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It appears global financial institutions are beginning to price in the energy transition and associated climate risks — except when it comes to oil and gas.
That’s a key finding of an important new study released by a team of researchers led by Ben Caldecott at the University of Oxford Smith School of Enterprise and the Environment. Poring over financial transaction data that spans two decades, the team sought to answer a basic question — are financial markets pricing in climate risk? The answer it turns out is not that simple and frankly, a bit disturbing.