Firms Response To Climate Regulations Empirical Investigations Based On The European Emissions Trading System
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| Author | : Fotios Kalantzis |
| Publisher | : International Monetary Fund |
| Total Pages | : 31 |
| Release | : 2024-06-28 |
| Genre | : |
| ISBN | : |
Using a novel cross-country dataset, which merges firm-level financials with information on firms’ participation in the European Unions’ Emissions Trading System (ETS), we investigate how firm performance is affected by tightening of environmental policies that put a price on pollution. We find that more stringent policies do not have a strong negative impact on the profitability of ETS-regulated or non-ETS firms. While firms report an increase in their input costs during periods of high carbon prices, their reported turnover is also higher. Among ETS-regulated firms which must purchase emission certificates under the EU ETS, tightening of climate policies in periods of high carbon prices results in increased investment, particularly in intangible assets. We establish robustness of our results using a quantile regression analysis, ensuring our key findings are not driven by distributional irregularities. Our findings provide support for the benefits of EU ETS on accelerating firms’ climate transition, while keeping firm-level financial costs at bay.
| Author | : Valentin Bellassen |
| Publisher | : Cambridge University Press |
| Total Pages | : 563 |
| Release | : 2015-03-19 |
| Genre | : Business & Economics |
| ISBN | : 1107098483 |
An authoritative overview of the requirements and costs of monitoring, reporting and verifying emissions from industry to regional and national levels.
| Author | : Leonardo Martinez-Diaz |
| Publisher | : U.S. Commodity Futures Trading Commission |
| Total Pages | : 196 |
| Release | : 2020-09-09 |
| Genre | : Science |
| ISBN | : 057874841X |
This publication serves as a roadmap for exploring and managing climate risk in the U.S. financial system. It is the first major climate publication by a U.S. financial regulator. The central message is that U.S. financial regulators must recognize that climate change poses serious emerging risks to the U.S. financial system, and they should move urgently and decisively to measure, understand, and address these risks. Achieving this goal calls for strengthening regulators’ capabilities, expertise, and data and tools to better monitor, analyze, and quantify climate risks. It calls for working closely with the private sector to ensure that financial institutions and market participants do the same. And it calls for policy and regulatory choices that are flexible, open-ended, and adaptable to new information about climate change and its risks, based on close and iterative dialogue with the private sector. At the same time, the financial community should not simply be reactive—it should provide solutions. Regulators should recognize that the financial system can itself be a catalyst for investments that accelerate economic resilience and the transition to a net-zero emissions economy. Financial innovations, in the form of new financial products, services, and technologies, can help the U.S. economy better manage climate risk and help channel more capital into technologies essential for the transition. https://doi.org/10.5281/zenodo.5247742
| Author | : Toshi H. Arimura |
| Publisher | : Springer Nature |
| Total Pages | : 271 |
| Release | : 2020-09-17 |
| Genre | : Business & Economics |
| ISBN | : 9811569649 |
This open access book evaluates, from an economic perspective, various measures introduced in Japan to prevent climate change. Although various countries have implemented such policies in response to the pressing issue of climate change, the effectiveness of those programs has not been sufficiently compared. In particular, policy evaluations in the Asian region are far behind those in North America and Europe due to data limitations and political reasons. The first part of the book summarizes measures in different sectors in Japan to prevent climate change, such as emissions trading and carbon tax, and assesses their impact. The second part shows how those policies have changed the behavior of firms and households. In addition, it presents macro-economic simulations that consider the potential of renewable energy. Lastly, based on these comprehensive assessments, it compares the effectiveness of measures to prevent climate change in Japan and Western countries. Providing valuable insights, this book will appeal to both academic researchers and policymakers seeking cost-effective measures against climate change.
| Author | : A. Denny Ellerman |
| Publisher | : |
| Total Pages | : 392 |
| Release | : 2014-05-14 |
| Genre | : Carbon offsetting |
| ISBN | : 9781139042017 |
The first detailed description and analysis of the European Union Emissions Trading Scheme.
| Author | : Great Britain. Parliament. House of Commons. Committee of Public Accounts |
| Publisher | : The Stationery Office |
| Total Pages | : 36 |
| Release | : 2004 |
| Genre | : Science |
| ISBN | : 9780215020154 |
The Scheme is one of the Government's policy measures designed to help meet its commitments under the 1997 Kyoto Protocol to secure significant reductions in UK greenhouse gas emissions, in order to address the causes of global warming. Under the Scheme, companies are issued with allowances equal to their target emissions for the year, and at the end of the year must hold enough allowances to cover its actual emissions. A company can choose to reduce its actual emissions below its target (enabling it to sell excess allowances to other companies, or to save them for use in future years), to meet its target, or to buy extra allowances to cover any emissions in excess of its target amount. Following on from a National Audit Office report on this topic (HCP 517, session 2003-04; ISBN 0102927804) published in April 2004, the Committee's report examines the risk management procedures associated with the Scheme, the way baselines for greenhouse emissions were set, the effectiveness of the auction and the market, and the wider benefits to the UK economy.
| Author | : Gareth Bryant |
| Publisher | : Cambridge University Press |
| Total Pages | : 195 |
| Release | : 2019-02-21 |
| Genre | : Political Science |
| ISBN | : 1108386229 |
The promise of harnessing market forces to combat climate change has been unsettled by low carbon prices, financial losses, and ongoing controversies in global carbon markets. And yet governments around the world remain committed to market-based solutions to bring down greenhouse gas emissions. This book discusses what went wrong with the marketisation of climate change and what this means for the future of action on climate change. The book explores the co-production of capitalism and climate change by developing new understandings of relationships between the appropriation, commodification and capitalisation of nature. The book reveals contradictions in carbon markets for addressing climate change as a socio-ecological, economic and political crisis, and points towards more targeted and democratic policies to combat climate change. This book will appeal to students, researchers, policy makers and campaigners who are interested in climate change and climate policy, and the political economy of capitalism and the environment.
| Author | : John F. McEldowney |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2014 |
| Genre | : Environmental law |
| ISBN | : 9780857938206 |
Featuring an original introduction by the editors, this important collection of essays explores the main issues surrounding the regulation of the environment. The expert contributors illustrate that regulating the environment in the UK is conceptually complex, involves a diverse range of institutions, techniques and methodologies and crosses geographical and national boundaries. In the USA it is more formalised, juridical, adversarial and formally dependent upon legal rules. The articles highlight the fact that despite differences in the UK and the USA's regulatory styles, environmental regulation today has much in common with both traditions.
| Author | : Andrew J. Hoffman |
| Publisher | : University of Michigan Press |
| Total Pages | : 196 |
| Release | : 2007 |
| Genre | : Business & Economics |
| ISBN | : 9780472032655 |
A clear, practical guide to sustainable climate policy for business leaders and corporate change-makers
| Author | : Signe Krogstrup |
| Publisher | : International Monetary Fund |
| Total Pages | : 58 |
| Release | : 2019-09-04 |
| Genre | : Business & Economics |
| ISBN | : 1513511955 |
Climate change is one of the greatest challenges of this century. Mitigation requires a large-scale transition to a low-carbon economy. This paper provides an overview of the rapidly growing literature on the role of macroeconomic and financial policy tools in enabling this transition. The literature provides a menu of policy tools for mitigation. A key conclusion is that fiscal tools are first in line and central, but can and may need to be complemented by financial and monetary policy instruments. Some tools and policies raise unanswered questions about policy tool assignment and mandates, which we describe. The literature is scarce, however, on the most effective policy mix and the role of mitigation tools and goals in the overall policy framework.
