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Transition risks: How to move ahead Across six reports, Kepler Cheuvreux and The CO-Firm have quantitatively analysed how transition risks could impact future company earnings and equity valuations by modelling the utilities, autos and steel sectors under different climate change scenarios. This report provides a one-stop shop for the key […]

Transition risks: How to move ahead


Transition risks in the steel sector This report is the fourth in a series of six, as part of the Energy Transition Risks project. It investigates the potential financial impact of climate change scenarios on companies in the steel sector, focusing on ArcelorMittal, thyssenkrupp, and voestalpine’s crude steel business. Our […]

Transition risks in the steel sector


CLIMATE SCENARIO ANALYSIS: CEMENT’S FINANCIAL PERFORMANCE UNDER 2° C AND 2.7° C This report specifically aims at illustrating the general impact of two distinct climate changes scenarios on the financial performance of the plants that operate in these six countries (Germany, Italy, France, Brazil, the USA and Mexico). Looking at […]

Cement’s financial performance under 2°C and 2.7°C



Transition risks in the automotive sector Since the FSB’s Task Force on Climate-related Financial Disclosures (TCFD) published its recommendations in 2017, scenario analysis has been a leading tool to assess the risks and opportunities to companies from measures taken to mitigate climate change. This study analyses the degree to which […]

Transition risks in the automotive sector


Right Direction, Wrong Equipment: Why Transition Risks do not Fit into Regulatory Stress Tests This report seeks to explore options around integrating transition risk into mainstream stress-test scenarios used by financial supervisory authorities. It analyses options for integration into macroeconomic, asset-class and sector risk factors. It focuses in particular around […]

Right Direction, Wrong Equipment




Mind the Gap This report looks at the oil, gas and thermal coal industry with a focus on the upstream end of the value chain, comparing potential supply to a selection of different demand scenarios that result in varying global warming outcomes. The three scenarios used are drawn from those […]

Mind the Gap



Investor Primer to Transition Risk Analysis Since the Financial Stability Board Task Force on Climate-related Financial Disclosures (FSB TCFD) released its recommendations, there has been a greater emphasis on scenario analysis in the financial community to assess the opportunities and risks related to efforts to limit temperature change. Given the […]

Investor Primer to Transition Risk Analysis