The Carrot and the Stock: In Search of Stock-Market Incentives for Decarbonization

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Author :
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis The Carrot and the Stock: In Search of Stock-Market Incentives for Decarbonization by : Laurent Millischer

Download or read book The Carrot and the Stock: In Search of Stock-Market Incentives for Decarbonization written by Laurent Millischer and published by International Monetary Fund. This book was released on 2022-11-18 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial markets can support the transition to a low-carbon economy by redirecting funds from highly emissive to clean investments. We study whether European stock markets incorporate carbon prices in company valuations and to what degree they discriminate between firms with different carbon intensities. Using a novel dataset of stock prices and carbon intensities of 338 European publicly traded companies between 2013 and 2021, we find a strongly statistically significant relationship between weekly carbon price changes and stock returns. Crucially, this relationship depends on firms’ carbon intensity: the higher the carbon costs a firm faces, the poorer its stock performance during the periods of carbon price increases. Emissions covered with free allowances however do not affect this relationship, illustrating how both carbon pricing and disclosures are needed for financial markets to foster climate change mitigation. The relationship we identify can provide an incentive for firms to decarbonize. We argue in favor of more ambitious carbon pricing policies, as this would strengthen the stock-market incentive channel while causing only limited financial stability risk for stocks.

Carbon Policy and Stock Returns: Signals from Financial Markets

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Author :
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Carbon Policy and Stock Returns: Signals from Financial Markets by : Martina Hengge

Download or read book Carbon Policy and Stock Returns: Signals from Financial Markets written by Martina Hengge and published by International Monetary Fund. This book was released on 2023-01-27 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding the impact of climate mitigation policies is key to designing effective carbon pricing tools. We use institutional features of the EU Emissions Trading System (ETS) and high-frequency data on more than 2,000 publicly listed European firms over 2011-21 to study the impact of carbon policies on stock returns. After extracting the surprise component of regulatory actions, we show that events resulting in higher carbon prices lead to negative abnormal returns which increase with a firm's carbon intensity. This negative relationship is even stronger for firms in sectors which do not participate in the EU ETS suggesting that investors price in transition risk stemming from the shift towards a low-carbon economy. We conclude that policies which increase carbon prices are effective in raising the cost of capital for emission-intensive firms.

Managing Climate Risk in the U.S. Financial System

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Author :
Publisher : U.S. Commodity Futures Trading Commission
ISBN 13 : 057874841X
Total Pages : 196 pages
Book Rating : 4.5/5 (787 download)

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Book Synopsis Managing Climate Risk in the U.S. Financial System by : Leonardo Martinez-Diaz

Download or read book Managing Climate Risk in the U.S. Financial System written by Leonardo Martinez-Diaz and published by U.S. Commodity Futures Trading Commission . This book was released on 2020-09-09 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

Basic Methods of Policy Analysis and Planning

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Author :
Publisher : Routledge
ISBN 13 : 1317350006
Total Pages : 481 pages
Book Rating : 4.3/5 (173 download)

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Book Synopsis Basic Methods of Policy Analysis and Planning by : Carl Patton

Download or read book Basic Methods of Policy Analysis and Planning written by Carl Patton and published by Routledge. This book was released on 2015-08-26 with total page 481 pages. Available in PDF, EPUB and Kindle. Book excerpt: Updated in its 3rd edition, Basic Methods of Policy Analysis and Planning presents quickly applied methods for analyzing and resolving planning and policy issues at state, regional, and urban levels. Divided into two parts, Methods which presents quick methods in nine chapters and is organized around the steps in the policy analysis process, and Cases which presents seven policy cases, ranging in degree of complexity, the text provides readers with the resources they need for effective policy planning and analysis. Quantitative and qualitative methods are systematically combined to address policy dilemmas and urban planning problems. Readers and analysts utilizing this text gain comprehensive skills and background needed to impact public policy.

Drawdown

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Author :
Publisher : Penguin
ISBN 13 : 1524704652
Total Pages : 258 pages
Book Rating : 4.5/5 (247 download)

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Book Synopsis Drawdown by : Paul Hawken

Download or read book Drawdown written by Paul Hawken and published by Penguin. This book was released on 2017-04-18 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: • New York Times bestseller • The 100 most substantive solutions to reverse global warming, based on meticulous research by leading scientists and policymakers around the world “At this point in time, the Drawdown book is exactly what is needed; a credible, conservative solution-by-solution narrative that we can do it. Reading it is an effective inoculation against the widespread perception of doom that humanity cannot and will not solve the climate crisis. Reported by-effects include increased determination and a sense of grounded hope.” —Per Espen Stoknes, Author, What We Think About When We Try Not To Think About Global Warming “There’s been no real way for ordinary people to get an understanding of what they can do and what impact it can have. There remains no single, comprehensive, reliable compendium of carbon-reduction solutions across sectors. At least until now. . . . The public is hungry for this kind of practical wisdom.” —David Roberts, Vox “This is the ideal environmental sciences textbook—only it is too interesting and inspiring to be called a textbook.” —Peter Kareiva, Director of the Institute of the Environment and Sustainability, UCLA In the face of widespread fear and apathy, an international coalition of researchers, professionals, and scientists have come together to offer a set of realistic and bold solutions to climate change. One hundred techniques and practices are described here—some are well known; some you may have never heard of. They range from clean energy to educating girls in lower-income countries to land use practices that pull carbon out of the air. The solutions exist, are economically viable, and communities throughout the world are currently enacting them with skill and determination. If deployed collectively on a global scale over the next thirty years, they represent a credible path forward, not just to slow the earth’s warming but to reach drawdown, that point in time when greenhouse gases in the atmosphere peak and begin to decline. These measures promise cascading benefits to human health, security, prosperity, and well-being—giving us every reason to see this planetary crisis as an opportunity to create a just and livable world.

Stock-Market Equilibrium and the Dividend Yield

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Author :
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Stock-Market Equilibrium and the Dividend Yield by : Charles Frederick Kramer

Download or read book Stock-Market Equilibrium and the Dividend Yield written by Charles Frederick Kramer and published by International Monetary Fund. This book was released on 1996-08 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Can fundamentals account for the recent performance of the U.S. stock market? The price/earnings ratio is out of line with historical averages, and the dividend/price ratio has recently reached a historic low. These developments and record levels of inflows into mutual funds have led some to conclude that stock prices are above their fundamental levels. This paper assesses the recent rise in the stock market using a model for the equilibrium dividend/price ratio. While economic variables can account for most of the recent fall in the dividend/price ratio, mutual-fund inflows still have some marginal explanatory power.

The Cambridge Handbook of Compliance

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Publisher : Cambridge University Press
ISBN 13 : 1108754139
Total Pages : 1559 pages
Book Rating : 4.1/5 (87 download)

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Book Synopsis The Cambridge Handbook of Compliance by : Benjamin van Rooij

Download or read book The Cambridge Handbook of Compliance written by Benjamin van Rooij and published by Cambridge University Press. This book was released on 2021-05-20 with total page 1559 pages. Available in PDF, EPUB and Kindle. Book excerpt: Compliance has become key to our contemporary markets, societies, and modes of governance across a variety of public and private domains. While this has stimulated a rich body of empirical and practical expertise on compliance, thus far, there has been no comprehensive understanding of what compliance is or how it influences various fields and sectors. The academic knowledge of compliance has remained siloed along different disciplinary domains, regulatory and legal spheres, and mechanisms and interventions. This handbook bridges these divides to provide the first one-stop overview of what compliance is, how we can best study it, and the core mechanisms that shape it. Written by leading experts, chapters offer perspectives from across law, regulatory studies, management science, criminology, economics, sociology, and psychology. This volume is the definitive and comprehensive account of compliance.

Making Choices about Hydrogen

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Publisher : IDRC
ISBN 13 : 928081155X
Total Pages : 416 pages
Book Rating : 4.2/5 (88 download)

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Book Synopsis Making Choices about Hydrogen by : Lynn Krieger Mytelka

Download or read book Making Choices about Hydrogen written by Lynn Krieger Mytelka and published by IDRC. This book was released on 2008 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the mid-1990s, the emergence of a hydrogen economy and the speed with which it will arrive have been vigorously debated. As a disruptive technology, dominant designs for the production, storage and distribution of hydrogen have not yet been established. Neither have performance characteristics been achieved to compete with the existing combustion engine, though the efficiency and durability of hydrogen fuel cells are improving. This publication highlights the uncertainties involved in making choices about hydrogen and fuel cells in planning the development policies on national energy, environment and transport sector.--Publisher's description.

Global Carbon Pricing

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Publisher : MIT Press
ISBN 13 : 0262340399
Total Pages : 270 pages
Book Rating : 4.2/5 (623 download)

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Book Synopsis Global Carbon Pricing by : Peter Cramton

Download or read book Global Carbon Pricing written by Peter Cramton and published by MIT Press. This book was released on 2017-06-16 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why the traditional “pledge and review” climate agreements have failed, and how carbon pricing, based on trust and reciprocity, could succeed. After twenty-five years of failure, climate negotiations continue to use a “pledge and review” approach: countries pledge (almost anything), subject to (unenforced) review. This approach ignores everything we know about human cooperation. In this book, leading economists describe an alternate model for climate agreements, drawing on the work of the late Nobel laureate Elinor Ostrom and others. They show that a “common commitment” scheme is more effective than an “individual commitment” scheme; the latter depends on altruism while the former involves reciprocity (“we will if you will”). The contributors propose that global carbon pricing is the best candidate for a reciprocal common commitment in climate negotiations. Each country would commit to placing charges on carbon emissions sufficient to match an agreed global price formula. The contributors show that carbon pricing would facilitate negotiations and enforcement, improve efficiency and flexibility, and make other climate policies more effective. Additionally, they analyze the failings of the 2015 Paris climate conference. Contributors Richard N. Cooper, Peter Cramton, Ottmar Edenhofer, Christian Gollier, Éloi Laurent, David JC MacKay, William Nordhaus, Axel Ockenfels, Joseph E. Stiglitz, Steven Stoft, Jean Tirole, Martin L. Weitzman

Upsetting the Offset

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Publisher : Fastprint Publishing
ISBN 13 : 9781906948061
Total Pages : 363 pages
Book Rating : 4.9/5 (48 download)

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Book Synopsis Upsetting the Offset by : Steffen Böhm

Download or read book Upsetting the Offset written by Steffen Böhm and published by Fastprint Publishing. This book was released on 2009 with total page 363 pages. Available in PDF, EPUB and Kindle. Book excerpt: Upsetting the Offset engages critically with the political economy of carbon markets. It presents a range of case studies and critiques from around the world, showing how the scam of carbon markets affects the lives of communities. But the book doesn't stop there. It also presents a number of alternatives to carbon markets which enable communities to live in real low-carbon futures.

Climate Change in Cities

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Publisher : Springer
ISBN 13 : 3319650033
Total Pages : 377 pages
Book Rating : 4.3/5 (196 download)

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Book Synopsis Climate Change in Cities by : Sara Hughes

Download or read book Climate Change in Cities written by Sara Hughes and published by Springer. This book was released on 2017-09-27 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents pioneering work on a range of innovative practices, experiments, and ideas that are becoming an integral part of urban climate change governance in the 21st century. Theoretically, the book builds on nearly two decades of scholarships identifying the emergence of new urban actors, spaces and political dynamics in response to climate change priorities. However, it further articulates and applies the concepts associated with urban climate change governance by bridging formerly disparate disciplines and approaches. Empirically, the chapters investigate new multi-level urban governance arrangements from around the world, and leverage the insights they provide for both theory and practice. Cities - both as political and material entities - are increasingly playing a critical role in shaping the trajectory and impacts of climate change action. However, their policy, planning, and governance responses to climate change are fraught with tension and contradictions. While on one hand local actors play a central role in designing institutions, infrastructures, and behaviors that drive decarbonization and adaptation to changing climatic conditions, their options and incentives are inextricably enmeshed within broader political and economic processes. Resolving these tensions and contradictions is likely to require innovative and multi-level approaches to governing climate change in the city: new interactions, new political actors, new ways of coordinating and mobilizing resources, and new frameworks and technical capacities for decision making. We focus explicitly on those innovations that produce new relationships between levels of government, between government and citizens, and among governments, the private sector, and transnational and civil society actors. A more comprehensive understanding is needed of the innovative approaches being used to navigate the complex networks and relationships that constitute contemporary multi-level urban climate change governance. Debra Roberts, Co-Chair, Working Group II, IPCC 6th Assessment Report (AR6) and Acting Head, Sustainable and Resilient City Initiatives, Durban, South Africa “Climate Change in Cities offers a refreshingly frank view of how complex cities and city processes really are.” Christopher Gore, Associate Professor and Chair, Department of Politics and Public Administration, Ryerson University, Canada “This book is a rare and welcome contribution engaging critically with questions about cities as central actors in multilevel climate governance but it does so recognizing that there are lessons from cities in both the Global North and South.” Harriet Bulkeley, Professor of Geography, Durham University, United Kingdom “This timely collection provides new insights into how cities can put their rhetoric into action on the ground and explores just how this promise can be realised in cities across the world - from California to Canada, India to Indonesia.”

Climate Change and the Oil Industry

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Author :
Publisher : Manchester University Press
ISBN 13 : 9780719065583
Total Pages : 264 pages
Book Rating : 4.0/5 (655 download)

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Book Synopsis Climate Change and the Oil Industry by : Jon Birger Skjærseth

Download or read book Climate Change and the Oil Industry written by Jon Birger Skjærseth and published by Manchester University Press. This book was released on 2003 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents a detailed study of the climate strategies of ExxonMobil, Shell, and Statoil. With an innovative analytical approach, the authors explain variations at three decision-making levels: within the companies themselves, in the national home-bases of the companies, and at the international level. The analysis generates policy-relevant knowledge about whether and how corporate resistance to a viable climate policy can be overcome.

Low-carbon Development

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Publisher : World Bank Publications
ISBN 13 : 0821380818
Total Pages : 220 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Low-carbon Development by : Augusto de la Torre

Download or read book Low-carbon Development written by Augusto de la Torre and published by World Bank Publications. This book was released on 2010 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governments and civil society in Latin America and the Caribbean should be well informed about the potential costs and benefits of combating climate change, their policy options over the next decades, and the global context for these policy decisions. At the same time, the global community needs to be better informed about the unique perspective of the Latin American and Caribbean region: problems the region will face, its potential contributions toward combating global warming, and how to maximize this potential while continuing to maintain growth and reduce poverty. This book, a companion volume to Low Carbon, High Growth: Latin American Responses to Climate Change, seeks to help fill both these needs.

Oil Field Chemicals

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Publisher : Elsevier
ISBN 13 : 0080497578
Total Pages : 506 pages
Book Rating : 4.0/5 (84 download)

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Book Synopsis Oil Field Chemicals by : Johannes Fink

Download or read book Oil Field Chemicals written by Johannes Fink and published by Elsevier. This book was released on 2003-08-19 with total page 506 pages. Available in PDF, EPUB and Kindle. Book excerpt: Oil field chemicals are gaining increasing importance, as the resources of crude oil are decreasing. An increasing demand of more sophisticated methods in the exploitation of the natural resources emerges for this reason. This book reviews the progress in the area of oil field chemicals and additives of the last decade from a rather chemical view. The material presented is a compilation from the literature by screening critically approximately 20,000 references. The text is ordered according to applications, just in the way how the jobs are emerging in practice. It starts with drilling, goes to productions and ends with oil spill. Several chemicals are used in multiple disciplines, and to those separate chapters are devoted. Two index registers are available, an index of chemical substances and a general index.* Gives an introduction to the chemically orientated petroleum engineer.* Provides the petroleum engineer involved with research and development with a quick reference tool. * Covers interdisciplinary matter, i.e. connects petroleum recovery and handling with chemical aspects.

Adapting Buildings and Cities for Climate Change

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Author :
Publisher : Routledge
ISBN 13 : 1136444564
Total Pages : 398 pages
Book Rating : 4.1/5 (364 download)

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Book Synopsis Adapting Buildings and Cities for Climate Change by : David Crichton

Download or read book Adapting Buildings and Cities for Climate Change written by David Crichton and published by Routledge. This book was released on 2009-10-26 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the bestselling author of Ecohouse, this fully revised edition of Adapting Buildings and Cities for Climate Change provides unique insights into how we can protect our buildings, cities, infra-structures and lifestyles against risks associated with extreme weather and related social, economic and energy events. Three new chapters present evidence of escalating rates of environmental change. The authors explore the growing urgency for mitigation and adaptation responses that deal with the resulting challenges. Theoretical information sits alongside practical design guidelines, so architects, designers and planners can not only see clearly what problems they face, but also find the solutions they need, in order to respond to power and water supply needs. Considers use of materials, structures, site issues and planning in order to provide design solutions. Examines recent climate events in the US and UK and looks at how architecture was successful or not in preventing building damage. Adapting Buildings and Cities for Climate Change is an essential source, not just for architects, engineers and planners facing the challenges of designing our building for a changing climate, but also for everyone involved in their production and use.

The Energy of Russia

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Author :
Publisher : Edward Elgar Publishing
ISBN 13 : 1788978609
Total Pages : 209 pages
Book Rating : 4.7/5 (889 download)

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Book Synopsis The Energy of Russia by : Veli-Pekka Tynkkynen

Download or read book The Energy of Russia written by Veli-Pekka Tynkkynen and published by Edward Elgar Publishing. This book was released on 2019-12-27 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely book analyses the status of hydrocarbon energy in Russia as both a saleable commodity and as a source of societal and political power. Through empirical studies in domestic and foreign policy contexts, Veli-Pekka Tykkynen explores the development of a hydrocarbon culture in Russia and the impact this has on its politics, identity and approach to climate change and renewable energy.

The Ecology of Commerce

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Publisher :
ISBN 13 : 9781857992168
Total Pages : 253 pages
Book Rating : 4.9/5 (921 download)

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Book Synopsis The Ecology of Commerce by : Paul Hawken

Download or read book The Ecology of Commerce written by Paul Hawken and published by . This book was released on 1995 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: Paul Hawken believes that the impending ecological catastrophe cannot be prevented by individuals - only big business is powerful and influential enough to reverse the present trend. In this book he sets out to show the need for a new relationship between governments and businesses, believing that their present collusion against the public is undemocratic.