The increase in natural disasters due to climate change has prompted the adoption of measures to mitigate it, like the use of renewable energy sources. This study suggests that the transition risk associated with these policies will rise the demand for critical metals, increasing the systematic risk for companies that produce them. Using Bayesian structural time series, we find evidence suggesting that, following the Paris and Dubai Agreements, the systematic risk for copper and lithium-producing companies increased. At the same time, the changes for cobalt and nickel varied. So, future consideration should be given to hedging these assets.

中文翻译：

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关键金属企业系统性风险的环境政策


气候变化导致的自然灾害增加促使人们采取措施来减轻气候变化，例如使用可再生能源。这项研究表明，与这些政策相关的转型风险将增加对关键金属的需求，从而增加生产这些金属的公司的系统性风险。使用贝叶斯结构时间序列，我们发现证据表明，在巴黎和迪拜协定之后，铜和锂生产公司的系统性风险增加。与此同时，钴和镍的变化也各不相同。因此，未来应考虑对冲这些资产。