutional investors should be aware of these financial risks. A broader definition of stranded assets also includes countries reliant on fossil fuel exports and workers with technology-specific skills.

中文翻译：

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向无碳经济转型中的搁浅资产

由于可再生技术的预期突破以及各国政府根据巴黎承诺将全球变暖限制在 1.5 或 2 摄氏度的情况下加强气候政策，化石燃料行业的资产面临失去市场价值的风险。搁浅资产的产生是由于这两类事件未来发生时间的不确定性以及大量的跨期和跨部门投资调整成本。资产搁浅主要影响 20 家最大的石油、天然气和煤炭公司，这些公司自 1965 年以来至少对全球变暖负责了三分之一，但也影响了钢铁、铝、水泥、塑料和温室园艺等碳密集型行业。向无碳经济的无序过渡将导致资产搁浅和法律索赔。机构投资者应注意这些金融风险。搁浅资产的更广泛定义还包括依赖化石燃料出口的国家和具有特定技术技能的工人。