Summary Decision-making on sustainability investment faces two challenges. First, appraisal methods are based on a narrow view of shareholder value and require extensions to support decisions that involve valuable outcomes for society. Second, the consequences of climate change are uncertain. However, firms have real options to adapt, which helps them realize the energy transition. An extended net present value that includes societal real options can assess the value of phasing in renewables (e.g., timing, expansion, and growth options) and phasing out fossil fuels (contraction, abandonment, and switching options). Increased corporate awareness of societal real options value should encourage corporations to act more responsibly.

中文翻译：

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可持续性 Real Options


总结 可持续性投资的决策面临两个挑战。首先，评估方法基于对股东价值的狭隘看法，需要扩展以支持涉及对社会有价值结果的决策。其次，气候变化的后果是不确定的。然而，公司有真正的适应选择，这有助于他们实现能源转型。包括社会实物期权在内的扩展净现值可以评估逐步引入可再生能源（例如，时机、扩张和增长选项）和逐步淘汰化石燃料（收缩、放弃和转换选项）的价值。企业对社会实物期权价值的认识的提高应该会鼓励企业采取更负责任的行动。