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  • Author: Buda Daniel x
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Abstract

This article strives to make a general presentation on the 10th Assembly of the World Council of Churches which took place in Busan, Republic of South Korea, from the 30th October to the 8th November 2013, underlining the most important points of the agenda of this global ecumenical event. It also reviews two documents issued by the Assembly and published after this presentation: The Message of the WCC Assembly, entitled “Join the Pilgrimage of Justice and Peace” and the so-called “Unity Statement” entitled “God’s Gift and Call to Unity - and Our Commitment”.

Abstract

This paper considers the information value of carbon-emissions disclosures for investors. Our argument is that Financial Institutions (FIs) do need to map the carbon-financial intensity of corporate activities so as to provide investors with higher returns on capital relative to the carbon emissions attached to this capital. Our analysis maps out carbon-financial risks in the S&P500 constituent companies that are domiciled in the US and capturing approximately 82% of the total U.S. equity market value. We examine the extent to which carbon-financial risk has already impacted on the allocation of capital (debt and equity) and market value exposure from carbon emissions in the S&P500. Our analysis of carbon generating and carbon dependent business models in the S&P 500 reveals a complex and interconnected physical-financial value chain. This new insight will force FIs to now become active investor’s rather than simply investing (or disinvesting) at a distance in order to secure a long-term decarbonisation of their portfolios. This papers also argues for new innovative disclosures such as company’s reporting their top 10 material carbon-stakeholder relations. This would help FIs understand a company’s business model in terms of carbon interdependency and inform regulatory and technical interventions thereby avoiding the possibility of a disruptive evacuation of capital from carbon-intensive business models.