nep-ene New Economics Papers
on Energy Economics
Issue of 2014‒11‒22
43 papers chosen by
Roger Fouquet
London School of Economics

  1. The determinants of CO2 emissions: empirical evidence from Italy By Cerdeira Bento, João Paulo
  2. Carbon and Energy Prices: Surfing the Wavelets of California By Rita Sousa; Luís Francisco Aguiar-Conraria; Maria Joana Soares
  3. Collinsville solar thermal project: Yield forecasting – Final report By Bell, William Paul; Wild, Phillip; Foster, John
  4. The European Emissions Trading System (EU ETS): Ex-Post Analysis, the Market Stability Reserve and Options for a Comprehensive Reform By Brigitte Knopf; Nicolas Koch; Godefroy Grosjean; Sabine Fuss; Christian Flachsland; Michael Pahle; Michael Jakob; Ottmar Edenhofer
  5. Assessing Impact of Large-Scale Distributed Residential HVAC Control Optimization on Electricity Grid Operation and Renewable Energy Integration By Corbin, Charles
  6. “Industrial Emissions Abatement: Untangling the Impacts of the EU ETS and the Economic Crisis” By Germà Bel; Stephan Joseph
  7. Reducing energy demand: An overview of issues, challenges and approaches By Steve Sorrell
  8. Multicriterial Assessment of RES- and Energy-Efficiency Promoting Policy Mixes for Russian Federation By Didenko, Alexander
  9. Estimation of China Sectoral Emission Intensity: Based on Input-Output Model By Xueting Zhao
  10. Comparing Feed-In Tariffs and Renewable Obligation Certificates - The Case of Repowering Wind Farms By Tim Mennel; Teresa Romano; Sara Scatasta
  11. Revisiting carbon Kuznets curves with endogenous breaks modeling: Evidence of decoupling and saturation (but few inverted-Us) for individual OECD countries By Liddle, Brantley; Messinis, George
  12. The Swedish car fleet model By Beser Hugosson, Muriel; Algers, Staffan; Habibi, Shiva; Sundbergh, Pia
  13. The Potential for Segmentation of the Retail Market for Electricity in Ireland By Hyland, Marie; Leahy, Eimear; Tol, Richard S. J.
  14. Carbon Lock-In: The Role of Expectations By Gerard van der Meijden; Sjak Smulders
  15. The EU-Turkey Energy Relations After the 2014 Ukraine Crisis. Enhancing The Partnership in a Rapidly Changing Environment By Simone Tagliapietra
  16. Estimating fluctuations in oil and gas investment By Dahl, Roy A; Osmundsen, Petter
  17. Going Forward by Looking Backwards on the Environmental Kuznets Curve: an Analysis of CFCs, CO2 and the Montreal and Kyoto Protocols By Thomas Longden
  18. Tariff Regulation with Energy Efficiency Goals By Laura Abrardi; Carlo Cambini
  19. Globalisation, energy usage and sustainability By Raza, Mohsin; Elahi, Muhammad Ather
  20. Models of Green Economy in Arab Countries Using the Environmental Performance Index By Driouchi, Ahmed; El Alouani, Hajar
  21. Sustainable Electricity Grid Development and the Public: An Economic Approach By Wenche Tobiasson; ToorajJamasb
  22. Knowledge Spillovers from Clean and Dirty Technologies By Antoine Dechezleprêtre; Ralf Martin; Myra Mohnen
  23. The Local Economic Impacts of Hydraulic Fracturing and Determinants of Dutch Disease By Peter Maniloff; Ralph Mastromonaco
  24. Linkage of Greenhouse Gas Emissions Trading Systems: Learning from Experience By Ranson, Matthew; Stavins, Robert N.
  25. The Role of Renewable Energy Laws in Expanding Energy from Non-Traditional Renewables By Nancy McCarthy; Heath Henderson
  26. Incentive Regulation and Utility Benchmarking for Electricity Network Security By Tooraj Jamasb; Rabindra Nepal
  27. The impact of electricity constraints on access to finance: A firm-level study By Nakhoda, Aadil
  28. National Security Warrants Slowing Domestic Oil Depletion, Not Accelerating It By Frankel, Jeffrey
  29. Eficiencia energética en el sector de agua y saneamiento: estimaciones utilizando una función de requerimientos de insumo By Ferro, Gustavo; Lentini, Emilio J; Mercadier, Augusto; Brenner, Federica
  30. Economic incentives for carbon sequestration: A review of the literature By Aklilu, Abenezer; Gren, Ing-Marie
  31. The Impact of Environmental Taxes on Firm’s Technology and Entry Decisions By Ana Espinola-Arredondo; Boying Liu
  32. Testing of Natural Resources as Blessing or Curse to the Knowledge Economy in Arab Countries By Driouchi, Ahmed
  33. Climate Change, Trade, and Competitiveness: Climate Trade Performance of India, SAARC and Asia Pacific Region By Dinda, Soumyananda
  34. Highway toll and air pollution: evidence from Chinese cities By Fu, Shihe; Gu, Yizhen
  35. Petróleo: peligro mortal. Unas islas alquitranadas By Cirer Costa, Joan Carles
  36. ADB Brief 20: A Safe Space for Humanity: The Nexus of Food, Water, Energy and Climate By Asian Development Bank (ADB); ; ;
  37. Detailed Data and Changes in Market Structure: The Move to Unmanned Gasoline Service Stations By Tadas Bruzikas; Adriaan R. Soetevent
  38. To mitigate or to adapt? Collective action under asymmetries in vulnerability to losses By Esther Blanco; E. Glenn Dutcher; Tobias Haller
  39. Food versus Fuel: Causality and Predictability in Distribution By Andrea Bastianin; Marzio Galeotti; Matteo Manera
  40. Biofuels and Food Prices: Searching for the Causal Link By Andrea Bastianin; Marzio Galeotti; Matteo Manera
  41. Private provision of public goods: Do individual climate protection efforts depend on perceptions of climate policy? By Joachim Schleich; Claudia Schwirplies; Andreas Ziegler
  42. Corporate Environmental Initiatives and Shareholder Value: Focusing on the Role of Environmental Information and Its Credibility By Kimitaka Nishitani; Katsuhiko Kokubu
  43. Policy brief: Clean innovation and growth By Dechezlepretre, A; Martin, R; Mohnen, M

  1. By: Cerdeira Bento, João Paulo
    Abstract: This paper investigates major determinants of CO2 emissions in a small open economy such as Italy over the period 1960-2012 using Granger causality and cointegration methods to ascertain short-run and long-run relationships between emissions, trade openness and energy consumption. The research findings do not support a possible decoupling between economic growth and energy consumption, so that energy conservation policies are expected to have a negative impact on economic growth. Therefore, the use of environmentally friendly and renewable energy sources, such as solar, hydro and wind power, should be further encouraged instead of fossil fuels ones.
    Keywords: Emissions, energy-GDP relationship; energy policy; cointegration; Italy
    JEL: C3 C32 Q4 Q43 Q50
    Date: 2014–10–08
  2. By: Rita Sousa (Universidade do Minho); Luís Francisco Aguiar-Conraria (Universidade do Minho - NIPE); Maria Joana Soares (Universidade do Minho)
    Abstract: Carbon price is a key variable in management and risk decisions in activities related to the burning of fossil fuels. Using innovative multivariate wavelet analysis, we study the link between carbon prices and primary and final energy prices in the time and frequency dimensions, particularly in longer cycles (4 ∼ 8 and 8 ∼ 20 months). We show a tight relation between carbon and electricity prices, co-moving together in one-year cycles, with electricity slightly leading, in opposition with previous results obtained for Europe. Thus, an over-allocation of allowances to the power generating sector is suggested. We also find indication of an out-of-phase relation between carbon and oil prices, with oil leading, and expect this relation to intensify when including fuel distributors in the CA market. Finally, and contrary to EU ETS previous results, we do not find a significant relation between carbon and economic activity. In conclusion, although our results are not as significant as the ones previously obtained by other authors, for Europe, they show that the variables are related in the longer term, which supports the development of emissions trading in the post-2020.
    Keywords: Carbon market; Energy prices; WCI; Multivariate wavelet analysis
    Date: 2014
  3. By: Bell, William Paul; Wild, Phillip; Foster, John
    Abstract: The primary aim of this report is to produce hourly yield projections of electricity power for the proposed LFR plant at Collinsville, Queensland, Australia based on the environmental condition between 2007 and 2013. However, the techniques and methods used to overcome the inadequacies of the environmental, site-specific datasets provide a wider appeal for the report. The dataset inadequacies make accurate projections of future income streams and the subsequent securing of funding difficult (Cebecauer et al. 2011; Lovegrove, Franklin & Elliston 2013; Stoffel et al. 2010). The hourly power yield projections from this report are used in our subsequent report called ‘Energy economics and dispatch forecasting’ (Bell, Wild & Foster 2014a), to calculate the lifetime revenue of the proposed plant and perform sensitivity analysis on gas prices. This report compares the yield from the proposed Collinsville LFR plant using two different calculation methods. One method simply uses complete historical datasets from three nearby sites: MacKay, Rockhampton, and Townsville in Queensland. The other method uses datasets derived from a meteorological model developed from three sources: - BoM’s hourly solar satellite data - BoM’s Collinsville Post Office weather station - Allen’s (2013) datasets The overarching research question for the report is: Can modelling the weather with limited datasets produce greater yield predictive power than using the historically more complete datasets from nearby sites?
    Keywords: Climate change, Collinsville, electricity demand, Demand management, dispatch forecasting, Electricity, Energy Consumption, Energy economics, Future proofing, LFR, Linear Fresnel Reflector, mitigation, Australian national electricity market, NEM, power purchase agreements, PPA, Queensland, Australia, Renewable energy, solar energy, solar thermal
    JEL: O3 Q4 Q5
    Date: 2014–11–04
  4. By: Brigitte Knopf (Potsdam Institute for Climate Impact Research); Nicolas Koch (Mercator Research Institute on Global Commons and Climate Change; Berlin); Godefroy Grosjean (Potsdam Institute for Climate Impact Research); Sabine Fuss (Mercator Research Institute on Global Commons and Climate Change, Berlin and International Institute for Applied Systems Analysis, Laxenburg); Christian Flachsland (Mercator Research Institute on Global Commons and Climate Change, Berlin); Michael Pahle (Potsdam Institute for Climate Impact Research); Michael Jakob (Potsdam Institute for Climate Impact Research and Mercator Research Institute on Global Commons and Climate Change, Berlin); Ottmar Edenhofer (Potsdam Institute for Climate Impact Research, Mercator Research Institute on Global Commons, Berlin and Climate Change and Technische Universität, Berlin)
    Abstract: The central pillar of European climate policy, the European Emissions Trading System (EU ETS), is currently under scrutiny, as the allowance price is persistently low at around 5€/tCO2. The cap was met and emissions actually declined in recent years, ensuring the environmental effectiveness of the scheme. However, the low price may affect the long-term cost-effectiveness of the instrument by reducing the incentive for investment and deployment of low carbon technologies. No significant increase in the allowance price is expected before 2020, and probably not beyond, without reform. While the reasons for the price decline are controversial, empirical analysis shows that only a small portion of price fluctuations can be explained by factors such as the economic crisis, renewable deployment or international offsets. Therefore, it is likely that political factors and regulatory uncertainty have played a key role in the price decline. As a consequence, any reform of the EU ETS has to deliver a mechanism that reduces such uncertainty and stabilizes expectations of market participants. The Market Stability Reserve proposed by the EU Commission is unlikely to address the current problem of price uncertainty and insufficient dynamic efficiency. The key element of the alternative reform proposal described in this paper is to set a price collar in the EU ETS with lower and upper boundaries. This is likely to reinforce the long-term credibility and reliability of the price signal. In addition, a price for GHG emissions not covered by the EU ETS has to be set. If additional market failures prevent the market from functioning efficiently, specific policy instruments related to innovation and technology diffusion should be implemented in addition to carbon pricing. Carbon leakage could be addressed through tailor-made trade policies. In parallel, increasing the coalition of countries included in the carbon pricing should remain a priority. This reform package would bring the EU ETS back to life, while avoiding a relapse into potentially costly and inefficient national climate and energy policies.
    Keywords: EU ETS, Emissions Trading, Carbon Price, Price Collar, Market Stability Reserve, Credibility
    JEL: Q42 Q48 Q54 Q58
    Date: 2014–09
  5. By: Corbin, Charles
    Abstract: Demand management is an important component of the emerging Smart Grid, and a potential solution to the supply-demand imbalance occurring increasingly as intermittent renewable electricity is added to the generation mix. Model predictive control (MPC) has shown great promise for controlling HVAC demand in commercial buildings, making it an ideal solution to this problem. MPC is believed to hold similar promise for residential applications, yet very few examples exist in the literature despite a growing interest in residential demand management. This work explores the potential for residential buildings to shape electric demand at the distribution feeder level in order to reduce peak demand, reduce system ramping, and increase load factor using detailed sub-hourly simulations of thousands of buildings coupled to distribution power ow software. More generally, this work develops a methodology for the optimization of residential HVAC operation using a distributed but directed MPC scheme that can be applied today's programmable thermostat technologies to address the increasing variability in electric supply and demand. Case studies incorporating varying levels of renewable energy generation demonstrate the approach and highlight important considerations for large-scale residential model predictive control.
    Keywords: Energy Systems Engineering, clean energy, HVAC, smart grid, demand side management, mathematical modeling
    JEL: C6 C61 C63 C65
    Date: 2014–05–14
  6. By: Germà Bel (Faculty of Economics, University of Barcelona); Stephan Joseph (Faculty of Economics, University of Barcelona)
    Abstract: In this study we use historical emission data from installations under the European Union Emissions Trading System (EU ETS) to evaluate the impact of this policy on industrial greenhouse gas emissions during the first two trading phases (2005-2012). As such the analysis seeks to disentangle two causes of emission abatement: that attributable to the EU ETS and that attributable to the economic crisis that hit the EU in 2008/09. Using a panel data approach the estimated emissions reduction attributable to the EU ETS is about 21% of the total emission abatement during the observation period. These results suggest therefore that the lion’s share of abatement was attributable to the effects of the economic crisis, a finding that has serious implications for future policy adjustments affecting core elements of the EU ETS, including the distribution of EU emission allowances.
    Keywords: Climate policy; European Union Emissions Trading System; panel data analysis; verified emission data JEL classification: C23 O13 Q54 Q58
    Date: 2014–10
  7. By: Steve Sorrell (SPRU - Science Policy Research Unit, University of Sussex, Falmer, Brighton, UK)
    Keywords: Energy efficiency; energy demand; barriers; socio- technical; transitions
    Date: 2014–10
  8. By: Didenko, Alexander
    Abstract: We focus on assessing RES- and energy-efficiency promoting policy mixes for Russia from multicriteria perspective with emphasis on GHG emission reduction. We start from two surveys: the first one studies country’s energy saving and RES potential to determine possible range of outcomes for policy mixes in question; the second one reviews corpus of relevant official documents to formulate policy alternatives, which the policymakers are facing. Our findings are then blended with forecasts of government and international agencies to obtain three scenarios, describing possible joint paths of development for Russian energy sector in the context of demographic, economic and climatic trends, as well as regulatory impact from three policy portfolios, for period from 2010 (baseline year) till 2050. Scenarios are modeled in Long-Range Energy Alternatives Planning (LEAP) environment, and the output in the form of GHG emissions projections for 2010-2050 is obtained. We then assess three policy portfolios with multi-criteria climate change policies evaluation method AMS. Our analysis suggests that optimistic scenario is most environmentally friendly, pessimistic one is easier to implement, and business-as-usual balances interests of all stakeholders in charge. This might be interpreted as an evidence of lack of governmental regulation and motivation to intervene in energy sector to make it greener and more sustainable.
    Keywords: regulatory impact assessment, multi-criteria evaluation, MCDA, AMS, MAUT, SMART, long-range energy alternatives planning (LEAP), climate policy, climate change, energy policy, mitigation/adaptation, RES promotion, energy efficiency, GHG emissions.
    JEL: Z00
    Date: 2013–09
  9. By: Xueting Zhao (Regional Research Institute, West Virginia University)
    Abstract: With strong economic growth, China’s energy consumption and CO2 emissions grow quickly. The energy shortage and environmental problem have become the bottleneck of further economic growth. The most popular method to estimate the environmental impact is the Environmental input-output analysis, and the most important data support is the sectoral emission intensities. This Resource Document describes the process to estimate the China sectoral CO2 emission intensities based on the Disaggregated Input-Output table (suggest to read the Technical Document: Disaggregating Input-Output Models). This document includes the data sources, calculation process and the procedural notes.The calculation includes both the national China and Shanxi province.
    Keywords: China, Sectoral, Emission Intensity, Input-Output
    JEL: C67 Q53 R15
    Date: 2014–10
  10. By: Tim Mennel; Teresa Romano; Sara Scatasta
    Abstract: This paper compares support mechanisms for renewable energy with respect to their ex-ante effectiveness in promoting the adoption of innovative technologies. We analyse two stylized policy instruments in the context of the example of wind repowering: renewable quotas and feedin tariffs. Quota systems, such as the British Renewable Obligation Certificates (ROCs), are based on mandatory renewable quotas. Feed-in tariffs (FITs), such as the German EEG tariffs, guarantee a certain, fixed price for ’green’ electricity over the economic lifetime of the investment. This paper focuses on one aspect of the difference between the two instruments: the allocation of uncertainty. While under ROCs both electricity price and capital cost risks are borne by the owner of the wind farm, under FITs only capital cost risks remain with the owner. The model is calibrated on data for German wind power plants. Our general result is that the owner is more likely to adopt a new technology under price certainty as provided by FITs. Another finding is that electricity price and capital cost volatility have different impacts on the propensity to invest under ROCs. While, even a small positive variation in electricity price volatility increases the propensity to invest, an increase in capital cost volatility does not affect the likelihood to repower wind farms. The last result also applies under FITs.
    Keywords: renewable policy, technology diffusion, wind power
    JEL: Q28 H25 Q58
    Date: 2013
  11. By: Liddle, Brantley; Messinis, George
    Abstract: This paper tests for a carbon Kuznets curve (CKC) by examining the carbon emissions per capita-GDP per capita relationship individually, for 23 OECD countries over 1950-2010 using a reduced-form, linear model that allows for multiple endogenously determined breaks. This approach addresses several important econometric and modeling issues, e.g., (i) it is highly flexible and can approximate complicated nonlinear relationships without presuming a priori any particular relationship; (ii) it avoids the nonlinear transformations of potentially nonstationary income. For 15 of 23 countries studied, the uncovered emission-income relationship was either (i) decoupling—where income no longer affected emissions in a statistically significant way, or (ii) saturation—where the emissions elasticity of income is declining, less than proportional, but still positive. For only four countries did the emissions-income relationship become negative—i.e., a CKC. In concert with previous work, we conclude that the finding of a CKC is country-specific and that the shared timing among countries is important in income-environment transitions.
    Keywords: CO2 emissions; Environmental Kuznets curve; OECD countries; nonlinear flexible form; multiple endogenous breaks; income-emissions elasticities
    JEL: C22 C50 O44 Q43 Q56
    Date: 2014
  12. By: Beser Hugosson, Muriel (KTH/TLA); Algers, Staffan (KTH/TLA); Habibi, Shiva (KTH/TLA); Sundbergh, Pia (Transport Analysis (Sweden))
    Abstract: The composition of the car fleet with respect to age, fuel consumption and fuel types plays an important role on environmental effects, oil dependency and energy consumption. In Sweden, a number of different policies have been implemented to support CO2 emission reductions. In order to evaluate effects of different policies, a model for the evolution of the Swedish car fleet was developed in 2006. The model has been used in a number of projects since then, and it is now possible to compare forecasts with actual outcomes. Such evidence is relatively rare, and we think it may be useful to share our experience in this respect. We give a brief overview of the Swedish car fleet model. Then we describe policies that have been implemented in recent years and the evolution of the Swedish car fleet. We then focus on two projects which enable comparison with actual outcomes, and analyse the differences between forecasts and outcomes. We find that the model has weaknesses in catching car buyers’ preferences of new technology. When this is not challenged too much, the model can forecast reasonably well on an aggregate level. We also find that he model is quite sensitive to assumptions on future supply. This is not so much related to the model, but to its use. Depending on the use of the forecasts – be it car sales, emissions or fuel demand – it may be necessary to use different supply scenarios to get an idea of the robustness of the forecast result.
    Keywords: Clean car policy; Car fleet model; Forecasting; Model evaluation; Scrapping model; Nested logit
    JEL: R40
    Date: 2014–09–29
  13. By: Hyland, Marie; Leahy, Eimear; Tol, Richard S. J.
    Keywords: electricity/Ireland
    Date: 2013–09
  14. By: Gerard van der Meijden (VU University Amsterdam); Sjak Smulders (Tilburg University, the Netherlands)
    Abstract: We argue that expectations about future energy use affect the transition from fossil fuels to renewable substitutes, because of an interaction between innovation and resource scarcity. The paper presents a model of directed technical change to study this interaction. We find that resource-saving technical change erodes the incentives to implement the substitute. Conversely, the anticipation of the substitute being implemented in the future diminishes the incentives to invest in resource-saving technology. As a result, two dynamic equilibria may arise, one with a transition to the substitute and with low resource efficiency, and one without the substitute and with fast efficiency improvements. Expectations determine which equilibrium arises in the decentralized market equilibrium. If multiple equilibria exist, the transition to the substitute generates higher welfare.
    Keywords: Directed technical change, energy transition, multiple equilibria
    JEL: O30 Q32 Q42 Q55
    Date: 2014–08–01
  15. By: Simone Tagliapietra (Fondazione Eni Enrico Mattei (FEEM))
    Abstract: Over the last two decades energy has emerged as an increasingly important component of the overall EU-Turkey relations. In particular, the Southern Gas Corridor (SGC) and its flagship project, Nabucco, soon became the pivotal element of the EU-Turkey energy relations. After years of strong cooperation, the failure of Nabucco and the emergence of TANAP have ultimately outlined a divergence in the way the EU and Turkey perceive not only the SGC but also their energy relations. This divergence represents a serious risk for the strategic interests of both the EU and Turkey, and for this reason there is a need to rethink the EU-Turkey energy relations. This need is now particularly urgent, as the market and political environment on which Nabucco was conceptualized is rapidly changing, potentially opening up new opportunities of energy cooperation for the EU and Turkey. On the supply side, new major gas reserves have been discovered in the Kurdistan Region of Iraq (KRI) and in offshore Israel, while on the demand side the unprecedented political standoff between the Western world and Russia resulted by the 2014 Ukraine crisis might reinvigorate the EU’s quest to diversify its gas supply portfolio. These developments can potentially converge to reshape the EU-Turkey energy relations. In fact, in this scenario the SGC could eventually gain a new momentum, with the gas reserves of the KRI and Israel as primary target. However, after the failure of Nabucco the unconditional support of Turkey should not be taken for granted by the EU, as the country might prefer to secure its own energy supply on a bilateral basis with gas producing countries. In order to avoid the risk of a further fragmentation of the SGC, a new “EU-Turkey Natural Gas Initiative” -such as the one proposed in this paper- seems to be urgently needed, for the benefit of both the EU and Turkey.
    Keywords: EU-Turkey Energy Relations, EU Energy Security, Southern Gas Corridor
    JEL: Q40 Q42 Q48
    Date: 2014–09
  16. By: Dahl, Roy A (UiS); Osmundsen, Petter (UiS)
    Abstract: Governments in extraction countries are anxious to estimate expected investment in development projects, since they represent an essential element of the macro economy. The overall level of activity is also crucial to oil companies, since the macro picture affects cost levels, the supplies market and recruitment opportunities. The paper outlines factors that explain fluctuations in investment in petroleum projects on the Norwegian continental shelf.
    Keywords: oil industry; cost overruns; megaprojects; business cycles
    JEL: E32 F21 L71 M21
    Date: 2014–10–09
  17. By: Thomas Longden (Fondazione Eni Enrico Mattei (FEEM))
    Abstract: The success of the Montreal Protocol in comparison to the stagnation seen in negotiations surrounding the Kyoto Protocol highlights the importance of a supportive industry group, pre-existing legislation and commitment by a lead nation, affordable and available substitutes, as well as acceptance of the underlying scientific explanation of the link between emissions and a key detrimental impact. The focus on these contrasting intergovernmental agreements within this paper is driven, in part, by the intention to establish that successful emission reductions tend to be associated with a concerted policy effort rather than the level of per capita income. This is in contrast to the concept of the Environmental Kuznets Curve (EKC) which contends that a significant negative relationship exists between high levels of national income and per capita emissions. While a nation’s level of development and national income are likely to be linked to an ability to make structural changes and/or the implementation of environmental policy, this paper finds no evidence of an EKC consistent quadratic relationship between income and CFC emissions once key considerations, such as biased estimations and policy effort, have been accounted for.
    Keywords: Environmental Kuznets Curve, Montreal Protocol, Kyoto Protocol
    JEL: Q5 Q50 Q58
    Date: 2014–09
  18. By: Laura Abrardi; Carlo Cambini
    Abstract: We study the optimal tariff structure that could induce a regulated utility to adopt energy efficiency activities given that it is privately informed about the effectiveness of its effort on demand reduction. The regulator should optimally offer a menu of incentive compatible two-part tariffs. If the firm's energy efficiency activities have a high impact on demand reduction, the consumer should pay a high fixed fee but a low per unit price, approximating the tariff structure to a decoupling policy, which strenghtens the firm's incentives to pursue energy conservation. Instead, if the firm's effort to adopt energy efficiency actions is scarcely effective, the tariff is characterized by a low fixed fee but a high price per unit of energy consumed, thus shifting the incentives for energy conservation on consumers. The optimal tariff structure also depends on the cost of the consumer's effort (in case the consumer can also adopt energy efficiency measures) and on the degree of substitutability between the consumer's and the firm's efforts.
    Keywords: Energy efficiency, demand-side regulation, decoupling, price-cap
    JEL: L51
    Date: 2014
  19. By: Raza, Mohsin; Elahi, Muhammad Ather
    Abstract: Energy usage plays vital role in the spread of globalisation, through the process of industrialization and free trade of goods and services, has posed challenges in achieving the goal of global sustainability. Industrialized world has economic growth based on fossil fuel which may lead to environmental degradation. Such economic growth has two problems related to the industrial process from the perspective of sustainable development: intensive use of natural resources as raw material and produced goods from industries; and harmful gases emitted as a consequence. The exploitation of natural resources for industrialized process will lead to unsustainability because of earth’s limits of reproduction. Similarly, GHG’s emission from industries responsible for global warming is the main cause of climate change will also lead towards unsustainability. This calls for the need of transformation in current industrial production pattern and switching to sustainable energy options for achieving goal of sustainability of globalisation.
    Keywords: globalisation, sustainability, alternative energy
    JEL: L52 L91 Q2 Q4
    Date: 2014–05–15
  20. By: Driouchi, Ahmed; El Alouani, Hajar
    Abstract: Abstract This paper aims at characterizing the main trends affecting the environmental and greening economy systems in Arab countries. This is tackled through the use of data based on Environmental Performance Index (EPI) with statistical analysis of its related indicators. Promising results are attained based on descriptive statistics, trend and regression analyzes besides comparison of oil and non-oil exporting countries. The attained results show that Arab countries express different patterns with regard to environmental performance and greening of their economies while statistically significant differences appear between oil and non-oil exporters.
    Keywords: Keywords: green economy, environmental performance index, oil and non-oil exporting countries.
    JEL: O2 Q5
    Date: 2014–09–19
  21. By: Wenche Tobiasson; ToorajJamasb
    Abstract: Increasingly, local opposition to new electricity grid development projects cause lengthy delays and places financial and practical strain on the projects. The structure of the electricity industry is in transition due to the emergence of smaller but more numerous electricity generation facilities. Also, the general public and local communities are increasingly active and engage with energy and environmental issues. Thus, the traditional decision making frameworks and processes are proving less effective in solving the present time conflicts between local communities and other stakeholders. This paper proposes an economic approach to resolve such conflicts. This paper discusses how compensation, benefit sharing, and property rights can play a role in reducing community opposition to new grid developments. We argue that these methods need to be part of an overarching societal strategy and policy towards environmental effects of grid development. We then propose that such impacts can be addressed within the framework of 'weak' versus 'strong' sustainability. Finally, we suggest that the concepts of 'collective negotiation' and 'menu of options' in regulatory economics can be adapted to operationalize this sustainability-based approach to community engagement with new grid projects
    Keywords: Electricity transmission; Social sustainability; public and local opposition; compensation and benefit sharing.
    JEL: L43 L94 D23 D70
    Date: 2014–10–03
  22. By: Antoine Dechezleprêtre; Ralf Martin; Myra Mohnen
    Abstract: How much should governments subsidize the development of new clean technologies? We use patent citation data to investigate the relative intensity of knowledge spillovers in clean and dirty technologies in two technological fields: energy production and transportation. We introduce a new methodology that takes into account the whole history of patent citations to capture the indirect knowledge spillovers generated by patents. We find that conditional on a wide range of potential confounding factors clean patents receive on average 43% more citations than dirty patents. Knowledge spillovers from clean technologies are comparable in scale to those observed in the IT sector. The radical novelty of clean technologies relative to more incremental dirty inventions seems to account for their superiority. Our results can support public support for clean R&D. They also suggest that green policies might be able to boost economic growth through induced knowledge spillovers.
    Keywords: Innovation spill-overs, Climate Change, Growth, Patents, Clean technology, Optimal climate policy
    JEL: O30 O44 Q54 Q55 Q58 H23
    Date: 2014–09
  23. By: Peter Maniloff (Division of Economics and Business, Colorado School of Mines); Ralph Mastromonaco (Department of Economics, University of Oregon)
    Abstract: In this paper we quantify the local economic impacts of the development of unconventional shale oil and gas reserves through the controversial extraction procedure known as hydraulic fracturing or ``fracking'' and assess the possibility of the boom creating a ``resource curse'' for resource-rich counties. First, using government local economic data matched to highly detailed national oil and natural gas panel data, we estimate the effect that new ``fracking'' installations have on local job growth and average earnings, controlling for time-varying unobserved determinants of job growth, overall, by industry, and by region. We find that overall employment effects are substantial although smaller than some previous studies. Second, we show that shale development increases wages in manufacturing in counties with relatively tight labor markets and little prior oil and gas industry presence. Increased wages in the manufacturing sector suggests the possibility of a loss of competitiveness in some counties with shale oil and gas resources, raising the specter of a future resource curse.
    Keywords: local employment, job growth, dutch disease, resource curse, hydraulic fracturing, shale gas
    Date: 2014–10
  24. By: Ranson, Matthew (Abt Associates Inc); Stavins, Robert N. (Harvard University)
    Abstract: The last ten years have seen the growth of linkages between many of the world's cap-and-trade systems for greenhouse gases (GHGs), both directly between systems, and indirectly via connections to credit systems such as the Clean Development Mechanism. If nations have tried to act in their own self-interest, this proliferation of linkages implies that for many nations, the expected benefits of linkage outweighed expected costs. In this paper, we draw on the past decade of experience with carbon markets to test a series of hypotheses about why systems have demonstrated this revealed preference for linking. Linkage is a multi-faceted policy decision that can be used by political jurisdictions to achieve a variety of objectives, and we find evidence that many economic, political, and strategic factors--ranging from geographic proximity to integrity of emissions reductions--influence the decision to link. We also identify some potentially important effects of linkage, such as loss of control over domestic carbon policies, which do not appear to have deterred real-world decisions to link. These findings have implications for the future role that decentralized linkages may play in international climate policy architecture. The Kyoto Protocol has entered what is probably its final commitment period, covering only a small fraction of global GHG emissions. Under the Durban Platform for Enhanced Action, negotiators may now gravitate toward a hybrid system, combining top-down elements for establishing targets with bottom-up elements of pledge-and-review tied to national policies and actions. The incentives for linking these national policies are likely to continue to produce direct connections among regional, national, and sub-national cap-and-trade systems. The growing network of decentralized, direct linkages among these systems may turn out to be a key part of a future hybrid climate policy architecture.
    Date: 2013–11
  25. By: Nancy McCarthy; Heath Henderson
    Abstract: Many countries in Latin America and the Caribbean are interested in diversifying their energy sources for energy security and in contributing to the reduction of greenhouse gases. Non-traditional renewable energy (NTRE) sources, which include wind, solar, geothermal and small-scale hydropower, have received a lot of attention towards meeting these goals. To foster the expansion of NTRE, different countries have pursued different legal and regulatory approaches, but there remains very limited evidence regarding the effectiveness of different approaches. In this paper, we use a unique dataset that combines information on NTRE growth rates and information on the legal and regulatory framework, as well as other control variables, for 27 countries over the period 2001-2010. Legal and regulatory instruments include legally binding and non-binding quantity targets, contracts guaranteeing premium prices, fiscal incentives and import duty waivers, and guaranteed access to the grid. Using an information-theoretic Markov Chain analysis, results indicate that fiscal incentives and guaranteed access have relatively high impacts on transitions into high growth rates, whereas fiscal incentives and import duty waivers have relatively high impacts on transitions into moderate growth rates. Binding and non-binding agreements increase transitions out of negative and zero growth rates, but to relatively low positive growth rates. Contracts with premium subsidies also have limited impacts on transitions into high growth rates, though they are associated with transitions into the low growth category. These results provide additional evidence on which regulatory instruments have been most effective in aiding countries in expanding their NTRE.
    Keywords: Renewable energy, Energy policy, Environmental Policy, Regulatory framework, Renewable energy
    Date: 2014–08
  26. By: Tooraj Jamasb; Rabindra Nepal
    Abstract: The incentive regulation of costs related to physical and cyber security in electricity networks is an important but relatively unexplored and ambiguous issue. These costs can be part of a cost efficiency benchmarking or alternatively dealt separately. This paper discusses the issues and proposes on the options for incorporating network security costs within incentive regulation in a benchmarking framework. The relevant concerns and limitations associated with network security costs accounting and classification, choice of cost drivers, data adequacy and quality and the relevant benchmarking methodologies are discussed. The discussion suggests that the present regulatory treatment of network security costs using benchmarking is rather limited to being an informative regulatory tool than being deterministic. We discuss how alternative approaches outside of the benchmarking framework such as the use of stochastic cost-benefit analysis and cost-effectiveness analysis of network security investments can complement the results obtained from benchmarking.
    Keywords: benchmarking, network security, incentive regulation, exceptional events
    JEL: L94 L51 L98
    Date: 2014–10–03
  27. By: Nakhoda, Aadil
    Abstract: Firms that report insufficient electricity from the public grid are likely to experience higher constraints on access to finance. The lack of availability of electricity will translate to greater production delays and lower expected profits. Consequently, it will have an adverse impact on the constraints on access to finance. In this paper, I study the impact of constraints on getting electricity as well as electricity usage costs on the constraints on access to finance. I determine whether firms within countries with a deficit level of electricity supply exhibit different patterns in the aforementioned relationship than firms within countries with a surplus level of electricity supply.
    Keywords: constraints on getting electricity; electricity usage costs; access to finance; government institutions
    JEL: D24 G21 G31 H41 L21 L60 O25
    Date: 2014–10
  28. By: Frankel, Jeffrey (Harvard University)
    Abstract: American politicians often take it for granted that national security would be enhanced by accelerating domestic oil production, through policies such as subsidies, tax advantages, opening up federal lands for drilling at artificially low charges, and relaxing environmental regulation. This note argues that such policies actually hurt national security in the long term, by depleting domestic reserves. It proposes saving some of the deposits located offshore and under shale beds for a future emergency, by withholding federal permits for now, by reversing current artificial subsidies to production, and by a tax to encourage conservation.
    JEL: Q40 Q48
    Date: 2013–10
  29. By: Ferro, Gustavo; Lentini, Emilio J; Mercadier, Augusto; Brenner, Federica
    Abstract: We analyze by means of frontier methods (input requirement function) the relative energy efficiency of urban water and sanitation providers in Brazil. We estimate energy savings through measures the sector could implement on variables which control. We find a 63 percent efficiency average, with respect to best practices in the sample (the frontier). We estimate that a 10 percent reduction in unaccounted-for water can reduce 4.2 percent the electricity consumption for the whole sample; also, a reduction in 10 percent of the breach of coverage between sanitation and water can achieve reductions of 1.45 percent in the input under study.
    Keywords: energy efficiency; water and sanitation; frontier methods; SFA
    JEL: L51 L95
    Date: 2014–09–10
  30. By: Aklilu, Abenezer (Department of Economics, Swedish University of Agricultural Sciences); Gren, Ing-Marie (Department of Economics, Swedish University of Agricultural Sciences)
    Abstract: The main purpose of this study is to review studies in economics on policies for carbon sequestration. Specific design problems are associated with heterogeneous land holders, additionality and permanence in carbon projects, and the risk of leakage. It was found that a large part of the literature, which started in the late 1980s, has been focused on the calculation of costs for carbon sequestration, mainly in forests, and on calculations of cost savings from its introduction in climate programs. Results from the literature point to cost savings of up to 40%. The small body of literature on transaction costs, mainly attributed to monitoring and verification, indicates that these costs are modest. The literature on policy design is much more scant, and the main part suggests discounting of the carbon sink value to account for the uncertainty. Assessment of equilibrium prices in the many existing voluntary and regulatory carbon sink markets shows a lower price of carbon sink compared with certain abatement of fossil fuels. This can be explained by risk discounting. A few studies suggest contract design for self-enforcement of efficient carbon projects. This has not yet been implemented in carbon sink offsets in practice, the carbon trade of which corresponds to approximately 0.3% of all carbon trade.
    Keywords: economic incentives; carbon sequestration; policy design; survey
    JEL: Q52 Q54 Q58
    Date: 2014–11–03
  31. By: Ana Espinola-Arredondo; Boying Liu (School of Economic Sciences, Washington State University)
    Abstract: This paper investigates conditions under which the regulator can strate- gically set an emission fee as a tool to induce Örms to adopt a green tech- nology and, also, promote (or hinder) entry deterrence. We consider a market in which a monopolistic incumbent faces the threat of entry, and Örms can choose between a dirty and a green technology. Our results show that, despite the fact of facing a polluting incumbent, an entrant might Önd it proÖtable to join the market and acquire a clean technology if the environmental tax is stringent enough and the technology is e§ective eliminating pollution. We also demonstrate that a duopoly, in which all Örms acquire green technology, is socially optimal if the technology cost is low and the environmental damage is su¢ ciently high. However, if the environmental damage is low, a partially clean duopoly (in which only one Örm adopts the green technology) is socially optimal under less restrictive conditions on the cost of clean technology
    Keywords: Adoption; Market Structure; Emission ta
    JEL: H23 L12 Q58
    Date: 2014–10
  32. By: Driouchi, Ahmed
    Abstract: Abstract This paper focuses on testing if natural resources constituted a blessing or a curse to the progress of knowledge economy in Arab countries. Some of these economies are based on natural resources and mainly oil and gas that are major sources of economic rents. The attained results from all the sample of Arab countries, show how knowledge variables are negatively related to the rents from natural resources. Natural resources appear thus as a curse to the expansion of knowledge economy in the overall set of countries. But, when taken country by country as in the literature, natural resources as blessing are shown over some economies. Transformation of curse to a sustainable blessings is the promising economic and social direction of change that could increase further inclusive growth in the Arab economies.
    Keywords: Keywords: Rents, natural resources, curse, blessing, sovereign funds, inclusion.
    JEL: O11 Q2 Q3
    Date: 2014–09–15
  33. By: Dinda, Soumyananda
    Abstract: This paper examines trade performance of climate friendly goods using some trade indices for India and other Asian countries during 2002 - 2008. Climate friendly goods (CFG) are those goods which have less harmful to environment. Paper identifies India’s performance in CFG trade with other Asian nations. Most of the countries in Asia are importers of climate friendly goods and technologies. The Comparative advantage analyses indicate that Hong Kong, China, and Japan have comparative advantage in the production of CFG goods and are net exporters of such products. The competitiveness measures also show that China, Hong Kong and Japan, and Asia Pacific region are major exporter of CFG during 2002-2008. Competitiveness of India, China and South Korea has improved in 2008. Pakistan, Sri-Lanka, and India prefer to trade in CFG regionally and have shown interest in production and trade of clean coal technologies (CCT). SAARC countries have developed expertise in the production of CCT. India and Pakistan enjoy comparative advantage in CCT trade. Few regions have comparative advantage in Solar Photovoltaic Systems (SPVS) and Energy Efficient Lighting (EEL). China is performing better than other in EEL. Japan, China, Malaysia and Macao show good in 2008 for SPVS. Japan, Philippines, China, Hong Kong and South Korea have a comparative advantage in production of other climate friendly items in 2008.
    Keywords: Competitiveness, trade performance, Climate friendly goods, CFG, Clean Coal Technology, CCT, Energy Efficient Lighting, EEL, Solar Photovoltaic System, SPVS, Wind Energy, Wind Technology, Asia, India, SAARC, ASEAN, Asia Pacific, Japan, China, Sri Lanka, Pakistan, Thailand, Malaysia, Macao, Hong Kong, South Korea, RCA, cleaner technology, climate trade
    JEL: C1 C13 F1 F14 F18 O1 O11 O14 Q2 Q27 Q5 Q56
    Date: 2011–04–18
  34. By: Fu, Shihe; Gu, Yizhen
    Abstract: Most highways in urban China are tolled to finance their construction. During the eight-day National Day holiday in 2012, highway tolls are waived nationwide for passenger vehicles. We use this to test highway tolls’ effect on air pollution. Using daily pollution and weather data for 98 Chinese cities in 2011 and 2012 and employing both a regression discontinuity design and differences-in-differences method with 2011 National Day holiday as a control, we find that eliminating tolls increases pollution by 20% and decreases visibility by one kilometer. We also estimate that the toll elasticity of air pollution is 0.16. These findings complement the scant literature on the environmental impact of road pricing.
    Keywords: highway toll; air pollution; visibility; regression discontinuity design; differences-in-differences
    JEL: H23 Q53 R41 R48
    Date: 2014–10–30
  35. By: Cirer Costa, Joan Carles
    Abstract: The goal of this report is to predict what might be the negative effects on the Balearic tourist economy caused by mining oil fields off its coasts. To that end, it evaluates the destructive potential of different types of pedictable spills using data from well-documented spills. The second part of the project considers the effects of different spills that have occurred in tourist areas, especially in the Gulf of Mexico, giving special relevance to phenomena such as a fall in demand caused by a spill that can seriously endanger tourist companies. Afterwards, the report describes the main characteristics of the Balearic tourist economy, highlighting their focus on the "beach and sun" model, and the adoption of an "industrial district" company structure. Finally, the paper synthesizes the description of the potential spills with a description of the structure of the Balearic economy to conclude that a simple mining of oil fields will impose important damages on Balearic tourism and that a large spill can destroy the current complex economic structure, turning it into one that is much simpler in a process that will make the Balearic Archipelago severely poorer.
    Keywords: Balearic Islands, oil spill, tourism
    JEL: D62 L83 Q25 Q52
    Date: 2014–08
  36. By: Asian Development Bank (ADB); (Regional and Sustainable Development Department, ADB); ;
    Abstract: The 20th Century saw major human triggered transitions that cumulatively are threatening the safety of the habitat for humans on planet earth. Population, resources, and the rapid accumulation of wealth all are intertwined in the 5 major transitions from the past to our new global future. These major transitions are: first, the “urban population transition;” second, the“ nutrition transition;” third, the “climate transition;” fourth, the “energy transition;” and, fifth, the “agricultural transition.” This policy brief focuses on the most salient problems arising from these global transitions that can be ameliorated by specific policy instruments in the short term.
    Keywords: adb, asian development bank, asdb, asia, pacific, poverty asia, food, water, energy, climate, land, agriculture, food-water-energy nexus, humanity, planet earth, urban population transition, nutrition transition, climate transition, energy transition, agricultural transition, adb brief 20, peter rogers, samuel daines
    Date: 2014–05
  37. By: Tadas Bruzikas (University of Groningen); Adriaan R. Soetevent (University of Groningen, the Netherlands)
    Abstract: We illustrate the impact of detailed data in empirical economic research by considering how the increased data availability has changed the scope and focus of studies on retail gasoline pricing. We show how high-volume, high-frequency price data help to identify and explain long-term trends using original data for the Dutch retail gasoline market. We find that 22% of the observed increase in the highway/off-highway price gap can be explained by the trend towards more unmanned stations; another 13% can be explained by major-to-non-major re-brandings. In one of the first applications of event study analysis to non-financial price data, we show that the adjustment to the new, lower price level is almost immediate in case of manned-to-unmanned conversions but takes one to two months in case of major-to-non-major re-brandings. The impact of both events is asymmetric with no measurable price impact of changes in the opposite direction.
    Keywords: retail gasoline pricing, big data, competitive spillovers, event study analysis
    JEL: L13 L81
    Date: 2014–09–16
  38. By: Esther Blanco; E. Glenn Dutcher; Tobias Haller
    Abstract: Many policies addressing global climate change revolve around the implementation of mitigation and adaptation strategies. We experimentally examine subjects? choices in a climate change game where subjects are put into groups where they face a potential damage and have the choice to invest resources into mitigation, adaptation and/or productive funds. Resources allocated to mitigation reduce the probability of the loss to the entire group while adaptation investments reduce the magnitude of the loss to the investing agent and productive investments increases payoffs only for the investing agent. We explore subject's response to three treatment conditions; high damage, low damage and heterogeneous damage. Results show that subjects view mitigation and adaptation funds as substitutes in that they contribute higher levels to the adaptation fund if low levels of contributions to the mitigation fund exist, but free-ride on others by contributing to the productive fund if contributions to the mitigation fund are high enough. In particular, we find the highest level of contributions to the socially efficient mitigation fund when all subjects in a group face a high damage and the lowest level when all subjects face a low damage. When high-damage subjects are mixed with low-damage subjects, their contribution levels to the mitigation fund decline, but are still greater than those of their low-damage group members.
    Keywords: Collective Action, Climate Change, Economic Experiments
    JEL: H41 H87 C92
    Date: 2014–10
  39. By: Andrea Bastianin; Marzio Galeotti; Matteo Manera
    Abstract: This paper examines the relationship between biofuels and commodity food prices in the U.S. from a new perspective. While a large body of literature has tried to explain the linkages between sample means and volatilities associated with ethanol and agricultural price returns, little is known about their whole distributions. We focus on predictability in distribution by asking whether ethanol returns can be used to forecast different parts of field crops returns distribution, or vice versa. Density forecasts are constructed using Conditional Autoregressive Expectile models estimated with Asymmetric Least Squares. Forecast evaluation relies on quantile-weighed scoring rules, which identify regions of the distribution of interest to the analyst. Results show that both the centre and the left tail of the ethanol returns distribution can be predicted by using field crops returns. On the contrary, there is no evidence that ethanol can be used to forecast any region of the field crops distribution.
    JEL: C22 C53 Q13 Q42 Q47
    Date: 2013
  40. By: Andrea Bastianin; Marzio Galeotti; Matteo Manera
    Abstract: We analyze the relationship between the prices of ethanol, agricultural commodities and livestock in Nebraska, the U.S. second largest ethanol producer. The paper focuses on long-run relations and Granger causality linkages between ethanol and the other commodities. The analysis takes possible structural breaks into account and uses a set of techniques that allow to draw inferences about the existence of long-run relations and of short-run in-sample Granger causality and out-ofsample predictive ability. Even after taking breaks into account, evidence that the price of ethanol drives the price dynamics of the other commodities is extremely weak. It is concluded that, on the basis of a formal, comprehensive and rigorous causality analysis we do not find evidence in favour of the Food versus Fuel debate.
    Keywords: Ethanol, Field Crops, Granger Causality, Forecasting, Structural Breaks
    JEL: C22 C53 Q13 Q42 Q47
    Date: 2013
  41. By: Joachim Schleich (University of Karlsruhe); Claudia Schwirplies (University of Kassel); Andreas Ziegler (University of Kassel)
    Abstract: This paper extends the economic literature on the private provision of public goods by examining the relevance of perceptions of climate policy to voluntary contributions to the public good of climate protection. Based on an analytical model which allows for perceptions of climate policy such as justification of international climate policy, procedural trust and procedural justice to affect voluntary climate protection activities, we examined data from representative surveys among citizens in the USA and Germany. Our microeconometric analysis confirmed the prediction that the perceived justification of international climate policy is positively related to voluntary contributions to climate protection in both countries. We also found empirical support (mainly for the USA) that higher perceived procedural justice lowers citizens' propensity to adopt climate protection activities. In contrast, we found no support that higher perceived procedural trust reduces citizens' propensity to adopt such measures. In a broad interpretation, our empirical results imply that individuals' perceptions about the process of providing public goods should also be considered when analyzing the factors explaining voluntary individual contribution to public goods.
    Keywords: Public good, voluntary contribution, perceptions of international climate policy, climate protection activities
    JEL: H41 Q54 Q58
    Date: 2014
  42. By: Kimitaka Nishitani (Research Institute for Economics & Business Administration (RIEB), Kobe University, Japan); Katsuhiko Kokubu (Graduate School of Business Administration, Kobe University)
    Abstract: The goal of this paper is to perform an empirical analysis on the impact on shareholder value of corporate environmental initiatives, focusing on the environmental disclosure and its credibility. The authors verified their hypothesis regarding this, which states, "corporations' environmental initiatives improve shareholder value via release of environmental reports. This trend grows stronger when the credibility of the disclosed information is enhanced." The results of the empirical analysis supported this hypothesis. Specifically, it was revealed that corporations that conduct more environmental initiatives release more environmental reports, and corporations that release more environmental reports have higher shareholder value, and the increased credibility gained via the disclosure of information that includes third-party reviews strengthens this trend even further.
    Keywords: Environmental Disclosures, Environmental Initiatives, Economic Performance, Improvement in Productivity, Increase in Demand, Fixed Effects Instrumental Variables Model
    Date: 2014–10
  43. By: Dechezlepretre, A; Martin, R; Mohnen, M
    Date: 2014–10–07

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