This paper reviews the fossil fuel divestment literature. It argues that the origin of climate change is in the ‘carbon shield’, meaning that fossil fuel firms are not held sufficiently responsible for their externalities. By divesting from these firms, investors do not want to be complicit. The literature differentiates three dimensions in the fossil fuel divestment debate: Justification, Impact, and Agent. The first discusses the justification for divesting, whereas the second discusses the impact of divesting on financial performance and/or emissions, and the third relates to how to accomplish divesting and its consequences for individual agents. The review concludes that the number of perspectives used to analyze the divestment debate is rising, that the environmental and financial impact of divestment is very limited, and that a wide variety of agents relate to divesting from fossil fuel.

本文回顾了化石燃料撤资文献。它认为气候变化的根源在于“碳盾”，这意味着化石燃料公司没有对其外部性承担足够的责任。通过从这些公司撤资，投资者不想成为同谋。文献区分了化石燃料撤资争论的三个维度：理由、影响和代理人。第一个讨论了剥离的理由，第二个讨论了剥离对财务业绩和/或排放的影响，第三个涉及如何完成剥离及其对个体代理商的影响。审查得出的结论是，用于分析撤资辩论的观点数量正在增加，撤资对环境和财务的影响非常有限，而且与化石燃料撤资有关的因素多种多样。