Green economy  |  Events  |  05.03.2014

Deflating the Financial Carbon Bubble

The Greens/EFA Group of the European Parliament commissioned a study in order to investigate the carbon exposure of Europe's top 43 banks and pension funds and assess their risk towards a carbon shock. This study will be presented at the conference 'Deflating the Financial Carbon Bubble' on Wednesday 5th March 2014 - 9.30 am to 1 pm - in the European Parliament.

DATE: Wednesday 5th of March 2014, 9h30 to 13h00
VENUE: European Parliament (room A1G3), Brussels
LANGUAGE: EN

The so called 'carbon bubble' - which refers to the overvaluation of oil, gas and coal mining companies because of the need to shift from fossil fuels to renewable energy sources - poses a growing risk to our economies.

If we want to have a chance to limit global warming below 2°C and therefore avoid harmful climate change the amount of fossil fuels that can actually be burnt is limited, and the majority of fossil fuel reserves would become stranded assets. Today private companies own about a 1/4 of fossil fuel reserves. If a large part of these reserves cannot be extracted, that reduces the valuation of these companies and their ability to repay their debt. The carbon bubble therefore poses serious risks to the financial sector given the financial institutions´ large exposures to oil, gas and coal mining companies through equity, bond, and loan portfolios.

Together with international and European key policy makers, regulators, NGOs but also representatives from banks and pension funds, the Greens/EFA will look at the potential impact of the carbon bubble on the EU financial system and reflect upon policies and strategies for limiting its adverse effects and facilitating a greening of financial markets.

SPEAKERS

  • Reinhard Bütifoker, MEP Greens/EFA
  • Bevis Longstreth, former US SEC Commissioner under President Reagan 
  • Bill McKibben, Founder of 350.org
  • Francis Weyzig, Researcher, Sustainable Finance Lab, University of Utrecht
  • Barbara Kuepper, Researcher, Profundo 10h50: Q&A
  • Jason Anderson, Head EU Climate & Energy Policy, WWF EU
  • Silja Varmola, Portfolio Manager, Keva Pension Fund 
  • James Cameron, Founder and Chairman of Climate Change Capital 
  • Didier Millerot, Head of Unit Accounting and Financial Reporting, DG MARKT, European Commission
  • Hugues Saillard, Head of Société Générale Group Representation to the EU
  • Bas Eickhout, MEP Greens/EFA

 

Register online befor 3rd March here