Dordi, Truzaar orcid.org/0000-0003-1634-2374, Weber, Olaf, Rhodes, Ekaterina et al. (1 more author) (2023) A voice for change? Capital markets as a key leverage point in Canada's fossil fuel industry. Energy Research and Social Science. 103189. ISSN 2214-6296
Abstract
Canada as an oil and gas producing nation will play a definitive role in the transition to a carbon-constrained world. Yet, Canadian climate policy continues to prop the ailing oil and gas industry with supply-side policies that enables the continued expansion of fossil fuel production. This study examines the role of financial actors as high-leverage intervention points that may be used to limit the production and expansion of Canada's fossil fuel industry. Using a combination of network modelling, sensitivity analysis, and a novel scoring tool, we find that equity ownership in Canada's largest fossil fuel firms is increasingly concentrated among a small subset of predominantly foreign and corporate equity owners. Moreover, the high debt load of fixed assets make Canadian fossil fuel firms particularly sensitive to shareholder intervention. The findings suggest that prominent shareholders are unlikely to use their voice to curtail carbon emissions in Canada's fossil fuel industry, unless mandated to do so. Thus, the study concludes with important policy insights, to drive effective decision making and change.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | Funding Information: This research was funded by the Social Sciences and Humanities Research Council Doctoral Fellowship ( 752-2021-1579 ) and New Frontiers in Research Grant ( NFRFE-338-2018 ). Publisher Copyright: © 2023 Elsevier Ltd |
Keywords: | Capital markets,Equity ownership,Fossil fuels,Canada,Network analysis |
Dates: |
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Institution: | The University of York |
Academic Units: | The University of York > Faculty of Sciences (York) > Environment and Geography (York) |
Depositing User: | Pure (York) |
Date Deposited: | 20 Jul 2023 09:50 |
Last Modified: | 21 Jan 2025 18:09 |
Published Version: | https://doi.org/10.1016/j.erss.2023.103189 |
Status: | Published |
Refereed: | Yes |
Identification Number: | 10.1016/j.erss.2023.103189 |
Related URLs: | |
Sustainable Development Goals: | |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:201730 |
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Description: 2023 Dordi Weber Rhodes McPherson ERSS
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