Abstract
Investors have a central role to play in the sustainability transition, due to their inordinate influence on the governance of the fossil fuel extraction industry. Using network analyses, this paper links fossil fuel firms to equity owners, by distinguishing spatial, sensitivity, and ownership characteristics of top shareholders and establishing a ranked list of the most prevalent shareholders based on emissions potential and network centrality. Our study reveals that among the most prevalent owners, are government signatories of the Paris accord and prominent American investment managers. We conclude that a concentrated number of investors have the potential to influence the strategic direction and governance of these firms and should consequently be held accountable for financing the economic activities that contribute to climate instability. This paper directly contributes to the fragmented body of academic research on financial systems, supply-side climate solutions, and sustainability transitions.
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