The rising risks of fossil fuel lobbying

For 2009 to 2018, we find that fossil fuel firms are more likely to lobby and that lobbying ex-penditures are greater with increases in a firm's vulnerability to climate change news risk. The industry's resistance to a timely low-carbon transition has spawned a divestment movement that accelerated in 2014. Estimates of fossil fuel firm vulnerability to climate change news risk in-crease after 2013, strengthening firms' inclination to lobby just when this activity becomes less valued by shareholders. We consider the financial implications of continued climate policy obstruction for financial system stability and the success of the clean energy transition.