24 April 2019
Dr Gregor Semieniuk, Lecturer in the Department of Economics, has been awarded a grant from the Natural Environment Research Council (NERC) jointly with colleagues from Open, Exeter and Cambridge Universities. The project, titled “Financial risk and the impact of climate change” will characterise and quantify risks to the economy from the transition to a low carbon economy that may be caused by the revaluation of fossil fuel assets, and consequences for financial markets. To achieve this, the research will build on the existing E3ME model of the economy and climate change and add to it a network of the network of ownership of fossil-fuel assets, creating a form of "fossil-fuel financial geography". The model then simulates the uptake of key low-carbon technologies in the most emissions-intensive sectors (power generation, road transport, household heating, industry and land-use) and repercussion for fossil fuel producers, and their shareholders.
The project has started in February and runs for 1 year.