nep-ene New Economics Papers
on Energy Economics
Issue of 2023‒05‒01
forty-one papers chosen by
Roger Fouquet
London School of Economics

  1. Climate policy with electricity trade By Ambec, Stefan; Yang, Yuting
  2. Leveraging policy instruments and financial incentives to reduce embodied carbon in energy retrofits By Haonan Zhang
  3. Energy policy implications of carbon pricing scenarios for the Brazilian NDC implementation By Carolina Grottera; Giovanna Ferrazzo Naspolini; Emilio Lèbre La Rovere; Daniel Neves Schmitz Gonçalves; Tainan de Farias Nogueira; Otto Hebeda; Carolina Burle Schmidt Dubeux; George Vasconcelos Goes; Marcelo Melo Ramalho Moreira; Gabriela Mota da Cruz; Claudio Joaquim Martagão Gesteira; William Wills; Gabriel Malta Castro; Márcio de Almeida d'Agosto; Gaëlle Le Treut; Sergio Henrique Ferreira da Cunha; Julien Lefèvre
  4. Integration Of Wind Power into An Electricity System Using Pumped Storage: Economic Challenges and Stakeholder Impacts By Pejman Bahramian; Glenn P. Jenkins; Frank Milne
  5. Separating electricity from gas prices through Green Power Pools: Design options and evolution By Michael Grubb; Paul Drummond; Serguey Maximov
  6. Transition of the European power system within planetary boundaries By Victor GUILLOT; Edi ASSOUMOU
  7. Energy Efficiency Policies in Malaysia: A Critical Evaluation from the Sustainable Development Perspective By Aktar, Asikha; Alam, Md. Mahmudul; Harun, Mukaramah
  8. The Value of Electricity Reliability: Evidence from Battery Adoption By Brown, David P.; Muehlenbachs, Lucija
  9. Climate Policy and Green Transition – a CGE Analysis of the Finnish 2035 Carbon Neutrality Target By Honkatukia, Juha
  10. Low carbon strategies need to tackle the carbon footprint of materials production By Antoine TEIXEIRA; Julien LEFEVRE
  11. Zero-Emission Bus Implementation Guidebook for California Transit Fleets By Lipman, Timothy PhD; Rogers, Emily MS
  12. An Estimate of Climate-Related Transition Risk in Irish Mortgage Lending By Adhikari, Tamanna; Carroll, James; Lambert, Derek
  13. The greening of lending: mortgage pricing of energy transition risk By Bell, Jennifer; Battisti, Giuliana; Guin, Benjamin
  14. Critical Minerals for India: Assessing their Criticality and Projecting their Needs for Green Technologies By Chadha, Rajesh; Sivamani, Ganesh
  15. The Green Innovation Premium: Evidence from U.S. Patents and the Stock Market By Markus Leippold; Tingyu Yu
  16. Global | Bienestar y Coste Social del Carbono By Joxe Mari Barrutiabengoa; Julián Cubero; Rafael Doménech; Javier Andrés
  17. The economic consequences of air pollution policies in Arctic Council countries: a sectoral focus By Ostale Valriberas, Daniel; Lanzi, Elisa; Van-Dingenen, Rita
  18. Does Emissions Trading Scheme Induce Innovation and Carbon Leakage? Evidence from Japan By Guanyu Lu; Taisuke Sadayuki; Toshi H Arimura
  19. Chasing the ‘green bandwagon’ in times of uncertainty By Catalin Dragomirescu-Gaina; Emilios Galariotis; Dionisis Philippas
  20. Trust and CO2 emissions: cooperation on a global scale By Jo, Ara; Carattini, Stefano
  21. On the Relationship between Adaptation and Mitigation By Ralph Winkler
  22. Nigeria’s Financial Sector Development and Crude Oil Exports: Is There a Link? By Ogunjumo, Rotimi Ayoade
  23. The effect of the Austrian-German bidding zone split on unplanned cross-border flows By Theresa Graefe
  24. Air Quality, High-Skilled Worker Productivity and Adaptation: Evidence from GitHub By Felix Holub; Beate Thies
  25. In the Shadow of War: Social, Distributive and Civil Conflicts in Belarus, Latvia, Kazakhstan, Kyrgyzstan, Lithuania, Russian Federation, Tajikistan and Ukraine By Cerami, Alfio
  26. Displacing Congestion: Evidence from Paris By Lea Bou Sleiman
  27. Environmentally-Inclined Politicians and Local Environmental Performance: Evidence from Publicly Listed Firms in China By Hanming Fang; Honglin Ren; Danwen Song; Nianhang Xu
  28. Quasi-experimental evidence on carbon pricing By Vrolijk, Kasper; Sato, Misato
  29. Environmental matters in sport: sustainable research in the academy By Tim Breitbarth; Brian P Mccullough; Andrea Collins; Anna Gerke; David M Herold
  30. Stranded nations? Transition risks and opportunities towards a clean economy By Andres, Pia; Mealy, Penny; Handler, Nils; Fankhauser, Samuel
  31. Community Electrification and Women’s Autonomy By Rikhia Bhukta; Debayan Pakrashi; Sarani Saha; Ashish Sedai
  32. The “Baqaee-Farhi approach” and a Russian gas embargo By François Geerolf
  33. Nationally determined contributions and scenarios of agricultural emission reductions at country level By Jensbye, Laerke; Clora, Francesco; Yu, Wusheng
  34. Understanding climate-related disclosures of UK financial institutions By Acosta-Smith, Jonathan; Guin, Benjamin; Salgado-Moreno, Mauricio; Vo, Quynh-Anh
  35. The drivers of the nutritional quality and carbon footprint of school menus in the Paris area By Pierre Chiaverina; Emmanuel Raynaud; Marie Fillâtre; Sophie Nicklaus; Valentin Bellassen
  36. Supply Drivers of the US Inflation Since the Pandemic By Serdar Kabaca; Kerem Tuzcuoglu
  37. Verdissement : par l'entrepreneuriat ou par une action politique? By François Facchini; Benjamin Michallet
  38. "Green Accounting and Firm Value " By Nico Alexander
  39. Where does flygskam come from? The role of citizens’ lack of knowledge of the environmental impact of air transport in explaining the development of flight shame By Paul Chiambaretto; Elodie Mayenc; Hervé Chappert; Juliane Engsig; Anne-Sophie Fernandez; Frédéric Le Roy
  40. Closing the gap between research and projects in climate change innovation in Europe By Larosa, Francesca; Mysiak, Jaroslav; Molinari, Marco; Varelas, Panagiotis; Akay, Haluk; McDowall, Will; Spadaru, Catalina; Fuso-Nerini, Francesco; Vinuesa, Ricardo
  41. A Test of Hirschman’s Hiding Hand Principle in World Bank-Financed Hydropower Projects By Godwin Olasehinde-Williams; Glenn P. Jenkins

  1. By: Ambec, Stefan; Yang, Yuting
    Abstract: Trade reduces the effectiveness of climate policies such as carbon pricing when domestic products are replaced by more carbon-intensive imports. We investigate the impact of unilateral carbon pricing on electricity generation in a country open to trade through interconnection lines. We characterize the energy mix with intermittent renewable sources of energy (wind or solar power). Electricity trade limits the penetration of renewables due to trade-induced competition. A carbon border adjustment mechanism (CBAM) removes this limit by increasing the cost of imported power, or by deterring imports. The CBAM must be complemented by a subsidy on renewables to increase renewable generation above domestic consumption. The interconnection line is then used to export power rather than importing it when renewables are producing. We also look at network pricing and investment into interconnection capacity. A higher carbon price increases interconnection investment which further reduces the effectiveness of carbon pricing. In contrast, when renewable electricity is exported, a higher subsidy on renewables reduces further carbon emissions by expanding interconnection capacity.
    Keywords: Intermittent renewables; electricity interconnection; carbon pricing;; carbon border adjustment mechanism; renewable subsidy; carbon leakage
    JEL: D24 F18 F64 H23 Q27 Q48 Q54
    Date: 2023–03–31
  2. By: Haonan Zhang
    Abstract: The existing buildings and building construction sectors together are responsible for over one-third of the total global energy consumption and nearly 40% of total greenhouse gas (GHG) emissions. GHG emissions from the building sector are made up of embodied emissions and operational emissions. Recognizing the importance of reducing energy use and emissions associated with the building sector, governments have introduced policies, standards, and design guidelines to improve building energy performance and reduce GHG emissions associated with operating buildings. However, policy initiatives that reduce embodied emissions of the existing building sector are lacking. This research aims to develop policy strategies to reduce embodied carbon emissions in retrofits. In order to achieve this goal, this research conducted a literature review and identification of policies and financial incentives in British Columbia (BC) for reducing overall GHG emissions from the existing building sector. Then, this research analyzed worldwide policies and incentives that reduce embodied carbon emissions in the existing building sector. After reviewing the two categories of retrofit policies, the author identified links and opportunities between existing BC strategies, tools, and incentives, and global embodied emission strategies. Finally, this research compiled key findings from all resources and provided policy recommendations for reducing embodied carbon emissions in retrofits in BC.
    Date: 2023–04
  3. By: Carolina Grottera (UERJ - Universidade do Estado do Rio de Janeiro [Rio de Janeiro]); Giovanna Ferrazzo Naspolini (UERJ - Universidade do Estado do Rio de Janeiro [Rio de Janeiro]); Emilio Lèbre La Rovere (UERJ - Universidade do Estado do Rio de Janeiro [Rio de Janeiro]); Daniel Neves Schmitz Gonçalves (UERJ - Universidade do Estado do Rio de Janeiro [Rio de Janeiro]); Tainan de Farias Nogueira (UERJ - Universidade do Estado do Rio de Janeiro [Rio de Janeiro]); Otto Hebeda (UERJ - Universidade do Estado do Rio de Janeiro [Rio de Janeiro]); Carolina Burle Schmidt Dubeux (UERJ - Universidade do Estado do Rio de Janeiro [Rio de Janeiro]); George Vasconcelos Goes (UERJ - Universidade do Estado do Rio de Janeiro [Rio de Janeiro]); Marcelo Melo Ramalho Moreira (Agroicone); Gabriela Mota da Cruz (Agroicone); Claudio Joaquim Martagão Gesteira (UERJ - Universidade do Estado do Rio de Janeiro [Rio de Janeiro]); William Wills (UERJ - Universidade do Estado do Rio de Janeiro [Rio de Janeiro]); Gabriel Malta Castro (UERJ - Universidade do Estado do Rio de Janeiro [Rio de Janeiro]); Márcio de Almeida d'Agosto (UERJ - Universidade do Estado do Rio de Janeiro [Rio de Janeiro]); Gaëlle Le Treut (CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique, UERJ - Universidade do Estado do Rio de Janeiro [Rio de Janeiro]); Sergio Henrique Ferreira da Cunha (UERJ - Universidade do Estado do Rio de Janeiro [Rio de Janeiro]); Julien Lefèvre (CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique)
    Abstract: This study assesses the expansion of the Brazilian energy system across three GHG emissions pathways simulating the achievement of the Brazilian Nationally Determined Contribution. In the Reference scenario, the NDC is achieved through command-and-control policies. We then compare this pathway to an Emissions Pricing Scenario (EPS), which simulates a carbon pricing scheme. The Sensitive Fuels Exemption Scenario (SFE) is similar to the latter, but gasoline, diesel and liquefied petroleum gas are exempted from pricing, strengthening political buy-in to the mechanism. An integrated modelling approach combines bottom-up models representing energy demand and supply and a macroeconomic framework to ensure consistency across them. The adoption of carbon pricing schemes enables the use of a large potential of offsets (from the restoration of native vegetation) at a limited cost. This allows meeting NDC targets with bounded use of expensive mitigation actions comprised in command-and-control tools in the reference scenario. This study shows that a carbon pricing policy can increase the effectiveness of meeting climate commitments in Brazil, reducing GDP losses against business-as-usual trends. However, the mechanism's scope and sectoral coverage are key to ensure that decarbonisation is pursued in all economic sectors and in line with climate targets beyond the NDC horizon.
    Keywords: Brazil, Emission scenarios, Climate mitigation, Carbon pricing, Energy supply and demand, Energy mix, Energy modelling
    Date: 2022–01
  4. By: Pejman Bahramian (Department of Economics, Queens University, Kingston, Ontario, Canada); Glenn P. Jenkins (Department of Economics, Queens University, Kingston, Ontario, Canada and Cambridge Resources International Inc.); Frank Milne (Department of Economics, Queens University, Kingston, Ontario, Canada)
    Abstract: The Province of Ontario has had an aggressive program of introducing wind electricity generation technologies into its generation supply mix. This, combined with the rigid baseload production by nuclear and hydro plants, has created a situation where a surplus baseload electricity supply is projected for the next 20 years. Pumped hydro storage (PHS) is suggested as an economically viable technology for storing energy from non-dispatchable wind energy sources in the baseload period to be used the generate electricity in peak periods. An analytical framework has been developed to explore the feasibility of the PHS facility and to compare its cost with that of alternative gas power plants. Two situations are analyzed. First, the PHS plant uses only surplus energy for the first 20 years of operation and then is retired from the system. Second, an additional 20 years of PHS usefulness is added by making investments in wind electricity generation to provide energy for pumping. Given the capital costs of building PHS in Ontario, the conclusions of this study suggest that a PHS facility is not economically cost-effective for utilizing the projected off-peak surpluses. The economic analysis also illustrates that in the context of Ontario, the integration of PHS with wind power generation will have a further negative impact on the Canadian economy in all circumstances. This loss is borne mainly by the electricity consumers of Ontario. Even considering the cost of CO2 emissions from a world perspective, this investment is not cost-effective. It would be much better socially from a world perspective and economically from Canada's perspective if the surplus baseload electricity from Ontario were given away free to the USA. It could then be used to reduce generation by natural gas plants in the USA, hence reducing CO2 emissions globally, without any incremental economic cost to Canada.
    Keywords: Economic analysis, Electricity, Ontario, Pumped hydro storage, Wind power
    JEL: O55 D61 Q42
    Date: 2023–04–14
  5. By: Michael Grubb (University College London, Institute of Sustainable Resources); Paul Drummond (University College London, Institute of Sustainable Resource); Serguey Maximov (University College London, Institute of Sustainable Resource)
    Abstract: This paper develops a detailed proposal for an efficient way to channel the value of large-scale renewables, which have become much cheaper than gas-driven wholesale electricity prices, to consumers at 'cost-plus' prices. This would reduce the fiscal pressure on governments for market-wide subsidies and offer more stable support for consumers most in need. We detail how this 'green power pool' approach could interact with the wholesale market to ensure firm power, also bringing transparency to the cost of balancing the variable renewables output, and maintaining incentives for efficient supply and demand responses. We illustrate the approach with reference to the cost and volume trajectories of UK renewables backed by government CfDs, targeted initially to particular consumer groups, as a first step in a wider transition towards direct consumer access to cheap renewables.
    Keywords: Electricity market design; energy crisis; renewable energy; CfD; long-run contracts; energy transition; energy poverty
    JEL: L16 L51 L94 L98 Q4 Q28 Q58
    Date: 2022–11–09
  6. By: Victor GUILLOT; Edi ASSOUMOU
    Abstract: Planetary boundaries define a formal framework for a more "integrated" analysis of human activities' impacts on various environmental categories. Their application to energy systems allows assessing the sustainability of different mixes and transition trajectories beyond direct CO2 emissions.In this study, we propose to evaluate the environmental impacts of a carbon neutrality trajectory, expressed in direct CO2 emissions, of the European electricity system on life cycle greenhouse gas emissions, water consumption, land use, and eutrophication. The impact on the consumption of various materials is also assessed. From this neutrality scenario, several transition trajectories, including an explicit constraint on the various impact categories, are then proposed to assess the effect of a broader understanding of sustainability on technology choices. The methodology proposed should be taken as a proof-of-concept of an environmental impact assessment of the European power system with the planetary boundary framework. The method is based on the extension of an intertemporal optimization model of the European electricity system, eTIMES-EU, to highlight possible transfers or convergences between impact categories. The results show that a rapid phase-out of fossil fuels allows a reduction of greenhouse gas emissions as well as other pollutions. However, respecting the planetary boundaries at the European scale requires limiting the demand for electricity and improving industrial processes to reduce the environmental impacts of technologies.
    JEL: Q
    Date: 2023–03–22
  7. By: Aktar, Asikha; Alam, Md. Mahmudul (Universiti Utara Malaysia); Harun, Mukaramah
    Abstract: Reduced electricity demand through the implementation of an energy efficiency policy is a central pillar of the Malaysian government’s energy strategy. Energy efficiency first emerged as part of Malaysia’s energy policy agenda in 1979 but only came into force during the 2000s. Initially, it was seen from global fears about the shortage of fossil fuels, then as a way of combating climate change. This paper offers a comprehensive review of Malaysia’s energy policies with a focus on adopting policies to improve energy efficiency. Starting with Malaysia’s preliminary policy in response to the OPEC-driven global oil crisis in 1973, the paper discusses how policymakers are considering energy efficiency from Malaysia’s sustainable development perspective and what relevant government efforts have been made to improve it. The review evaluates the progress that has been made over the past 25 years to address energy efficiency in the economy and highlights the achievements and remaining difficulties. Findings show that the level of energy efficiency while having shown improvement during 1990-2015, was lower than expected. In terms of electricity intensity of GDP, Malaysia has a relatively large position among the ASEAN countries and the world’s largest electricity consumers. Researchers, scientists, and practitioners will benefit from the extensive review material of this study, which will help them better understand energy efficiency and the sustainability strategy implemented in Malaysia to date.
    Date: 2022–03–08
  8. By: Brown, David P. (University of Alberta, Department of Economics); Muehlenbachs, Lucija (University of Calgary)
    Abstract: To avoid electric-infrastructure-induced wildfires, millions of Californians have had their power cut for hours to days at a time. We show that rooftop solar-plus-battery storage systems increased in zip codes with the longest power outages. Rooftop solar panels alone will not help a household avert outages, but a solar-plus-battery-storage system will. Using this fact, we obtain a revealed preference estimate of the willingness to pay for electricity reliability, the Value of Lost Load, a key parameter for electricity market design. Our estimate, of around $4, 300/MWh, suggests California's wildfire-prevention outages resulted in losses from foregone consumption of $322 million to residential electricity consumers.
    Keywords: batteries; reliability; averting expenditures; power outages; Value of Lost Load
    JEL: Q40 Q54 Q58
    Date: 2023–04–18
  9. By: Honkatukia, Juha
    Abstract: The European Union aims to reduce CO2 emissions by at least 55 % by 2035 and to achieve carbon-neutrality by 2050. Many EU Member States have declared more stringent – ambitious – targets. Finland has adopted one of the most ambitious among them, with the aim of reaching carbon neutrality by 2035. The technology for getting there exists already but the policies supporting the target are only partly in place. This paper studies the economic measures that may be needed to facitlitate a Green Transition of this magnitude. The Finnish case may serve to highlight the vastness of the task – but also its feasibility. Our main finding is that, given the technology, the economic costs are likely to remain small and, at times, even negative.
    Keywords: International Relations/Trade, Environmental Economics and Policy
    Date: 2022
  10. By: Antoine TEIXEIRA; Julien LEFEVRE
    Abstract: Like Net-Zero GHG emissions (NZE) country goals which have recently multiplied, national low carbon strategies currently focus on reducing direct territorial emissions across sectors, such as domestic energy, transport, buildings and industry sectors. Doing so they do not tackle emissions embodied in imports and insufficiently emissions related to base carbon-intensive materials production which are used across sectors including for capital formation. However the carbon footprint of materials production (CFM) represents a high share of global emissions and is mostly embodied in imports in many rich countries. Here we develop a novel framework to assess and map the carbon footprint of materials at the country level in the present situation and in future scenarios. Replicable for other countries, our framework is applied to the case of France. We find that although territorial emissions from materials supply only stand for 53 MtCO2eq in 2015, the CFM amounts to 228 MtCO2eq, i.e. 3.4 tCO2e/cap with a high share of imported emissions.
    JEL: Q
    Date: 2023–03–09
  11. By: Lipman, Timothy PhD; Rogers, Emily MS
    Abstract: Transit bus operations in California are experiencing new challenges due to economic conditions and the ongoing global pandemic. A confluence of factors has created a focus on this critical public-needs serving industry, due to state and local efforts to reduce emissions of pollutants and climate-changing gases. Transit bus operations in California provide essential and additional useful services that offer critical mobility to needy populations (elderly and handicapped) as well as many other groups for whom transit buses provide the most economical, convenient, and low-emission options. To address the role of transit bus operations in meeting California’s aggressive greenhouse gas (GHG) and emissions, the California Air Resources Board (ARB) has implemented an ambitious Innovative Clean Transit (ICT) regulation that requires all public transit agencies to gradually transition to a 100 percent zero-emission bus (ZEB) fleet.1 Beginning in 2029, 100% of new purchases by transit agencies must be ZEBs, with a goal for a full transition by 2040. Prior to that 25% of purchases of new buses must be ZEBs in 2023-2025 for large transit agencies, rising to 50% in 2026-2028. For smaller transit agencies, defined as those with less than 100 buses in annual maximum service, there is no requirement for 2023-2025 and the requirement for 2026-2028 is 25%, but the 100% ZEB purchase requirement starting in 2029 applies to all agencies.
    Keywords: Engineering, Zero emission vehicles, transit buses, greenhouse gases, electric vehicle charging, bus transit operations
    Date: 2023–04–01
  12. By: Adhikari, Tamanna (Central Bank of Ireland); Carroll, James (Central Bank of Ireland); Lambert, Derek (Central Bank of Ireland)
    Abstract: Climate change will potentially affect households through direct weather/climate-related damages (“physical risks”) and the policy changes required to achieve a global decarbonisation of production and consumption (“transition risks”). The potential financial stability and economic implications of various transition risk channels are currently difficult to measure due to the nature of data available to most authorities. This paper proposes a new methodology to populate loan-level data with borrower energy and emissions estimates to facilitate the analysis of transition risks. Using these estimates, we consider the possible impacts of a number of future medium and long run carbon price scenarios to household resilience. In our framework, the current carbon intensity of households is key to explaining vulnerability in the transition to net zero, with rural and, in particular, low-income households most at risk. The speed of adopting energy-saving technologies and behaviours are important determinants for mitigating these vulnerabilities. We note that our estimation framework, while providing a platform to analyse climate risk, does not replace the need to collect data from source.
    Date: 2023–01
  13. By: Bell, Jennifer (Bank of England); Battisti, Giuliana (Warwick Business School); Guin, Benjamin (Bank of England)
    Abstract: Shocks to energy prices can have a direct impact on homeowners’ disposable income, affecting their ability to pay their mortgage. Properties’ energy efficiency can provide some protection against the transition risk of rising energy costs. Anecdotally, lenders appear to be increasingly differentiating mortgage interest rates based on energy efficiency. But did lenders account for it before relevant regulatory interventions came in? We estimate standard mortgage pricing models using a unique data set of 1.8 million mortgages originated in the United Kingdom pre-2018. We find no evidence of lenders charging higher rates on riskier mortgages against energy-inefficient properties. Overall, our findings do not provide conclusive evidence that lenders took energy efficiency into account when setting interest rates prior to regulatory interventions.
    Keywords: Mortgage pricing; energy efficiency; climate change; transition risk
    JEL: G21 Q40
    Date: 2023–03–03
  14. By: Chadha, Rajesh; Sivamani, Ganesh
    Abstract: This paper assesses the level of criticality of 23 select minerals for India’s manufacturing sector. Various indicators quantify the criticality along the dimensions of economic importance and supply risk. Lithium, strontium, and niobium have relatively high economic importance, and heavy rare earth elements, niobium, and silicon have relatively high supply risks. This paper also projects India’s mineral needs for green technologies, including renewable electricity generation and electric vehicle manufacturing, in line with the country’s various climate change mitigation objectives over the next two decades. While India has a large mineral geological potential, many of these minerals are not readily available domestically. Hence, there will be a need for further exploration, acquiring foreign mineral assets, and strengthening supply chains.
    Keywords: International Relations/Trade, International Relations/Trade
    Date: 2022
  15. By: Markus Leippold (University of Zurich; Swiss Finance Institute); Tingyu Yu (University of Zurich)
    Abstract: This paper investigates if firms’ green innovation efforts are reflected in their stock market prices. Firms with a higher proportion of green patents experience lower stock returns than those with a lower percentage. A long-short portfolio based on green patent shares has an average annual return of 8%, which remains significant when we control for common risk factors. However, firms with high green patent shares outperform their counterparts after events that increase climate concerns and strengthen environmental regulations. Moreover, firms with green innovation attract more institutional ownership and can weakly decrease their future carbon intensity and incident involvement.
    Keywords: Green patents, cross-section of stock returns, event study, institutional investors
    JEL: G12 G14 O34 Q55
    Date: 2023–03
  16. By: Joxe Mari Barrutiabengoa; Julián Cubero; Rafael Doménech; Javier Andrés
    Abstract: El bienestar social promedio en los países de la OCDE habría disminuido un 1, 9% en la última década si se hubiera internalizado el daño producido por las emisiones de CO2, pero con un beneficio neto en términos intertemporales al evitar los peores escenarios futuros de calentamiento global, con un coste muy elevado. The average social welfare in OECD countries would have decreased by 1.9% during the past decade if the damages caused by CO2 emissions had been internalized. Nevertheless, a net intertemporal gain could have been achieved by preventing the most severe future outcomes of global warming, which entail a substantial cost.
    Keywords: CO2 emissions, emisiones CO2, Welfare, Bienestar, Climate change, Cambio climático, Consumption, Consumo, Global, Global, Global Economy, Economía Global, Consumption, Consumo, Sustainable Development, Desarrollo Sostenible, Working Paper, Documento de Trabajo
    JEL: L11 L43 F14
    Date: 2023–04
  17. By: Ostale Valriberas, Daniel; Lanzi, Elisa; Van-Dingenen, Rita
    Abstract: Air pollution is one of the most severe environmental risks in the Arctic Council countries, with adverse effects on human health, wellbeing, and the environment. It is shown that policy action on air pollution would result in better air quality, and thus in health and economic improvements in the region. While recent modelling literature highlights the economic benefits of improving air quality on an aggregated level, this study aims to contribute to the existing literature by showing how different sectors contribute to reducing emissions of specific gases in specific areas. This paper shows that most part of the macroeconomic benefit from increased air quality in the Arctic Council countries results from taking policy action in the agricultural, industrial and residential sectors.
    Keywords: Environmental Economics and Policy, International Relations/Trade
    Date: 2022
  18. By: Guanyu Lu (Graduate School of Economics, Waseda University); Taisuke Sadayuki (Faculty of Economics, Seijo University); Toshi H Arimura (Faculty of Political Science and Economics, Waseda University)
    Abstract: This study aims to explore if Japan’s environmental regulation, such as its regional emissions trading scheme (ETS), can improve innovation without inducing carbon leakage. Using unique firm-level data for the period from 2003 to 2018, based on the difference-in-differences method, this study investigates how firms address issues such as innovation and outsourcing under Japan’s regional ETS framework. The key findings are as follows. (1) Japan’s regional ETS is effective in improving targeted firms’ innovation during the early stage of the compliance period. (2) Targeted firms that pursued innovation before the ETS promoted subsequent innovations after the ETS. (3) Japan’s regional ETS did not induce the risk of carbon leakage through outsourcing activities. (4) Firms that did not actively encourage innovation increased their outsourcing activities during the compliance period. Based on these findings, we discuss the study implications and directions for future policy design.
    Keywords: Emissions trading scheme, Japan, innovation, carbon leakage, outsourcing activity, difference-in-differences
    JEL: Q48 Q50 Q55 Q56 Q58 Q59
    Date: 2023–03
  19. By: Catalin Dragomirescu-Gaina; Emilios Galariotis (Audencia Business School); Dionisis Philippas
    Date: 2021–04
  20. By: Jo, Ara; Carattini, Stefano
    Abstract: Although the effect of trust on local cooperation is well-documented, little is known about how trust influences global cooperation. Building on a large body of theoretical and experimental literature, we hypothesize that trust shared in a society may positively affect global cooperative behavior. We provide empirical evidence in the context of climate change that an increase in trust is associated with a larger reduction in CO2 emissions across countries, controlling for country fixed effects and a number of time-varying factors. As a falsification test, we estimate the relationship on an earlier period when there was no concern of man-made climate change (before the 1980s) and find no impact of trust on CO2 emissions during that period.
    Keywords: climate change; cooperation; trust; P2SKP1_16502
    JEL: Q54 N50 Z10
    Date: 2021–10–01
  21. By: Ralph Winkler
    Abstract: Many poor countries are ill-adapted to the current leave alone a changing future climate, because they lack the necessary financial means to invest in efficient and costeffective safeguarding measures. International endeavours to fund institutions, such as the Green Climate Fund, to provide financial assistance in this respect have not been as successful has hoped for. In this paper, I set up a simple two-player two-stage model, in which a rich country (North) can invest into adaptation measures in a poor country (South). I show that a necessary condition for North to invest into adaptation investments in South is that this results in decreasing equilibrium emissions of South. I find that this can only happen if the funded adaptation measures also have a flavor of mitigation, i.e., apart from safeguarding South from climate damages they have to reduce South’s marginal abatement costs. My results have important policy implications for the selection of adaptation and mitigation projects by international adaptation funding organizations, such as the Green Climate Fund.
    Keywords: Climate change, adaptation versus mitigation, cross-country adaptation investments, non-cooperative climate policy, strategic complementarity
    JEL: C72 D62 H41 Q54 Q58
    Date: 2023–04
  22. By: Ogunjumo, Rotimi Ayoade
    Abstract: Using yearly data from 1986 to 2020, the study looked at whether the Nigeria's financial sector development is connected to the country’s ever increasing crude oil exports. The results of the utilized Autoregressive Distributed Lag (ARDL) model demonstrated that, both in the short and long periods, there is no connection between Nigeria's financial sector development and crude oil exports. Additionally, the research indicated that the country's financial system is not yet adequately established to sustain exports of goods other than crude oil in the short term.
    Date: 2023–03–23
  23. By: Theresa Graefe
    Abstract: In 2013, TSOs from the Central European Region complained to the Agency for the Cooperation of Energy Regulators because of increasing unplanned flows that were presumed to be caused by a joint German-Austrian bidding zone in the European electricity market. This paper empirically analyses the effects of the split of this bidding zone in 2018 on planned and unplanned cross-border flows between Germany, Austria, Poland, the Czech Republic, Slovakia, and Hungary. For all bidding zones, apart from the German-Austrian one, planned flows increased. Further, I find that around the policy intervention between 2017 and 2019, unplanned flows between Germany and Austria as well as for the Czech Republic and Slovakia decreased. However, for Poland increasing unplanned flows are found.
    Date: 2023–03
  24. By: Felix Holub; Beate Thies
    Abstract: Highly skilled knowledge workers are important drivers of innovation and long-run growth. We study how air quality affects productivity and work patterns among these workers, using data from GitHub, the world’s largest coding platform. We combine panel data on daily output, working hours, and task choices for a sample of 25, 000 software developers across four continents during the period 2014-2019 with information on concentrations of fine particulate matter (PM2.5). An increase in air pollution reduces output, measured by the number of total actions performed on GitHub per day, and induces developers to adapt by working on easier tasks and by ending work activity earlier. To compensate, they work more on weekends following high-pollution days, which suggests adverse impacts on their work-life-balance. The decline in output arises even at concentrations in line with current regulatory standards in the EU and US and is driven by a reduction in individual coding activity, while interactive activities are unaffected. Exposure to PM2.5 levels above the city-specific 75th percentile reduces daily output quantity by 4%, which translates into a loss in output value by approximately $11 per developer.
    Keywords: Air pollution, Productivity, High-skilled work, Adaptation, GitHub
    JEL: D24 J22 J24 L86 Q52 Q53
    Date: 2023–03
  25. By: Cerami, Alfio
    Abstract: This article examines the relationship between presence of vertical and horizontal inequalities and the emergence of social, distributive and civil conflicts in Belarus, Latvia, Kazakhstan, Kyrgyzstan, Lithuania, Russian Federation, Tajikistan and Ukraine. Are ethnic, religious or linguistic conflict related reasons alone responsible for the emergence of social, distributive and civil conflicts? If not, what other factors play an equally determinant role (e.g. structure of the economy, regime type, welfare institutions, public policies) in structuring and determining in-groups and out-groups related tensions? These are the key quest this article addresses. In this article I show unstable trends in night lights development and associated electricity usage, which follow recent tensions in the oil and gas economic and political markets. The more oil and gas prices/supply become unstable, the more are the prospects for national and subnational social, distributive and civil conflicts.
    Keywords: Eastern Europe, in-groups and out-groups related tensions, social, distributive and civil conflicts, vertical and horizontal inequalities, shadow of war, Commonwealth of Independent States
    JEL: D1 D13 D6 D7 D70 D71 D72 D73 D74 D78 D79 D90 E3 I3 I30 I31 I32 I38 J7 J71 J78 L1 P1 P10 P16 P2 P3 P36 P5 P51 P52 R2 R20 R28
    Date: 2023–09–23
  26. By: Lea Bou Sleiman
    Abstract: This paper shows that road-closing policies may have adverse short-run effects on pol-lution by reallocating traffic toward more congested roads. I study the impact of the2016closure of the Voie Georges Pompidou, a one-way expressway crossing downtown Paris, ontraffic and pollution displacement. To do so, I rely on a difference-in-difference strategy basedon the direction and the timing of traffic, which I implement on detailed road-sensor data.I show that the closure lowered average speed by over15% on two sets of substitute roads:central streets nearby and the already congested southern ring road. Using air quality data, I show that NO2concentrations increased by6% near the ring road and by1.5% near lo-cal roads. The reduced-form results on traffic are quantitatively consistent with a calibratedmodel of shortest route choice, which allows me to recover the underlying rerouting patterns.Even though few displaced commuters diverted to the ring road, they triggered a massivepollution increase because of the U-shaped relationship between emissions and traffic speed.Overall, I estimate that up to90% of the pollution cost was borne by lower-income residentsaround the ring road, who lived far away from the new amenity created by the closure andmostly outside the jurisdiction responsible for the closure decision. Finally, I study counter-factual closure scenarios to assess under which conditions those adverse effects could havebeen mitigated.
    Keywords: Congestion, Air Pollution, Public Transportation, Route Choice
    Date: 2023–04
  27. By: Hanming Fang; Honglin Ren; Danwen Song; Nianhang Xu
    Abstract: We study how environmentally-inclined politicians (EIPs), i.e., politicians with prior environment-related working experience, affect local environmental performance in China. Firms located in cities with EIPs have lower levels of sulfur dioxide (SO2) emissions. The effect is attenuated when the politician is in his/her second term and among firms that are economically important. Firms in cities with EIPs commit less environmental violations, receive more green subsidies from the local government, and choose to establish new polluting subsidiaries in cities without EIPs. Furthermore, these EIPs do not have inferior economic performance and their promotion likelihood is negatively related to local emission levels. The findings overall suggest that local officials strategically leverage their expertise in environment protection to allocate more effort on environmental causes.
    JEL: D72 G38 H75 Q53
    Date: 2023–03
  28. By: Vrolijk, Kasper; Sato, Misato
    Abstract: A growing literature suggests that carbon emissions are most efficiently reduced by carbon pricing. The evidence base on the effectiveness of market-based mechanisms, however, faces three key limitations: studies often (a) predict, rather than evaluate effects, (b) show large difference in findings, and (c) cannot always infer causal relations. Quasi-experimental studies can address these challenges by using variation in policies over time, space, or entities. This paper systematically reviews this new literature, outlines the benefits and caveats of quasi-experimental methodologies, and verifies the reliability and value of quasi-experimental estimates. The overall evidence base documents a causal effect between carbon pricing and emission reductions, with ambiguous effects on economic outcomes, and there are important gaps and inconsistencies. This review underscores that estimates should be interpreted with care because of: (a) inappropriate choice of method, (b) incorrect implementation of empirical analysis (e.g., violate identifying assumptions), and (c) data limitations. More cross-learning across studies and use of novel empirical strategies is needed to improve the empirical evidence base going forward.
    Keywords: carbon pricing; quasi-experimental designs
    JEL: H23 Q58 C21
    Date: 2023–03–29
  29. By: Tim Breitbarth (Cologne Business School); Brian P Mccullough (Texas A&M University [College Station]); Andrea Collins (Cardiff University); Anna Gerke (Audencia Business School); David M Herold (QUT - Queensland University of Technology [Brisbane])
    Abstract: Research Question: Climate change continues to be a critical issue that impacts the ways we produce and consume sport. The extent to which sport responds to climate change (e.g. minimizing carbon emissions, adapting to climate impacts) will become more dire. Thus, it is crucial for sport to respond now to address current and emerging sustainability challenges. The popularity of sport can create opportunities to promote and influence individual behaviour change and drive organizational efforts to be environmentally sustainable. Research Methods: The sport management academy is currently limited in its efforts to highlight, examine, and educate industry and students on the issues raised due to changes in the natural environment and the impact on the sport sector. The five articles included in this special issue aim to begin to bridge this gap. Results and Findings: Sport is not inherently sustainable or unsustainable. We introduce this special issue to provide an overview of the current and future environmental challenges in sport management. Implications: We encourage sport researchers to critically assess existing practices and enhance the management knowledge that not only influences the world of sport and sport managers, but also policymakers and sport fans on mitigating the impacts of climate change. We hope the following articles spark ideas, discussions, and further research projects.
    Keywords: Ecology environmental sustainability climate change global warming sport management, Ecology, environmental sustainability, climate change, global warming, sport management
    Date: 2023–01–31
  30. By: Andres, Pia; Mealy, Penny; Handler, Nils; Fankhauser, Samuel
    Abstract: The transition away from a fossil-fuel powered economy towards a cleaner production system will create winners and losers in the global trade system. We compile a list of ‘brown’ traded products whose use is highly likely to decline if the world is to mitigate climate change, and explore which countries are most at risk of seeing their productive capabilities ‘stranded’. Using methods from economic geography and complexity, we develop novel measures of transition risk that capture the extent to which countries’ export profiles are locked-in to brown products. We show that countries exporting a high number of brown products, especially technologically sophisticated ones, could find it relatively easy to transition. Conversely, countries with exports highly concentrated in a few, low-complexity brown products have much fewer nearby diversification opportunities. Our results suggest that export complexity and diversity play a key role in determining transition risk. Path-breaking diversification strategies are needed to prevent nations from becoming stranded.
    Keywords: ES/R009708/1; UKRI block grant
    JEL: Q50
    Date: 2023–04–01
  31. By: Rikhia Bhukta; Debayan Pakrashi; Sarani Saha; Ashish Sedai
    Abstract: This study examines the effects of community-level electrification on women’s social autonomy in India using panel household survey data, administrative data and satellite data spanning over two decades. Using flexible difference-in-difference estimators, we find higher community-level electricity hours reduce incidence of sexual violence against women, and improve women’s mobility, fertility choices and access to health care. Results are robust when using night-time luminosity as an alternative indicator of community electrification, most recent data on reliability of electricity and alternative longitudinal estimation techniques. Heterogeneity analysis shows that the effects are stronger in rural areas compared to urban areas. We identify four main channels through which electricity impacts women’s autonomy: paid employment, education, exposure to mass media and safety.
    Keywords: community electricity, sexual violence, mobility, fertility, health care, women’s autonomy
    JEL: D13 D63 H42 Q43
    Date: 2023–04
  32. By: François Geerolf (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)
    Abstract: In a controversial policy paper, Bachmann et al. (2022) argued back in March 2022 that the economic effects for Germany of a complete immediate stop of energy imports from Russia would be small, between 0.5% and 3% of GDP loss. A few weeks later, Baqaee et al. (2022) even presented 0.3% GDP loss in the case of an embargo as the headline number, in a follow-up report for the French Council of Economic Analysis (CAE). This note argues that these estimates are both problematic from a scientific point of view, and also strongly biased towards finding small effects of a gas embargo: this is true of the (socalled) "Baqaee-Farhi approach" arriving at 0.2-0.3% of GDP, the "production function approach" arriving at 1.5% to 2.3% of GDP, as well as the "sufficient statistics approach" (also based on Baqaee-Farhi) arriving at 1% of GDP. This note argues that Olaf Scholz was correct in saying that the mathematical models which were used "don't really work" here, and tries to explain why. In any case, these models do not permit such categorical statements.
    Keywords: energy, sanctions, economic models
    Date: 2022
  33. By: Jensbye, Laerke; Clora, Francesco; Yu, Wusheng
    Abstract: Reductions in GHG emissions to reach the Paris Agreement’s commitments will affect all sectors, including agriculture. The size of such commitments in the agricultural sector is likely to differ across countries. This creates the potential for shifts in competitiveness between producers from different countries, resulting in changes in production and trade patterns. In this paper, we first perform a cluster analysis to determine the likelihood of countries setting ambitious targets within their agricultural sector, using multiple dimensions for comparison. Second, these country-specific estimated climate targets for the agricultural sector (in addition to alternative technological developments) are utilized in simulating several alternative scenarios towards 2030, using a recursive dynamic CGE model.
    Keywords: Environmental Economics and Policy, Agricultural and Food Policy
    Date: 2022
  34. By: Acosta-Smith, Jonathan (Bank of England); Guin, Benjamin (Bank of England); Salgado-Moreno, Mauricio (Bank of England); Vo, Quynh-Anh (Bank of England)
    Abstract: Climate-related disclosures reduce information asymmetries between firms and investors and help transition to a net zero economy. However, disclosure practices might differ across firms. We explore the determinants of firm disclosures by creating a unique, firm-level panel data set on climate-related disclosures of UK financial institutions. To that end, we apply Natural Language Processing techniques with Machine Learning classifiers on unique textual data which we hand-collected from their published reports. We document differences in disclosure levels across financial institutions with different sizes and over time. We show that climate‑related policy communications in the form of regulatory guidance on future mandatory disclosures is associated with a catch-up by firms previously disclosing less.
    Keywords: Climate-related disclosures; market discipline; Task Force on Climate-Related Financial Disclosures (TCFD) and Natural Language Processing (NLP).
    JEL: C40 C80 G20
    Date: 2023–03–10
  35. By: Pierre Chiaverina (UMR MoISA - Montpellier Interdisciplinary center on Sustainable Agri-food systems (Social and nutritional sciences) - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - IRD - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement); Emmanuel Raynaud (SADAPT - Sciences pour l'Action et le Développement : Activités, Produits, Territoires - AgroParisTech - Université Paris-Saclay - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Marie Fillâtre (SADAPT - Sciences pour l'Action et le Développement : Activités, Produits, Territoires - AgroParisTech - Université Paris-Saclay - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Sophie Nicklaus (UBFC - Université Bourgogne Franche-Comté [COMUE], CSGA - Centre des Sciences du Goût et de l'Alimentation [Dijon] - UB - Université de Bourgogne - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Dijon - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement); Valentin Bellassen (CESAER - Centre d'Economie et de Sociologie Rurales Appliquées à l'Agriculture et aux Espaces Ruraux - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Dijon - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement)
    Abstract: Public school food procurement has been identified as a key lever in the transition towards sustainable food systems. In this study, we assess the nutritional quality and the carbon footprint of 2020 school menus served in 101 municipalities in the inner suburbs of Paris. In this sample, school canteens menus meet an average 8.2/15 (min = 4, max = 14) adequacy score to the regulatory nutritional quality frequency criteria and their carbon footprint averages at 1.9 (min = 1.2, max = 2.6) kgCO 2 e/day. The nutritional and environmental qualities of canteen menus were not correlated with each other. In-house canteens have a significantly higher nutritional quality – 0.7 more points – and so do larger canteens. The carbon footprint significantly decreases with an increasing education level of the population and, for in-house canteens, it also decreases by 0.16 kgCO 2 e/day with a ten-fold increase in canteen size and by 0.0035 kgCO 2 e/day per percent of left-wing vote, breaking even with delegated canteens above 3500 enrolled children and 53% of left-wing vote respectively. The frequency of certified food (mean = 18%, min = 0%, max = 51%), a cornerstone of the 2018 national law aiming at more sustainable institutional catering, has no impact on our indicators of nutritional quality and carbon footprint. The substantial variations between canteens in both nutritional and environmental qualities suggests that there is room for improvement on both ends.
    Keywords: Green public procurement, Public school food procurement, Food sustainability, School canteen menus, Nutrition
    Date: 2022–06–29
  36. By: Serdar Kabaca; Kerem Tuzcuoglu
    Abstract: This paper examines the contribution of several supply factors to US headline inflation since the start of the COVID-19 pandemic. We identify six supply shocks using a structural VAR model: labor supply, labor productivity, global supply chain, oil price, price mark-up and wage mark-up shocks. Our shock identification relies mainly on sign restrictions. But for the global supply chain shock, we propose a new identification scheme combining sign, narrative and variance decomposition restrictions. Historical decomposition results suggest that global supply chain and oil price shocks are the biggest supply contributors to the US inflation during the pandemic. In contrast, labor shortages only mildly contribute to inflation, but their impact on output is larger in that period. Additionally, price and wage mark-up shocks start to significantly contribute to inflation only towards the middle of 2022. Finally, our analysis, which also allows the identification of monetary policy and aggregate demand shocks, suggests that demand and supply factors are almost equally responsible for the movements in the inflation rate during the pandemic.
    Keywords: Business fluctuations and cycles; Econometric and statistical methods; Inflation and prices
    JEL: C32 E32
    Date: 2023–03
  37. By: François Facchini (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Benjamin Michallet
    Abstract: Free ecology broadly assumes that the protection of the environment hinges on well-defined property rights on natural resources. Such institutional conditions deliver a "double dividend": it both protects environment and creates wealth as shown by studies drawing on the Environmental Kuznets Curve (EKC). That said, the economic growth is all the more sustainable that production and consumption are pollution free, that requirement boiling down to "greening" supply and demand through different types of entrepreneurship. Indeed, the ecological entrepreneur seek to enforce greening along a top down process of a political nature, thus becoming a political entrepreneur drawing on coercion, restriction and taxes in order to impose its business model, in passing legislation and taxation aiming at green purposes (top down greening). Conversely, the green activist can resort to commercial exchange and/or to any civil society initiative to make the economy more sustainable, so that convert into a commercial or a social entrepreneur. Thus, entrepreneurship can spur innovation or leverage the social responsibility of firms based on a grounded action (bottom up greening). What is the most effective form of entrepreneurship among these? Put differently, who makes the best use of scarce resources in order to achieve ecological goals ?
    Abstract: L'écologie libérale défend l'idée que, pour protéger l'environnement, il faut établir des droits de propriété sur les ressources naturelles. Dans ce cadre institutionnel, l'entrepreneur générerait un double dividende : protéger l'environnement tout en créant de la richesse, comme en attestent les études fondées sur la courbe environnementale de Kuznets. La croissance de la production serait d'autant plus respectueuse de l'environnement que les pratiques de consommation et de production sont moins polluantes; «verdir» l'offre et la demande passe alors par plusieurs formes d'entrepreneuriat : imposer le verdissement par le haut (top down greening); devenir un «entrepreneur politique» et s'appuyer sur la contrainte légale, l'interdiction et l'impôt pour imposer son modèle d'affaires accompagné par un «verdissement» de la législation et de la fiscalité.Le militant écologiste peut, quant à lui, s'appuyer sur l'échange marchand et sur le mouvement associatif pour atteindre ses objectifs; il se mue alors en entrepreneur commercial ou social. Il peut ainsi contribuer à l'innovation ou activer la responsabilité sociale des entreprises, avec une action volontaire de terrain (bottom up greening). De ces formes d'entrepreneuriat vert, quelle serait la plus efficace ? Qui, de l'entrepreneur politique, de l'entrepreneur marchand ou de l'entrepreneur social pourrait optimiser les ressources rares de l'écologie ?
    Keywords: entrepreneuriat vert, entrepreneur politique, responsabilité sociale & innovation verte
    Date: 2021–11–09
  38. By: Nico Alexander (Trisakti School of Management, Indonesia Author-2-Name: Author-2-Workplace-Name: Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:)
    Abstract: "Objective - The environment is one of the more interesting issues to discuss, especially if it relates to companies' accounting issues. This study was conducted to determine the effect of green accounting implementation on firm value. Methodology/Technique - Firm value is measured using Tobins-Q, and green accounting is measured by ratings based on PROPER. Multiple regression analysis was used, and 35 manufacturing companies were sampled in this study. Findings - The results of this study show that green accounting can increase firm value. Companies that apply green accounting have a higher firm value because information about environmental costs is additional information for stakeholders when making decisions. If the company does not incur environmental costs, it is considered bad for investment. Novelty - Green accounting is still new, so this study was conducted to provide an overview of green accounting and firm value. Companies implementing green accounting will increase their firm value and help preserve the environment. It is hoped that Indonesian accounting organizations will develop standards regarding green accounting. Type of Paper - Empirical."
    Keywords: Green Accounting; Firm Value; Green Investment; PROPER; Indonesia.
    JEL: F64 L50 M14 Q52 Q56
    Date: 2023–03–31
  39. By: Paul Chiambaretto (Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School); Elodie Mayenc; Hervé Chappert (UM - Université de Montpellier); Juliane Engsig (TBS - Toulouse Business School); Anne-Sophie Fernandez (UM - Université de Montpellier); Frédéric Le Roy (UM - Université de Montpellier)
    Date: 2021–06
  40. By: Larosa, Francesca; Mysiak, Jaroslav; Molinari, Marco; Varelas, Panagiotis; Akay, Haluk; McDowall, Will; Spadaru, Catalina; Fuso-Nerini, Francesco; Vinuesa, Ricardo
    Abstract: Innovation is a key component to equip our society with tools to adapt to new climatic conditions. The development of research-action interfaces shifts useful ideas into operationalized knowledge allowing innovation to flourish. In this paper we quantify the existing gap between climate research and innovation action in Europe using a novel framework that combines artificial intelligence (AI) methods and network science. We compute the distance between key topics of research interest from peer review publications and core issues tackled by innovation projects funded by the most recent European framework programmes. Our findings reveal significant differences exist between and within the two layers. Economic incentives, agricultural and industrial processes are differently connected to adaptation and mitigation priorities. We also find a loose research-action connection in bioproducts, biotechnologies and risk assessment practices, where applications are still too few compared to the research insights. Our analysis supports policy-makers to measure and track how research funding result in innovation action, and to adjust decisions if stated priorities are not achieved.
    Keywords: climate innovation; natural language processing; knwoledge production
    JEL: H54 O32 O33 O38
    Date: 2023
  41. By: Godwin Olasehinde-Williams (Department of Economics, Istanbul Ticaret University, Turkey); Glenn P. Jenkins (Department of Economics, Queens University, Kingston, Ontario, Canada and Cambridge Resources International Inc.)
    Abstract: This study is an attempt to determine whether the need to get hydropower project appraisals perfectly right during the pre-construction phase so as to prevent significant overruns along with benefit shortfalls should supersede the need to deliver projects at the earliest possible time so as to meet the needs of the people. To achieve the study objective, we test whether the Hiding Hand principle is predominantly benevolent or malevolent. We argue that if the Hiding Hand is benevolent, then project stakeholders are better off focusing on quick delivery of power projects, but if it is malevolent, then more attention should be given to perfecting project appraisals. It transpires from the statistical analysis that the Benevolent Hiding Hand dominates the Malevolent Hiding Hand in the selected World Bank-financed hydropower projects (33% v. 21%) and that ultimately 75% of projects were even more successful than anticipated—while 25% of projects failed. Our findings further showed that while a total loss of 2.335 billion USD in the sampled dams was caused by the Malevolent Hiding Hand, 11.259 billion USD was gained as a result of the Benevolent Hiding Hand. The predominance of the Benevolent Hiding Hand justifies placing some weight on proceeding with hydropower projects that shows significant promise even if all the implantation risks are not fully quantified at the appraisal stage, especially in developing countries.
    Keywords: Albert O. Hirschman, Hiding Hand principle, Ignorance, Hydropower, World Bank
    JEL: D61 D91 O13
    Date: 2023–04–10

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