Article published in The International Journal of Sustainable Energy Planning and Management, Vol 15 (may 2018)
This paper aims to understand the role of today’s accounting requirements for financial intermediaries (banks and insurers), to be aware of their limitations and to underscore the need for reform in order to foster long-term and then low-carbon capital spending in Europe. The paper shows that International Financial Reporting Standards (IFRS) can affect long-term asset allocation of banks and insurance companies. International accounting standards do not differentiate between low and carbon intensive investment and do not take into account climate risks beforehand. To tackle these issues, we make some recommendations to promote long-term and low-carbon investment.
The purpose of this article is to reformulate a clear and in-depth state of knowledge provided by a thermo-evolutionary perspective of the economic system. It is shown that during the entire human history, energy has been central to direct the successive phases of technological change and economic development.
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