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on Environmental Economics |
| By: | Vanden Eynde, Oliver; Vargas, Juan |
| Abstract: | This paper examines how climate change and natural resource dynamics contribute to conflict, with a focus on the implications of the green transition. It reviews empirical evidence showing that extreme weather events - such as droughts, floods, and heatwaves - are linked to increased violence, particularly through economic disruptions, reduced agricultural productivity, and displacement. The analysis also explores the mechanisms through which climate shocks influence conflict, including opportunity costs, resource competition, and behavioral responses to environmental stress. The discussion then turns to the role of natural resource exploitation, especially in the context of rising demand for minerals essential to low-carbon technologies. The paper highlights how resource price and availability shocks can trigger conflict, often depending on the type of resource, extraction method, and local governance. It also addresses the overlap between climate- and resource-driven conflict risks, emphasizing that their interaction may amplify instability. Throughout, the paper identifies open research questions related to prediction, the effects of long-run environmental changes, and the design of policy responses. These include insurance schemes, climate adaptation strategies, infrastructure investment, and regulatory frameworks for resource governance. The findings point to the need for research that integrates climate and conflict dynamics, with the goal of informing policies that can mitigate the risks associated with environmental change and resource pressures. |
| Keywords: | Conflict; Climate shocks; Climate change; Natural resources |
| JEL: | D72 D74 L23 Q54 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21170 |
| By: | Jondeau, Eric; Vallée, Lou-Salomé |
| Abstract: | This paper develops a macroeconomic framework to measure the environmental footprint of a national financial system. By combining the national financial accounts with an environmentally extended multi-regional input-output (EE-MRIO) model, we estimate the greenhouse gas (GHG) emissions and other environmental pressures indirectly financed by domestic financial institutions. The framework allows us to reconstruct "from-where-to-where" exposures across institutional sectors and asset classes, while accounting for the full chain of financial intermediation and avoiding double counting. Applying this methodology to the Swiss financial system, we find that financed emissions amount to 120 million tons of CO2e in 2022, around 2.9 times Switzerland’s territorial emissions. Although emissions per unit of assets have declined, the overall footprint remains large due to asset growth and substantial foreign exposures. Extending the analysis beyond GHGs, we show that financed pressures on land use, water use, and material resource extraction are of similar magnitude to Switzerland’s consumption-based environmental footprint. |
| Keywords: | Environmental footprint; financed emissions; financial accounts; Input-output structure |
| JEL: | G20 Q54 Q56 E44 C67 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20937 |
| By: | Ambec, Stefan; Andersson, Henrik; Cezera, Stephane; Kanay, Aysegul; Ouvrard, Benjamin; Panzone, Luca; Simon, Sebastian |
| Abstract: | What can be done to reduce the carbon footprint of consumption? To answer this, we conducted an online shopping experiment that tested the effects of two policy tools: a carbon tax (at two levels) and a behavioral nudge in the form of a traffic light-style label indicating a product's carbon footprint (green for low, orange for medium, and red for high). To disentangle the tax's substitution effect from its income effect, we held consumers' purchasing power constant. We find that the tax alone significantly reduces the carbon footprint per euro spent but not per basket purchased, implying that the reduction is driven purely by the income effect. The label alone makes consumers buy fewer red products and more green products, although without reducing significantly their carbon footprint. We do find some substitution effect and a significant reduction of the carbon footprint per basket only when the tax is high enough and combined with the label. Next, we perform a welfare analysis grounded on a theoretical framework that accommodates for several assumptions about consumer's preferences and motivations. We estimate the loss of consumer's surplus from nudging consumers with the label. We also estimate the consumers' valuation of a ton of CO2 avoided when they care about their climate impact. |
| JEL: | D12 D90 H23 Q58 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20871 |
| By: | Edenhofer, Ottmar; Franks, Max |
| Abstract: | We develop a unified cost-benefit framework that allows for a better understanding of nature conservation and climate policies under risk and uncertainty. We derive modified Hotelling rules from a social planner’s welfare optimization. They reveal four forces that jointly determine market design for climate and nature conservation: First, discounted marginal climate damages enter the social cost of carbon (SCC) and marginal ecosystem services the social value of nature (SVN). Second, climate and nature are coupled, which raises both prices: degradation of ecosystems increases the SCC, while climate damages raise the SVN. Third, a climate-nature beta quantifies additional hedging components of policies against fat tails, when we consider a stochastic setting with exogenous random shocks. The climate-nature beta summarizes the option values for abatement, adaptation, ecosystem restoration and carbon dioxide removal. Fourth, Markov markups quantify tipping risks, which we capture by extending the model to a constrained Markov decision process with state-contingent transition probabilities. Thereby, we endogenize tipping points: the likelihood of moving into a high-damage regime becomes a function of the atmospheric carbon stock and natural capital, which depend on policy choices. Thus, hazard risks are a policy-sensitive component of the system’s dynamics. The model yields state-contingent asset-pricing formulas for carbon prices, restoration subsidies, land charges, and capacity payments. We propose institutions at the level of the European Union that could implement Pigouvian taxes and subsides as well as new types of SCC- and SVN-indexed bonds to share non-diversifiable risks arising from Earth's changing climate and the degradation of its biosphere. |
| Keywords: | Biodiversity; Sustainability; Asset pricing; Welfare economics |
| JEL: | Q51 Q54 Q57 D81 G12 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21090 |
| By: | van der Ploeg, Frederick; Rezai, Armon |
| Abstract: | A review is presented of the macroeconomics of climate change and policy. The review starts with a tractable workhorse model of the macroeconomics of climate and carbon pricing. It then discusses extensions to multiple countries. A discussion of the effects of macroeconomic and climate uncertainties and tipping points on asset pricing and the carbon price is given, including a discussion of stranded assets and the run on oil. Attention is then paid to green technical progress and to the effects of climate change and climate policy on different generations and the income distribution. The review concludes with a discussion of the effects of climate shocks and carbon pricing shocks on unemployment, inflation, and the role of networks in the transmission of these shocks, and borrowing constraints and sovereign risk in the face of climate shocks. |
| Keywords: | International cooperation; Uncertainty; Distribution |
| JEL: | Q58 G12 E32 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21153 |
| By: | Bourlés, Renaud; Laurent-Lucchetti, Jérémy; Rochet, Jean-Charles |
| Abstract: | Ten years after COP21, carbon emission trajectories remain far above the 1.5 ° C threshold, due to lack of international consensus. Breaking from cost-benefit approaches, we assess the maximum reduction in carbon emissions that could be accepted by all countries. We characterize the consistent target mechanism that minimizes global emissions subject to the participation constraint of each country. The mechanism can be implemented either via a uniform carbon tax or as a cap–and–trade system. Calibrated to data from 69 countries, including GDP, carbon intensities, and observed tax rates, our model suggests – for our baseline scenario – that a uniform carbon price of $250 per ton would be politically acceptable by all countries. It could reduce global emissions by 35%, but would require unprecedented international transfers: up to 3% of world GDP, with a large redistribution from high-income, low-emission countries to carbon-intensive emerging economies. Our analysis highlights the structural ambition gap imposed by voluntary cooperation and identifies two levers to overcome it: convergence in green technologies and stronger political support for mitigation. Without progress in these dimensions, international climate policy remains constrained to deliver only modest results. |
| JEL: | Q54 Q58 F55 H23 C73 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20863 |
| By: | Couttenier, Mathieu; Rohner, Dominic |
| Abstract: | The world faces a twin crisis of surging armed conflicts and climate change. As discussed in the current article, while the much-needed green energy transition and de-carbonization of our economies represents great opportunities for fostering peace, it also bears significant risks linked to the scramble for critical minerals. In the current piece we take stock of the evidence linking minerals to civil and interstate conflicts and propose several evidence-based policies that allow to capture a "double dividend" of going green: saving planetary health and reducing armed conflicts. |
| Keywords: | Climate change |
| JEL: | D74 F51 N40 Q34 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20881 |
| By: | Panizza, Ugo; Shi, Shuyang; Weder di Mauro, Beatrice; Gulati, Mitu |
| Abstract: | This paper investigates the existence, magnitude and drivers of the sovereign greenium: the yield discount on sovereign and quasi-sovereign green bonds relative to conventional bonds. Using a dataset of 332 matched pairs of green and conventional bonds issued between 2014 and 2023 by sovereigns, sovereign-backed agencies, and multilateral development institutions, we analyze secondary-market pricing to capture both cross-sectional and time-varying heterogeneity. We find a small but statistically significant greenium, averaging about 2 basis points for advanced economies and nearly 13 basis points for emerging markets. The greenium is larger for lower-rated issuers and increases when climate transition risks become more salient or when issuers are more vulnerable to climate change. Interaction effects indicate that global awareness of transition risks and domestic climate vulnerability jointly amplify the greenium. While green sovereign bonds trade at lower yields, the resulting fiscal savings are economically modest relative to total interest expenditures. A novel analysis of bond documentation shows that sovereign green bonds contain no binding commitments regarding environmental outcomes, suggesting that the observed greenium reflects symbolic rather than contractual sustainability value. |
| Keywords: | Green bonds; Sovereign debt; Greenium; Sustainable finance; Climate risk |
| JEL: | Q54 Q56 H63 G15 G12 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20817 |
| By: | Bustamante, Maria Cecilia; Zucchi, Francesca |
| Abstract: | Carbon regulation poses the corporate challenge of developing optimal carbon management policies. We provide a unified model characterizing how firms manage emissions through production, heterogeneous green investment, and the trading of carbon credits. We show that carbon pricing incentivizes firms to reduce emissions through immediate yet transient abatement projects, but has an ambiguous impact on green innovation. In economies where carbon pricing discourages innovation, subsidies to green innovation complement — rather than substitute — carbon pricing, jointly lowering current emissions through abatement projects and accelerating the transition to greener technologies through innovation. |
| JEL: | G30 G31 G12 D62 O33 |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21300 |
| By: | Llavador, Humberto; Roemer, John E; Stoerk, Thomas |
| Abstract: | The Paris Agreement is designed to increase climate ambition gradually through a process of ratcheting up. What is the plausible endpoint of this process? We develop a tractable integrated assessment model in which countries interact through a decentralized general equilibrium and negotiate unanimously over a global carbon budget, with all mitigation implemented via a global carbon price. We prove existence and uniqueness of a unanimous international agreement on global emissions, in which carbon pricing revenues are redistributed across countries in proportion to marginal climate damages. In a quantitative application for 154 countries, the resulting equilibrium limits global mean surface temperature change to 1.51C, at a carbon price of 320 USD/tCO2. The associated international transfers of carbon pricing revenue are progressive toward lower-income countries and amount to about 0.8% of global GDP annually - an order of magnitude larger than the Paris Agreement’s climate finance target. |
| Keywords: | Paris agreement; Climate policy; International environmental agreements; Climate change |
| JEL: | Q54 Q56 Q58 F35 F53 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20991 |
| By: | de Silva, Tiloka; Tenreyro, Silvana |
| Abstract: | We study countries' compliance with the targets pledged in international climate-change agreements and the impact of those agreements and specific climate laws and policies on greenhouse-gas emissions and economic outcomes. To do so, we compile and codify data on international agreements and measures enacted at the national and sub-national levels. We find that compliance with targets has been mixed. Still, countries that signed the Kyoto Protocol or the Copenhagen Accord experienced significant reductions in emissions when compared to non-signatories. Having quantifiable targets led to further reductions. Effects from the Paris Agreement are not yet evident in the data. Carbon taxes and the introduction of emission-trading schemes led to material reductions in emissions. Other climate laws or policies do not appear to have had, individually, a material effect on emissions. The impact on GDP growth or inflation from most measures was largely insignificant. Overall, much more ambitious targets would be needed to offset the impact of economic and population growth on emissions and contain the expansion of the stock of gases. |
| Keywords: | Emissions; Climate change; Climate agreements; Carbon taxes; Emission-trading schemes |
| JEL: | Q54 O44 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21018 |
| By: | Gong, Haozhou; Lin, Chen; Sautner, Zacharias; Schmid, Thomas |
| Abstract: | Renewable energy (RE) is vital for addressing climate change, but the land use of hydro, solar, and wind plants can negatively affect biodiversity through habitat destruction. By combining spatial biodiversity data, satellite imagery, and asset-level information on 40, 911 RE plants, we develop a novel measure of RE’s biodiversity impact around the world. We find that solar plants cause the greatest negative impact overall, while hydro plants are located in the most biodiversity-sensitive areas. The biodiversity impact of RE has grown substantially over time, driven by increased land use and siting in more biodiversity-sensitive locations. This impact is highly concentrated, with the top 1% of plants and owners being responsible for the majority of impact. Three finance applications of our measure show that plants with private or financial owners and those that are project financed have lower biodiversity impacts. |
| Keywords: | Renewables; Biodiversity |
| JEL: | Q57 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20846 |
| By: | Dugoua, Eugenie; Moscona, Jacob |
| Abstract: | This chapter examines the economics of climate innovation and its role in the clean technology transition. It outlines the incentives, market failures, and policy levers that shape the development and diffusion of clean technologies; traces global patterns in technology development and deployment; and highlights frontier challenges and open questions related to climate adaptation, critical mineral supply chains, artificial intelligence, and geopolitics. The analysis explores the role of effective climate policy, stressing the relevance of coordinated approaches that match instruments to technology maturity and local context. |
| Keywords: | Innovation |
| JEL: | O3 Q5 O13 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20853 |
| By: | Brzezinski, Adam; Garicano, Luis |
| Abstract: | Political narratives on climate policy have turned more skeptical despite mounting evidence of climate urgency. We explain this shift with a theory of narrative entanglement: to appeal to voters, politicians intertwine economic and environmental narratives rather than treating them separately. Hence, shocks unrelated to climate change can impact environmental narratives. We test our theory in the context of Russia’s invasion of Ukraine, which affected the economic costs of the European Green Deal without changing its impact on emissions. We use large language models to identify climate narratives across all speeches in the 9th European Parliament (2019-2024). Exploiting only variation within each parliamentarian, we show that after the invasion, narratives become both more negative in the cost assessments of climate policies and more skeptical about their environmental impact. |
| Keywords: | Narratives |
| JEL: | D72 D91 Q58 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20829 |
| By: | Goli, Srinivas; Chakraborty, Kaustav; Dash, Antaryami; Bheemeshwar, Reddy A; Desilets, Marie Claude; Pandey, Richa Singh; Chamois, Sylvie; Singh, Usha |
| Abstract: | Climate change is emerging as a major threat to food and nutrition security, particularly for women and children. Rising temperatures, erratic rainfall, droughts, floods, and extreme weather events disrupt agricultural production, reduce food availability, increase food prices, and compromise diet quality. Climate-related diseases, water insecurity, and damage to health and sanitation services further worsen nutritional outcomes. Women and children are especially vulnerable because of biological, social, and economic disadvantages. The report emphasizes that climate change affects nutrition through food systems, health services, water and sanitation, and caregiving practices. It calls for climate-resilient food systems, strengthened nutrition services, social protection, and integrated policies linking climate adaptation with nutrition and child well-being. |
| Keywords: | Climate Change, Food and Nutrition Security, India, Child Nutrition |
| JEL: | Q1 Q18 F63 O13 I15 I18 Q54 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esrepo:341678 |
| By: | Sébastien Houde; Wenjun Wang |
| Abstract: | This paper investigates the relationship between AI adoption and carbon emission intensity. Using micro-level data from Chinese firms, we find that carbon intensity decreases following the adoption of AI. The effect is particularly pronounced among large firms, those headquartered in AI hubs, and those in high-carbon intensity sectors. We investigate several mechanisms and find that AI adoption is also associated with increases in energy management processes, green innovation, inventory efficiency, overall productivity, and the share of specialized labor. We find that AI-induced carbon reductions are subject to a large rebound effect of approximately 70%. |
| Keywords: | artificial intelligence, carbon emissions, energy intensity, green innovation |
| JEL: | D22 L11 O33 Q54 Q55 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_12803 |
| By: | Hassan Benchekroun (McGill University); Simon Elgersma (Rijksuniversiteit Groningen); Gerard van der Meijden (Vrije Universiteit Amsterdam); Cees Withagen (Vrije Universiteit Amsterdam) |
| Abstract: | We study how market power, leadership, and commitment affect oil extraction and climate outcomes in a cartel-fringe model with renewables and a backstop technology. Comparing competitive, Nash-Cournot, open-loop, and feedback von Stackelberg equilibria, we show that market power and leadership can either increase or reduce climate damages, depending on commitment, cost and emission factor heterogeneity, and relative resource stocks. In a benchmark with a social cost of carbon of 250 USD/tC, market power without leadership lowers climate damages by 3.9 trillion USD relative to perfect competition. With leadership, these gains fall to 3.1 trillion USD when the leader can commit and to 2.6 trillion USD without commitment. Small changes in resource stocks, cost parameters, or climate policy can trigger regime shifts with discontinuous welfare and climate effects. Carbon taxes and backstop subsidies can remove sequencing distortions but may weaken the conservation effect of market power. When the cartel cannot commit, the second-best carbon tax lies well below the Pigouvian level yet often delivers near-first-best welfare. Finally, we show that market power and leadership may reduce cartel profits. |
| Keywords: | cartel-fringe, climate policy, renewables, dynamic game, von Stackelberg equilibrium |
| JEL: | C72 Q30 Q38 Q42 |
| Date: | 2026–06–11 |
| URL: | https://d.repec.org/n?u=RePEc:tin:wpaper:20260030 |
| By: | De Jonghe, Olivier; Mulier, Klaas; Schepens, Glenn; Stimpfle, Leonard |
| Abstract: | We show that an unexpected tightening of the EU Emissions Trading System led high-emission-intensity firms to cut emissions relative to low-intensity peers within the same industry, without reducing output, thereby improving emission efficiency. Effects are stronger for power producers than for manufacturing firms. Examining mergers and acquisitions (M&As), we find that high-intensity manufacturing firms acquire more green targets after the tightening than low-intensity firms, with no change in the overall number of acquisitions, indicating a shift in focus rather than activity. Finally, we show that these green M&As contributed to the observed emission reductions over the study period. JEL Classification: D22, G34, G38, Q53, Q54 |
| Keywords: | climate regulation, emission trading, firm behavior, M&A |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:ecb:ecbwps:20263253 |
| By: | Raisa Sherif; A. R. Shariq Mohammed; Matthew H. Goldberg |
| Abstract: | We study how misperceptions of local air quality shape individual behavior and policy preferences in urban India. Using a pre-registered, online survey experiment with 2, 117 respondents across three major cities, Mumbai, Bengaluru, and Kolkata, we elicit subjective beliefs about local air quality and randomly provide a subset of participants with accurate Air Quality Index (AQI) data for their city. Participants then allocate real money between themselves and a tree-planting initiative and report support for various environmental policies. We document widespread, systematically biased misperceptions, with individuals in highly polluted cities often underestimating pollution risks. These misperceptions are correlated with lower environmental concern, lower policy support, and weaker climate beliefs. However, providing corrective information does not significantly shift either pro-environmental contributions or stated policy preferences. The only exception occurs among women, who exhibit increased support for environmental policies following treatment. Our findings highlight the limits of informational interventions in contexts of chronic pollution and suggest that misperceptions may reflect deeper patterns of disengagement from environmental issues. |
| Keywords: | Air pollution perceptions, Policy preferences, Public good contributions, Urban environment, Information interventions, India |
| JEL: | Q53 Q58 C93 D83 |
| Date: | 2026–02–10 |
| URL: | https://d.repec.org/n?u=RePEc:mpi:wpaper:tax-mpg-rps-2026-02 |
| By: | Lena Wiest; Klas Wetterberg; Max Skoczylas; Elisa Lanzi |
| Abstract: | Carbon credit markets are flexible tools that can incentivise greenhouse gas mitigation at different scales. Historically, most carbon credits have been generated at the project level, but crediting approaches at larger scales are emerging. These approaches can operate across entire jurisdictions, sectors or policies, placing governments at the centre of the crediting approach. This enables a wider range of mitigation efforts, including government strategies, policies and enforcement. For scaled-up crediting to effectively support climate change mitigation, approaches must be designed and implemented with a high level of integrity. This paper examines key integrity considerations in scaled-up crediting, with a focus on environmental integrity in jurisdictional forest crediting. The analysis highlights that scaled-up crediting can help address certain integrity risks associated with project-based crediting, but considerable methodological and implementation challenges remain. The paper presents strategic considerations for donor governments to help ensure that scaled-up crediting approaches become more effective tools for climate change mitigation. |
| Keywords: | Article 6, carbon credit markets, climate change mitigation, co-operative approaches, environmental integrity, greenhouse gas emissions, integrity, jurisdictional, Paris Agreement, policy-based, REDD+, scaled-up crediting, sectoral, social integrity |
| JEL: | F55 G14 H23 Q52 Q54 |
| Date: | 2026–07–17 |
| URL: | https://d.repec.org/n?u=RePEc:oec:envaaa:276-en |
| By: | Kevin Kuruc |
| Abstract: | The discussion of impending population decline is often dismissed or minimized by arguments that downplay its urgency – or even welcome this development – because of the proposed environmental benefits. This paper argues that the environmental benefits of depopulation are far smaller than widely believed, and that complacency about population decline may be counterproductive to climate goals. First, there is a fundamental issue of timing mismatch. Demographic change unfolds over generations, while effective responses to emissions and environmental harm require immediate action. Second, effective climate strategies, such as carbon capture, require high fixed capital and labor costs. The smaller the economy, the larger the share of national income required to achieve climate goals. Beyond the climate, there is little evidence to suggest that increases in per-capita resource availability from depopulation would materially improve living standards, as modern natural-resource constraints on well-being are limited and declining. In contrast, sustainability depends on policy, human ingenuity, and fiscal capacity, none of which are aided by a shrinking and aging population. Taken together, this paper argues that effective sustainability policy will require sustained public investment and proactive policy. |
| Keywords: | environmental economics, demographics |
| Date: | 2026–02–01 |
| URL: | https://d.repec.org/n?u=RePEc:cxx:wpaper:the-environmental-benefits-of-low-fertility-are-overstated-2 |
| By: | Ibadoghlu, Gubad |
| Abstract: | This article examines methane emissions policy and climate commitments in Azerbaijan's hydrocarbon-dependent economy, with particular attention to the oil and gas sector, which accounts for the overwhelming majority of the country's greenhouse gas (GHG) emissions. Drawing on national emissions data, international climate commitments, policy documents, and independent assessments, the study evaluates Azerbaijan's progress in methane mitigation and its broader energy transition strategy. The analysis highlights the growing discrepancy between Azerbaijan's climate pledges-including its commitments under the Paris Agreement, the Global Methane Pledge, and various international methane reduction initiatives-and the continued expansion of fossil fuel production and exports. The article argues that methane emissions from oil and gas extraction, transmission, venting, flaring, and aging infrastructure remain a major environmental challenge, while limitations in emissions measurement, transparency, and independent verification continue to undermine the credibility of official reporting. Furthermore, the study examines the environmental and economic risks associated with continued hydrocarbon dependence in a country already experiencing increasing climate vulnerability, including rising temperatures, water scarcity, land degradation, and pressure on agricultural systems. The findings suggest that meaningful methane mitigation will require modernization of energy infrastructure, enhanced monitoring and reporting mechanisms, stronger institutional transparency, and a gradual shift toward renewable energy development. Without substantial structural reforms and a credible decarbonization strategy, Azerbaijan risks falling short of its climate objectives while remaining exposed to the long-term economic and environmental costs of hydrocarbon dependence. |
| Keywords: | Azerbaijan, Methane Emissions, Climate Change, Climate Policy, Greenhouse Gas Emissions, Oil and Gas Sector, Hydrocarbon Economy, Energy Transition, Decarbonization, Global Methane Pledge, Paris Agreement, Methane Mitigation, Energy Governance, Environmental Sustainability, Renewable Energy, Gas Flaring, Venting Emissions, Climate Vulnerability, COP29, SOCAR |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esprep:341547 |
| By: | Douenne, Thomas; Dyrda, Sebastian; Hummel, Albert Jan; Pedroni, Marcelo |
| Abstract: | How should governments design climate policies in the presence of inequality, uninsurable risk, and fiscal constraints? To address this question, we develop a climate—economy model with incomplete markets and idiosyncratic labor-income risk, where Ricardian equivalence fails and optimal long-run capital taxes are positive. We analytically show that the optimal carbon tax equals the social cost of carbon (SCC) adjusted for fiscal distortions. Calibrating the model to the U.S., we show that these deviations are quantitatively negligible: high levels of household inequality, income risk, and fiscal distortions do not, in themselves, justify lowering climate ambitions. Welfare gains under the optimal policy come almost entirely from efficiency and environmental amenities, with almost no effect on redistribution and insurance, and are fairly evenly distributed across households. |
| Keywords: | Climate policy; Carbon taxes; Optimal taxation; Heterogeneous agents; Incomplete markets |
| JEL: | E62 H21 H23 Q5 D52 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20820 |
| By: | Jack, Kelsey; Ryan, Nicholas |
| Abstract: | Economic development relies on and transforms the environment. The transformation is evident in the poor environmental quality in many developing countries. For example, air quality in Southeast Asia is three times worse than in the United States, in sub-Saharan Africa four times worse and in South Asia more than six times worse. We model how environmental quality affects health, productivity and well-being and how individuals privately adapt to environmental hazards. We also model how collective action and formal regulation contribute to environmental quality. We draw three main findings from a review of empirical research on these mechanisms. First, individual adaptation to environmental hazards is both inadequate as a remedy and inefficiently low. Second, collective action, without the state, to manage resources or address externalities has been outstripped by the scale of environmental problems. Third, state action through formal regulation works better than it looks. Many formal regulations are coarse, poorly targeted and inefficient, but nonetheless yield benefits in excess of their costs. |
| Keywords: | Economic development; Pollution; Climate change |
| JEL: | O10 Q0 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21087 |
| By: | Gechter, Michael; Kala, Namrata |
| Abstract: | Firm location decisions have externalities on other firms due to competitive or agglomerative forces, and on the environment. We study an environmental place-based policy that randomly moved 20, 000 firms in New Delhi. Relocation reduces pollution, but firm exit increases. We combine the exogenous assignment of firms to industrial plots with a model to estimate spillovers on neighboring firms, showing that firm survival rates could have been increased by allocating firms to plots accounting for input-output linkages. These results provide causal evidence on how firm presence impacts environmental quality, and how spillovers can be used to minimize costs on regulated firms. |
| JEL: | Q52 Q53 Q56 R11 R38 D22 L25 L51 O12 O13 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21060 |
| By: | Filipp Ushchev; Guntram Wolff |
| Abstract: | We develop a new model for green investments which blends features of the portfolio choicemodel and the non-cooperative private provision of pubic goods game. Agents differ in timepreference and in economic size. Our model shows that (a) long-term investors tend to have alarger share of their portfolio in green bonds, (b) larger agents/economies tend to invest morein climate mitigation, and (c) more heterogeneity among the types of agent (both in termsof time preference as well as economic size, looking beyond thresholds) increases aggregateclimate investments. We provide empirical evidence for the first two effects. Our model hassignificant implications for climate policy: it points to the importance of long-term investors inthe green transition and to the importance of larger groups of countries agreeing on cooperativeframeworks, for example, in the form of climate clubs, to increase overall investments in climatemitigation. |
| Keywords: | Public goods game; portfolio choice model; green investment; greenium |
| JEL: | H41 C72 Q54 Q58 G11 |
| Date: | 2026–07–08 |
| URL: | https://d.repec.org/n?u=RePEc:eca:wpaper:2013/410034 |
| By: | Gu, Grace; Hale, Galina; Sharma, Bhavyaa; Wu, Jinhong |
| Abstract: | Do banks help or hamper green transition? To answer this question, we analyze the dynamics of bank lending to firms in the US, EU, and separately Denmark in relation to the borrowers' emissions of CO2. We evaluate the allocation of bank loans across industries and within industries across firms, allowing for heterogeneity of firm emissions and changes in these emissions. To facilitate green transition, bank lending needs to flow to greener and greening firms, but not out of high-emission industries that need funding to transition to cleaner production methods. Using syndicated loan data, we find that for US borrowers, bank lending was likely hampering green transition, while in the EU bank lending is more likely to facilitate it. Zooming in on Denmark, for which we have data on the full universe of firms and banks, we find more significant credit reallocation to greener firms, especially within industries. However, the reallocation of funds to green firms is, to a large extent, a byproduct of green firms becoming bigger. We do not find any evidence consistent with banks active stewardship of green transition. |
| JEL: | G21 F21 Q54 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20993 |
| By: | Simon Fløj Thomsen |
| Abstract: | This paper reviews the development of Ecological Stock-Flow-Consistent Input-Output models as an emerging alternative to mainstream climate-economy modelling frameworks. In light of the limitations of neoclassical approaches, which rely on restrictive behavioral and equilibrium assumptions, Ecological Stock-Flow-Consistent Input-Output models offer a coherent framework to analyze climate policies by jointly representing financial dynamics, the real economy, and ecological pressures within a stock-flow-consistent dynamic setting. After introducing the Stock-Flow-Consistent and input-output traditions separately, the paper explains how these approaches can be integrated and discusses the implications of disaggregating the production sector into interdependent industries. The existing Ecological Stock-Flow-Consistent Input-Output literature is then surveyed, with particular attention to the treatment of financial linkages, inter-industry relations, environmental extensions, and the calibration strategy. An important finding is that, while the models become more complex in both the production, financial and ecological interactions, most of the models remain theoretical or calibrated, with weak empirical foundation. The paper therefore evaluates the potential of Ecological Stock-Flow-Consistent Input-Output models as tools for climate policy analysis and argues for a shift of focus towards fully empirical implementations. Finally, it identifies key methodological and data-related challenges that must be addressed for Ecological Stock-Flow-Consistent Input-Output models to become robust and reliable components of the climate policy toolkit. |
| Keywords: | Empirical Stock-Flow-Consistent models, Environmentally Extended Input-Output modelling, Ecological macroeconomics |
| JEL: | E12 E17 F41 L16 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:imk:fmmpap:123-2026 |
| By: | Yan MA; Morihiro YOMOGIDA |
| Abstract: | We study whether carbon tariffs can prevent emissions leakage which occurs when firms relocate production across countries. We extend a segmented market model of international trade to a North-South setting with polluting firms. A northern firm may relocate its plant to the South to avoid the higher carbon costs imposed on its domestic production relative to those on its offshored production. To prevent emissions leakage through the firm's relocation, the North can adopt a carbon tariff and an export rebate that can offset its gap in carbon taxes with the South. We find that the North’s carbon tariff and export rebate prevent emissions leakage, which causes an increase in global emissions, if the northern firm uses less emissions-intensive technology relative to the southern firm and its emissions intensity exceeds fifty percent of that of the southern firm. However, if the northern firm’s emissions intensity is less than fifty percent of that of the southern firm, the North’s carbon tariff fails to prevent emissions leakage even with its export rebate. We also find that the North’s optimal carbon tax regime includes its carbon tariff and export rebate. Furthermore, we show that the North's optimal carbon tax regime actually benefits the South through a reduction in global emissions. |
| Date: | 2026–06 |
| URL: | https://d.repec.org/n?u=RePEc:eti:dpaper:26053 |
| By: | Sonja Dobkowitz; Claudia Kemfert; Alexander Kriwoluzky; Georg Maxton; Laura Schmitz; Kristin Trautmann |
| Abstract: | Despite decades of ambitious environmental policy, German consumption has continuously exceeded planetary-boundary thresholds in six of seven environmental dimensions since 1995, with little improvement over time. Combining environmentally extended multiregional input–output tables with life-cycle impact assessment, we develop a consumptionbased sustainability indicator across seven impact categories, benchmarked against national planetary-boundary thresholds. Decomposing impacts into scale and impact intensity per euro of production, we find that imports embody more impact per euro than domestic production in every category. A rising import share thus slows aggregate efficiency gains even as intensities fall in both origins, and the growing scale of imports offsets them altogether. We show that had the import share remained at its 1995 level, cumulative impact growth from 1995 to 2022 would have been 12.9 to 96.8 percentage points lower across categories. |
| Keywords: | Planetary boundaries, environmental footprints, global value chains, trade and environment |
| JEL: | C67 F18 Q01 Q54 Q56 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:diw:diwwpp:dp2172 |
| By: | Corin Blanc |
| Abstract: | In response to rising urban air pollution, European cities have adopted Low Emission Zones (LEZs), restricting the most polluting vehicles. While effective in improving air quality, these policies remain controversial due to concerns over fairness and acceptability. This paper examines the impact of London’s 2021 and 2023 Ultra Low Emission Zone (ULEZ) expansions on Subjective Well-Being (SWB). Using panel data from the UK Household Longitudinal Study and a staggered difference-in-differences design with individual and year fixed effects, we compare changes in life satisfaction among residents inside and outside the affected areas. We find that the 2021 expansion led to a decline in life satisfaction by approximately 0.4 points. We explore the mechanisms driving this decline and find that the well-being loss is mediated by car dependency and transport mode availability. While the policy increased reliance on public transport, we show that a better accessibility to public transport mitigates the decline in life satisfaction among London residents. Furthermore, we show that the well-being costs of the policy are regressive, disproportionately affecting lower-income households. These findings suggest that LEZs can generate short-term and unequal well-being costs despite achieving modest behavioural change, highlighting the need for complementary measures to enhance social acceptability. |
| Keywords: | Low Emission Zones (LEZs), Air pollution, Environmental policy, Subjective well-being, Life satisfaction, Staggered Difference-in-differences, Social acceptability |
| JEL: | I31 Q52 H23 R48 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:drm:wpaper:2026-14 |
| By: | Mireille Chiroleu-Assouline; Xavier Koch |
| Abstract: | We study how a committed emission tax shapes the adoption of successively cleaner technologies that arrive over time under uncertainty. Environmental policy increasingly relies on carbon prices that are set in advance and held fixed while such technologies emerge, and we show that this very commitment can lock firms into an inferior technology. In a two-period model, technologies differ only in their fixed adoption cost and emission rate; a regulator commits to a uniform tax and firms choose whether and when to adopt. Under monopoly with perfect foresight, the regulator can induce adoption of the cleanest technology but is sometimes better off not doing so, when its environmental gain falls short of the adoption cost. Under imperfect information the commitment cuts both ways: under-estimating the likelihood of the cleanest technology sets the tax too low, so the firm waits and stalls on its initial technology, whereas over-estimating it sets the tax so high that adoption is blocked altogether. The misperception distorts only the first-period adoption margin, over a benefit–cost band whose width scales with the size of the error. Competition sharpens the trade-off. With symmetric firms a strictly higher tax is needed to trigger adoption, so competition unambiguously raises the cost of inducing a green transition - even though the welfare ranking of monopoly and duopoly remains ambiguous. When one firm enjoys an adoption-cost advantage, it eases adoption for its rival and relaxes the regulator’s problem, pointing to a role for targeted first-adopter support alongside the tax. |
| Keywords: | technology adoption, environmental regulation, commitment, path dependency, emission taxes, monopoly, Cournot duopoly, uncertainty |
| JEL: | D42 H23 O33 Q55 Q58 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_12807 |
| By: | Constance de Soyres; Emmanuella Obeng; Joanne Tan |
| Abstract: | Climate disasters tend to be associated with increased sovereign default risk. Countries face an “impossible trilemma”: scale up adaptation investment, keep debt sustainable amidst high borrowing costs and avoid the higher risk of default from delayed adaptation. Using a global panel of disaster event-level shocks, we find that a 1pp increase in disaster related losses as a share of GDP raises the odds of sovereign default by approximately 2-3 percent. An additional US$1 billion in cumulative Official Development Assistance (ODA) is associated with a 0.13 point gain in a country’s adaptive capacity. Using average marginal effects and our predicted margins we then map concessional ODA finance to default probability and translate these relationships into a practical budgeting yardstick for calibrating needed ODA to sovereign default risk reduction targets. In a context of declining ODA, our findings highlight the crucial role of well-designed support in climate adaptation policies. |
| Keywords: | Climate shocks; sovereign defaults; climate adaptation; concessional finance; IMF working papers; adaptation investment; concessional ODA finance; default probability; Climate change; Climate finance; Natural disasters; Debt default; Global; Sub-Saharan Africa; Central America; Southeast Asia; East Asia; Asia and Pacific; Caribbean |
| Date: | 2026–06–26 |
| URL: | https://d.repec.org/n?u=RePEc:imf:imfwpa:2026/128 |
| By: | Jenny Bjordal (Department of Geosciences, University of Oslo, Oslo, Norway); Evelien van Dijk (Department of Geosciences, University of Oslo, Oslo, Norway); Henri Cornec (Department of Economics, Yale University, New Haven, USA); Anthony A. Smith, Jr. (Department of Economics, Yale University, New Haven, USA; National Bureau of Economic Research, USA); Trude Storelvmo (Department of Geosciences, University of Oslo, Oslo, Norway) |
| Abstract: | Solar Radiation Modification (SRM) has been proposed as a potential tool to limit increases in global or regional temperatures caused by anthropogenic greenhouse gas emissions. While previous research has extensively examined the climate system's response to various SRM strategies, as well as their aggregate economic consequences, the regional distribution of economic impacts has received less attention. In this study, we use NorESM2ÐDIAMÑan Earth System Model coupled to a high-resolution integrated assessment modelÑto assess the economic impacts, measured in GDP per capita, in an idealised SRM scenario where incoming solar radiation is reduced by 1%. Our results suggest that, relative to a baseline without SRM, most countries experience economic gains under SRM, with only a few countries facing negative impacts. Low-income countries tend to see the largest benefits, reducing global economic inequality relative to the baseline. However, reduced damages and lower inequality are accompanied by higher emissions under SRM, potentially leading to additional adverse effects not captured here. These findings highlight potential trade-offs between economic benefits, reduced inequality, and increased emissions relevant for SRM governance. |
| Date: | 2026–05–01 |
| URL: | https://d.repec.org/n?u=RePEc:cwl:cwldpp:2524 |
| By: | Carattini, Stefano; Fletcher, Ian; Kendall, Chad; Price, Michael K.; Vu, Arthur |
| Abstract: | Many socially desirable policies are not implemented because of their ex-ante unpopularity, but this unpopularity may be overcome through experience with the policy. In this paper, we examine how opposition to carbon pricing in the state of Washington turned into support after voters experienced a cap-and-trade policy with revenues earmarked for environmental purposes – "cap-and-invest." Analyzing voting behavior at the census block group level, we observe that support varies by political affiliation as expected, but experience consistently increases support across the board. Using a proprietary survey, we further show that the increase in support among voters in Washington state is specific to the cap-and-invest policy they experienced; support for carbon pricing or climate policies more generally remained unchanged. |
| Keywords: | Carbon pricing; Experience; Public support; Voting; Polarization |
| JEL: | C93 D72 D83 H23 H71 Q58 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20948 |
| By: | Georgarakos, Dimitris; Kenny, Geoff; Meyer, Justus; van Rooij, Maarten |
| Abstract: | Global temperatures are rising at an alarming pace and public awareness of climate change is increasing, yet little is known about how these developments affect consumer expectations. We address this gap by conducting a series of experiments within a large-scale, population-representative survey of euro area consumers. We randomly assign consumers to hypothetical global temperature change scenarios, after which we elicit their expectations for inflation and key macroeconomic indicators under these conditions. We find that a 0.5°C rise in global temperatures leads to a 0.65 percentage point increase in five-year-ahead inflation expectations, with effects particularly pronounced among consumers with greater awareness of climate change. Additionally, respondents expect adverse impacts of global warming on economic growth, employment, public debt, tax burdens, and their well-being. Despite these pessimistic expectations, many consumers demonstrate limited willingness to pay for mitigating further temperature increases. Instead, they place primary responsibility for climate action on governments. Our findings underscore the interplay between climate change and economic expectations, highlighting the potential implications for monetary and fiscal policy in a warming world. |
| Keywords: | Climate change; Consumer expectations |
| JEL: | D12 E31 E52 H31 Q54 |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20717 |
| By: | Barreto, Yuri; Britto, Diogo; Da Mata, Daniel; Emanuel, Lucas; Carrillo, Bladimir; Sampaio, Breno |
| Abstract: | Over 2 billion people worldwide travel long distances daily to fetch water that is often unsafe for human consumption. This paper studies how lack of water can limit economic development and how families adapt to permanent shifts in water provision in rural areas. It studies a policy providing 1 million rain-fed water cisterns in Brazil’s poorest and most drought-prone areas. Using unique individual-level administrative data and a difference-in-differences design, we show that the program substantially improved family welfare. In ten years, household dependency on cash transfers decrease by as much as 19 percentage points while formal labor earnings increase by 15% driven by an increase in off-farm jobs. In turn, hospitalizations due to waterborne diseases declined by 16% among adults and 37% among children, and compliance with cash transfer conditionalities on child health and education improved. Additional evidence suggests that these gains were driven by a relaxation of time constraints: cisterns markedly reduced the time burden of water collection, enabling beneficiaries to allocate more time to productive activities. A cost-benefit analysis indicates a high marginal value of public funds relative to a broad range of public policies. |
| Keywords: | climate adaptation |
| JEL: | Q54 Q25 Q58 J01 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20831 |
| By: | Kiyoung Jeon (Department of International Trade, Chungnam National University, Daejeon, Korea); Zeynep Yom (Department of Economics, Villanova School of Business, Villanova University) |
| Abstract: | This paper studies whether global value chain (GVC) participation improves firm-level carbon productivity and why the effects differ by firm size. We develop a heterogeneous-firm model in which firms face fixed costs of adopting abatement capacity. Backward GVC participation can raise domestic carbon productivity by reducing domestic processing per unit of value added, while the effect of forward participation is theoretically ambiguous. We test these predictions using Korean manufacturing firms subject to the emission trading system during 2011--2021, combining firm-level emissions and financial data with industry-level GVC measures. To ensure empirical rigor, our design examines baseline dynamics via system GMM estimation, establishes primary causal identification through a shift-share instrument approach, and implements alternative specifications for exhaustive sensitivity checks. The results show that backward GVC participation is associated with higher carbon productivity mainly among large firms. Small and medium-sized enterprises show little response to GVC exposure or emission trading system (ETS) dummies, consistent with fixed costs limiting green adjustment. Further exploration of possible reasons behind this pattern suggests that large firms' gains are associated with both cost-driven sourcing from developing partners and technology-related links to advanced-economy partners, especially when financial constraints are weaker. |
| Keywords: | Carbon productivity; Carbon neutrality; SMEs; Firm-level data; Global value chains |
| JEL: | Q56 F18 F14 L25 |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:vil:papers:67 |
| By: | Pascale Bazoche (SMART - Structures et Marché Agricoles, Ressources et Territoires - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement); Sabine Duvaleix (SMART - Structures et Marché Agricoles, Ressources et Territoires - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement); Marie Lassalas (GAEL - Laboratoire d'Economie Appliquée de Grenoble - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes, IEPG - Sciences Po Grenoble-UGA - Institut d'études politiques de Grenoble - UGA - Université Grenoble Alpes) |
| Abstract: | In France, organic farming adoption has slowed down despite ambitious targets set by the European Green Deal and the French National Strategic Plan. The role that cooperatives, as key stakeholders, can play in encouraging the adoption of environmental practices remains underexplored in the literature. This study examines how they may promote organic farming by adjusting the design of the contracts established with their members. Using a discrete choice experiment with winegrowers from a wine cooperative, we assess farmers' preferences for contract attributes such as environmental requirements, advisory services, partial vineyard contracting, price premiums, and yield-loss compensation mechanisms. We choose the wine sector as it faces a major challenge in reducing pesticide use. Results show that winegrowers are highly responsive to market-based economic incentives such as a 30% premium and compensation options for yield loss. They have heterogeneous preferences regarding the inclusion of environmental requirements within the farming contracts. A latent class analysis identified three groups of winegrowers: a majority are Adverse to change (61%), others are specifically Reluctant to organic (26%), and the smallest group are Ready to adopt organic (13%). While cooperatives' farming contracts can be a potential instrument to increase the uptake of organic farming, additional tools and policies are needed, at least in the shortterm, to scale up its uptake. |
| Keywords: | Choice experiment, Organic farming, Agricultural cooperative, Contracting |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05653061 |
| By: | Gavriilidis, Konstantinos; Känzig, Diego; Raghavan, Ramya; Stock, James |
| Abstract: | We develop a novel measure of climate policy uncertainty based on newspaper coverage. Our index spikes during key U.S. climate policy events — including presidential announcements on international agreements, congressional debates, and regulatory disputes — and shows a recent upward trend. Using an instrument for plausibly exogenous uncertainty shifts, we find that higher climate policy uncertainty decreases output and emissions while raising commodity and consumer prices, acting as supply rather than demand shocks. Faced with this trade-off, monetary policy does not accommodate climate policy uncertainty shocks, shaping their transmission. Firm-level analyses show stronger declines in investment and R&D when firms have higher climate change exposure. |
| Keywords: | Climate policy |
| JEL: | D80 E66 H23 L50 Q58 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21146 |
| By: | Matthijs Leegstra (Erasmus University Rotterdam); Erik Kole (Erasmus University Rotterdam); Rasmus Lönn (Erasmus University Rotterdam) |
| Abstract: | This study examines how climate-related physical and transition risks affect credit risk. We develop a modular framework based on a threshold model for credit migrations, linking the latent credit cycle to key economic indicators to measure credit risk in corporate bond markets. Using historical rating migrations, we estimate the model parameters and apply the framework to U.S. data to assess the implications of alternative transition scenarios. These scenarios generate projected paths for credit cycles that differ markedly in direction, magnitude, and volatility. These differences translate into substantial variation in both expected losses and tail risks for diversified bond portfolios. Notably, high-quality bond cohorts are also sensitive to policy choices. Comparisons with a continuation of current policies show that orderly transitions, characterized by reduced physical damages and increased transition costs, entail higher initial expenses but deliver net savings from 2035 onward. In contrast, disorderly transitions result in steep cost increases after 2030 and overall higher costs by 2050. |
| Keywords: | Corporate credit ratings, climate change, climate-economy models, stress testing, economic capital |
| JEL: | E44 G17 Q54 |
| Date: | 2026–03–20 |
| URL: | https://d.repec.org/n?u=RePEc:tin:wpaper:20260010 |
| By: | Junjie Lin (Sun Yat-sen University); Cheng Keat Tang (Nanyang Technological University); Jos van Ommeren (Vrije Universiteit Amsterdam) |
| Abstract: | Electric vehicles (EVs) are typically 20% heavier than conventional internal combustion engine vehicles because of their dense battery packs and reinforced structures. While this additional mass shields EV occupants, it transfers disproportionately greater kinetic energy to other road users during collisions, exacerbating their injury severity. Here, we quantify this critical safety disparity using data from over 300, 000 two-vehicle collisions in California. We find that driving an EV reduces the occupant’s risk of serious injury or fatality by 18%. However, it significantly elevates the corresponding risk for occupants of colliding vehicles by 13%—an effect driven almost entirely by vehicle weight. Economically, these externalized accident costs offset approximately one-third of the environmental climate benefits of EVs, indicating that while EV adoption still yields a net gain in social welfare, it introduces profound safety inequities. As vehicle electrification accelerates globally to mitigate climate change, our findings highlight an urgent need for policies regulating fleet weight to ensure equitable road safety. |
| Keywords: | Police Killings, Underreporting, Medico-legal death investigation office |
| JEL: | D62 R41 |
| Date: | 2026–05–21 |
| URL: | https://d.repec.org/n?u=RePEc:tin:wpaper:20260025 |
| By: | Jonathan T. Hawkins-Pierot; Katherine R.H. Wagner |
| Abstract: | Many governments and institutions use marginal price signals, such as fuel and carbon taxes, to meet emission reduction targets. However, the responses of firms and individuals to these price signals are often calculated using average prices commonly reported in economic data, rather than marginal prices. This paper first documents that the marginal price of electricity paid by U.S. manufacturing plants is 50% lower than the average price. To do so, we construct a novel dataset of both average and marginal electricity prices, and the wedge between these, using plant-level microdata from the U.S. Census and utility-level electricity rate schedules for over two hundred utilities. Second, we provide guidance on when average prices are an appropriate proxy for marginal prices in price elasticities by identifying economic and geographic characteristics that predict variation in this wedge. Overall, the magnitude of this wedge suggests that the standard use of average energy prices to calculate responses to carbon taxes may underestimate the energy price increases needed to meet emissions targets by 50%. |
| JEL: | Q40 Q58 |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:35406 |
| By: | Cocco, João F.; Mendes, Bernardo; Naaraayanan, Lakshmi |
| Abstract: | We study contractual features and lenders' motivations for offering Green mortgages, used to finance energy-efficient properties, in the United Kingdom. There is significant heterogeneity in benefits: preferential-rate mortgages offer 9bp discounts, while the benefits are substantially lower for products with upfront cashback. Our evidence shows that the green label functions as a tool for product differentiation and customer acquisition, with lenders tailoring product features around borrower heterogeneity. In particular, we show that they use upfront cashback as a salient pricing feature of credit contracts to target liquidity-constrained homebuyers. We find no evidence that the financial benefits reflect lower credit risk. |
| Keywords: | Real estate; Household finance; Banks; Energy efficiency; Climate finance |
| JEL: | R1 G5 Q4 Q5 |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21346 |
| By: | Dhinakar Bala, Archana; Mattsson, Martin; Vyas, Sangita |
| Abstract: | What are the political consequences of setting ambitious policy targets, but then failing to meet them? We study this question in the context of India’s National Clean Air Programme (NCAP), a flagship policy designed to cut air pollution by 40% in 131 cities and address a crisis that causes 1.2 million deaths annually. Using multiple difference-in-differences approaches, we demonstrate that the program had no effect on air pollution. In a survey experiment with residents of NCAP cities, we show that informing citizens about NCAP boosted their approval of the government’s air pollution policy. Surprisingly, this effect persisted even when respondents were told the program had no impact — revealing a clear political benefit from the ambitious announcement, and minimal cost for the implementation failure. This incentive structure is consistent with the lack of political commitment to implementing NCAP, which we document, and is a likely explanation for the program’s failure. |
| JEL: | D78 K32 Q53 Q58 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20925 |
| By: | Leogrande, Angelo; Anobile, Fabio; Costantiello, Alberto; Drago, Carlo; Arnone, Massimo |
| Abstract: | This study aims to examine the interrelated effects of finance structure, institutional quality, and macro-demographics on CO₂ emissions per capita in OECD countries from 2004 to 2021. Building on the conventional linear and aggregate nature of the finance–environment relationship, this study suggests an improved methodology based on a hybrid framework combining panel estimation, machine learning-based clustering, and nonlinear modeling. The empirical findings support a positive relationship between bank-based intermediation structure, represented by private credit and credit quality, and CO₂ emissions per capita, which could be explained by a scale effect. At the same time, a negative relationship is found between non-performing loans and CO₂ emissions per capita. In addition, a negative relationship is found between the assets of pension funds and mutual funds and CO₂ emissions per capita. This suggests a critical role played by long-horizon investors in offsetting the carbon footprint of economic activity. Government effectiveness is found to have a positive relationship with CO₂ emissions per capita. This could reflect development stage considerations rather than institutional failure. Finally, a weak positive relationship is found between population density and CO₂ emissions per capita. This supports scale efficiencies. The K-means clustering methodology reveals a strong structural heterogeneity in the finance–environment relationship. This supports the view that there are unique structural regimes in which similar CO₂ emissions per capita outcomes are influenced by a variety of interrelated finance structure and institutional quality drivers. In addition, the Random Forest methodology outperforms other machine learning techniques. This suggests a strong nonlinear nature in the finance–environment relationship. Finally, the empirical findings support a relatively stronger emphasis placed on structural finance structure and institutional quality variables rather than short-run macroeconomic variables in explaining variations in CO₂ emissions per capita. |
| Keywords: | Financial structure; CO₂ emissions; Institutional quality; Sustainable finance; Machine learning |
| JEL: | C23 C45 G20 Q54 Q56 |
| Date: | 2026–02–25 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:128168 |
| By: | Francisco Blasques (Vrije Universiteit Amsterdam); Siem Jan Koopman (Vrije Universiteit Amsterdam); Anthony van Veen (Vrije Universiteit Amsterdam); Ilka van de Werve (Vrije Universiteit Amsterdam) |
| Abstract: | This paper analyzes the macroeconomic effects of environmental policy transitions using stringency scores from developed and emerging countries. We examine the economic effects of environmental policy transitions across market-based, non-market-based, and technology support policies, along with their aggregate effect captured by the Environmental Policy Stringency index. To assess the economic effects relative to a no-transition scenario, we apply the synthetic control estimation method to construct separate counterfactuals for each treated country and policy category. Our framework standardizes the selection of treatment countries, event years, predictor variables, and donor pools, and incorporates placebo tests to assess the significance of total economic losses. We find that most policy transitions are associated with short-term economic losses, particularly for non-market-based and technology support policies. Placebo tests reveal that technology support transitions generate the largest and most significant losses, while aggregated environmental policy transitions generate smaller but still significant losses. In contrast, market-based and non-market-based policies do not show significant economic effects. These findings highlight the heterogeneous economic responses to environmental policy transitions and demonstrate that, although short-term losses can be substantial, more stringent market-based and non-market-based policies do not inherently constrain long-term economic performance. |
| JEL: | C23 O44 Q58 |
| Date: | 2026–06–11 |
| URL: | https://d.repec.org/n?u=RePEc:tin:wpaper:20260033 |
| By: | Gallardo Albarrán, Daniel |
| Abstract: | Adaptation strategies are considered important in mitigating the mortality effects of warm temperatures, but less is known about the role of public health interventions. I study how the provision of three health-enhancing services — sanitary infrastructures, scientific-based infant care and hospital care — influenced the temperature-mortality gradient in Germany during the period 1888-1913. I find that: (i) the mortality impact of warm temperatures was substantial; (ii) heat-related mortality (infant deaths) decreased by ca. 25 (30) percent; and (iii) greater access to piped water, infant care and hospital care account for 60 (25) percent of the mortality decline at high temperatures. |
| Keywords: | Germany; climate |
| JEL: | I10 I30 I18 N33 Q54 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20903 |
| By: | Gregor Semieniuk (University of Massachusetts) |
| Abstract: | Industrialization is key for economic development but how it interacts with climate change mitigation is insufficiently understood. However, this relationship is important for scenarios of climate change mitigation, such as reviewed by the International Panel for Climate Change (IPCC), that seek to show pathways for simultaneous economic development and mitigation in the coming decades. This paper examines the hypothesis that industrialization tends to go hand in hand with a rising energy intensity of GDP (energy/GDP). Analysis of 16 development successes in the 19th, 20th and 21st century shows that all relied on structural change toward manufacturing almost universally accompanied by a growing energy intensity of GDP for decades. In contrast, all scenarios in the most recent assessment report by the IPCC project historically unprecedented, fast GDP growth for the (least industrialized and affluent) Africa region out to 2050, but with a fast-falling energy intensity, at odds with any historical development experience. The underlying models arrive at these implausible growth trajectories by relying on an assumption of automatic income convergence of low-income to high-income countries, without explaining how it is achieved or conditioning energy demand. If economic growth is indeed going to be as successful as projected, climate models may be underestimating the future demand for energy in developing countries and the effort it takes to decarbonize. Or conversely, if the projected reduction in energy use is in fact materializing, then much lower GDP growth rates are likely. |
| Keywords: | industrialization, structural change, climate change mitigation, energy intensity, decoupling, integrated assessment models |
| JEL: | N10 N70 O14 O47 Q43 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:imk:wpaper:228-2026 |
| By: | Shun Mitamura (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 - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique - ENPC - École nationale des ponts et chaussées - IP Paris - Institut Polytechnique de Paris); Jagu Schippers Emma (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 - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique - ENPC - École nationale des ponts et chaussées - IP Paris - Institut Polytechnique de Paris); Thierry Brunelle (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 - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique - ENPC - École nationale des ponts et chaussées - IP Paris - Institut Polytechnique de Paris); Yann Kervinio (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 - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique - ENPC - École nationale des ponts et chaussées - IP Paris - Institut Polytechnique de Paris) |
| Abstract: | National payments for standing forests could be a complement, or an alternative to baseline-based reduced deforestation mechanisms. The Tropical Forests Forever Facility (TFFF), launched at COP30, exemplifies this approach by proposing uniform per-hectare payments combined with penalties for deforestation. This paper evaluates whether such payments are economically sufficient to deter deforestation. Using spatially explicit estimates across tropical forest countries, we benchmark the TFFF's reward-penalty structure against the opportunity costs of forest conversion. Results show substantial heterogeneity in agricultural opportunity costs. While the TFFF's base payment of $4 per hectare represents only a small share of aggregate opportunity costs, its penalty mechanism ($400-800 per hectare) could economically deter deforestation in regions with low to moderate agricultural returns. However, the mechanism is unlikely to counterbalance agricultural opportunity costs in areas of high agricultural value, notably in Brazil. The findings suggest that national per-hectare standing forest payments can provide meaningful deterrence in specific contexts, but their effectiveness depends critically on spatial economic conditions and institutional enforcement capacity. Uniform land-based incentives should therefore be complemented by targeted domestic policies. |
| Keywords: | Tropical Forests Forever Facility (TFFF), REDD+, Payments for ecosystem services, Opportunity cost, Climate finance, Paris Agreement |
| Date: | 2026–07–08 |
| URL: | https://d.repec.org/n?u=RePEc:hal:ciredw:hal-05686008 |
| By: | Gryglewicz, Sebastian; Mayer, Simon; Morellec, Erwan |
| Abstract: | We study impact activism, where activist investors promote green transitions in firms. This activism faces two key challenges. First, an internal free-rider problem arises when insiders and activists free-ride on each other's efforts, weakening activism's effectiveness. Second, an external free-rider problem emerges when gains from activism are reflected in stock prices, discouraging activist investment or tilting it towards firms capable of transitioning independently. Our analysis highlights how factors such as investor preferences, carbon taxes, and firms’ ownership structure — public versus private — shape the effectiveness of activism, clarifying the conditions under which activism supports, rather than hinders, firms’ green transition. |
| Keywords: | Activism |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21225 |
| By: | O'Hare, Jennifer |
| Abstract: | For years, many shareholders—both institutional and individual investors—have pressured the Securities and Exchange Commission (“SEC”) to require public companies to disclose more information about the environmental, social, and governance (“ESG”) risks facing the company. However, the SEC has generally refused calls to require public corporations to disclose, for example, how they are addressing climate change or workforce diversity challenges. With a new president in the White House and a new administration at the SEC, the SEC will soon propose new ESG disclosure rules, requiring more information about the “E” and the “S” in ESG. But the SEC has forgotten the “G” in ESG. This is a mistake. In this Article, I highlight the overlooked relationship between governance, on the one hand, and environmental and social risks, on the other, and I show how this connection should inform the SEC’s forthcoming ESG-disclosure initiative. First, I demonstrate that the disclosure of governance information and the disclosure of environmental and social information are crucially linked. I argue that requiring public companies to disclose information about the environmental and social risks facing the company is not enough to protect investors. To ensure that shareholders are fully informed about ESG, the SEC must also require public companies to provide additional information about their corporate governance practices to establish that the board is able to manage those risks. Second, I argue that new rules requiring mandatory disclosure of additional governance information, particularly information relating to shareholder rights, will cause public companies to adopt better corporate governance practices. This will, in turn, strengthen the ability of shareholders to hold boards accountable if they fail to address the environmental and social risks that face public corporations today. Finally, I propose that the new mandatory information should be included in a new “Summary Corporate Governance Table.” This table should be made part of the proxy statement and should also be required to be posted as a standalone document on the company website for easy investor access. If the SEC does not recognize that the “G” is connected to the “E” and “S, ” the SEC’s ESG-disclosure initiative will not be successful. |
| Date: | 2026–06–26 |
| URL: | https://d.repec.org/n?u=RePEc:osf:lawarc:3yf6j_v1 |
| By: | Rieger, Jonas; Muñoz, Felipe; Grönberg, Lars; Lange, Kai-Robin; Ojeda-Pereira, Iván; Briceño, Dario; Nass, Christian; Stahl, Carsten; Cassola, José; Rojas-Córdova, Carolina |
| Abstract: | Understanding the construction of socio-environmental narratives at a national scale is a complex challenge, particularly when research remains fragmented across disconnected case studies. In Chile, the energy transition has generated territorial disputes as extractive industries and renewable energy projects expand, yet large-scale systematic analyses of how these conflicts are represented in public discourse remain scarce. This paper addresses this gap by applying a spatio-temporal topic modelling framework to a corpus of 1, 996 validated news articles covering conflicts related to the energy transition in Chile from 2011 to 2025. Using RollingLDA, a dynamic adaptation of latent Dirichlet allocation that prevents information leakage from future documents, we identify twelve topics that provide insights into the public narratives surrounding socio-environmental conflicts. Our analysis reveals how specific conflicts, such as the HidroAysén dam project, the Dominga mining controversy, and pollution in sacrifice zones such as Quintero-Puchuncaví, have evolved over time, with some narratives declining while others, including green hydrogen development and lithium extraction, have emerged as central concerns. We complement this temporal analysis with a spatial dimension by mapping the prevalence of topics across Chilean regions through an interactive dashboard. By combining established methods, our work offers a reproducible framework that can be adapted to topic modelling results incorporating spatial and temporal dimensions, enabling the tracking of how socio-environmental narratives emerge, evolve, and fade over time. Please also refer to the GitHub repository at https://github.com/JonasRieger/t2s2026. |
| Date: | 2026–03–31 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:xqn3f_v1 |
| By: | Jonathan Gruber; Adam Solomon |
| Abstract: | Intensifying climate change makes protection against natural disaster risk – either through ex ante insurance or ex post aid – a first-order public policy issue. Flood risk protection in the U.S. traditionally featured ex post aid through FEMA and heavily subsidized insurance through the National Flood Insurance Program (NFIP). In an effort to correct subsidy-induced overbuilding and under-mitigation in flood-prone areas, the NFIP recently moved to actuarially fair insurance premiums. But this change has two unintended consequences: a fiscal spillover onto FEMA disaster aid as insurance coverage declines in flood-prone areas, and household exposure to uninsurable reclassification risk from uncertain climate projections. We develop a model of optimal flood insurance that incorporates the static and dynamic tradeoffs of subsidizing premiums. We then use a variety of identification strategies and data to estimate the five key parameters needed to implement this model. We find that the fiscal spillover and reclassification risk protection benefits significantly outweigh the moral hazard costs, and that the optimal subsidy to flood insurance is 52%, comparable to the level of subsidization before the recent reform. |
| JEL: | H22 H23 |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:35408 |
| By: | Joseph Majkut |
| Abstract: | The United States’ energy strategy must bridge economic policy and geopolitical power, while offering a calibrated response to climate change. While the country experienced two decades of relatively constant energy consumption, it now faces a surge in power demand driven by artificial intelligence, domestic manufacturing, and continued electrification. These developments challenge an already-constrained domestic electricity grid with limited spare capacity. This paper argues that a renewed strategy should motivate new action to increase energy supply, build infrastructure, and approach greenhouse-gas emissions reductions with competition in mind. Appropriate actions include expanding the development and deployment of nuclear energy, investing in improvements to the high-voltage interstate transmission system, building new natural-gas plants capable of being later retrofitted with carbon capture equipment, and establishing rigorous carbon-accounting standards. |
| Keywords: | energy economics, industrial policy |
| Date: | 2025–11–01 |
| URL: | https://d.repec.org/n?u=RePEc:cxx:wpaper:an-energy-strategy-for-national-renewal |
| By: | Delis, Manthos; Iosifidi, Maria; Michaelides, Panayotis G.; Ongena, Steven |
| Abstract: | We develop a dynamic model of bank credit allocation between green and brown projects under regulatory and monetary distortions. Banks optimally adjust portfolios as regulation reduces the expected returns and success probabilities of brown projects, while monetary policy shapes funding costs. These interacting channels persistently tilt lending incentives, reallocating credit toward greener activities and lowering emissions. The framework identifies which combinations of regulatory pressure and monetary support most effectively accelerate the green transition. Results remain robust with forward-looking banks, adjustment costs, and alternative policy rules. We further analyze how persistent regime shifts in regulation and monetary policy reshape the speed and composition of bank balance-sheet reallocation. |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21128 |
| By: | Carattini, Stefano; Dvorak, Fabian; Logar, Ivana; Ozdemir-Oluk, Begum |
| Abstract: | Corporate social responsibility and the private provision of (global) public goods are of key interest to economists and policymakers. Over the last few years, many more private companies made their operations carbon neutral. It is an empirical question how consumers value carbon-neutral and low-carbon products, which we address as follows. First, we provide a meta-analysis of the literature. We analyze consumers’ demand for carbon-neutral and low-carbon products, based on an overall sample of 29, 666 participants. The focus is on average willingness to pay for carbon reductions as well as on the characteristics of the underlying literature, which is mainly based on stated preferences and controlled environments. Second, we leverage information on prices and product characteristics from one of the largest online marketplaces, Amazon’s. Using a hedonic approach, we infer from revealed preferences on consumers’ valuation of carbon- neutral products. The staggered process of carbon-neutral certification leads to a series of quasi-natural experiments, which we use for identification purposes. We find that the literature suggests a positive willingness to pay for carbon reductions that exceeds most estimates of the social cost of carbon. However, this finding is not supported by the hedonic analyses, where we do not find evidence that consumers value carbon neutrality. |
| Keywords: | Corporate social responsibility; Pro-social behavior; Stated and revealed preferences; Meta-analysis; Hedonic analysis; Carbon-neutral labels |
| JEL: | D12 D22 H41 Q51 Q54 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20843 |
| By: | Olivia Brunet (IRIT-REVA - Real Expression Artificial Life - IRIT - Institut de recherche en informatique de Toulouse - UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - UT2J - Université Toulouse - Jean Jaurès - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - UT3 - Université Toulouse III - Paul Sabatier - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - CNRS - Centre National de la Recherche Scientifique - Toulouse INP - Institut National Polytechnique (Toulouse) - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - TMBI - Toulouse Mind & Brain Institut - UT2J - Université Toulouse - Jean Jaurès - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - UT3 - Université Toulouse III - Paul Sabatier - Comue de Toulouse - Communauté d'universités et établissements de Toulouse, SETE - Station d'Ecologie Théorique et Expérimentale - CNRS - Centre National de la Recherche Scientifique - FR AIB - Fédération de Recherche Agrobiosciences, Interactions et Biodiversité - CNRS - Centre National de la Recherche Scientifique - EPE UT - Université de Toulouse - Comue de Toulouse - Communauté d'universités et établissements de Toulouse); Axel Carlier (IRIT - Institut de recherche en informatique de Toulouse - UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - UT2J - Université Toulouse - Jean Jaurès - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - CNRS - Centre National de la Recherche Scientifique - Toulouse INP - Institut National Polytechnique (Toulouse) - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - EPE UT - Université de Toulouse - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - TMBI - Toulouse Mind & Brain Institut - UT2J - Université Toulouse - Jean Jaurès - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - EPE UT - Université de Toulouse - Comue de Toulouse - Communauté d'universités et établissements de Toulouse); Maxime Cauchoix (IRIT-REVA - Real Expression Artificial Life - IRIT - Institut de recherche en informatique de Toulouse - UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - UT2J - Université Toulouse - Jean Jaurès - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - UT3 - Université Toulouse III - Paul Sabatier - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - CNRS - Centre National de la Recherche Scientifique - Toulouse INP - Institut National Polytechnique (Toulouse) - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - TMBI - Toulouse Mind & Brain Institut - UT2J - Université Toulouse - Jean Jaurès - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - UT3 - Université Toulouse III - Paul Sabatier - Comue de Toulouse - Communauté d'universités et établissements de Toulouse, SETE - Station d'Ecologie Théorique et Expérimentale - CNRS - Centre National de la Recherche Scientifique - FR AIB - Fédération de Recherche Agrobiosciences, Interactions et Biodiversité - CNRS - Centre National de la Recherche Scientifique - EPE UT - Université de Toulouse - Comue de Toulouse - Communauté d'universités et établissements de Toulouse); Hélène Cochet (CLLE - Cognition, langues, langage, ergonomie - EPHE - École Pratique des Hautes Études - PSL - Université Paris Sciences et Lettres - UT2J - Université Toulouse - Jean Jaurès - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - UBM - Université Bordeaux Montaigne - CNRS - Centre National de la Recherche Scientifique - TMBI - Toulouse Mind & Brain Institut - UT2J - Université Toulouse - Jean Jaurès - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - EPE UT - Université de Toulouse - Comue de Toulouse - Communauté d'universités et établissements de Toulouse); Elisabeth Fonteneau (UMPV - Université de Montpellier Paul-Valéry); Romain Guendon (UMPV - Université de Montpellier Paul-Valéry); Sébastien Roussel (CEE-M - Centre d'Economie de l'Environnement - Montpellier - CNRS - Centre National de la Recherche Scientifique - 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 - UM - Université de Montpellier); Arielle Syssau (EPSYLON - Dynamique des capacités humaines et des conduites de santé - UPVM - Université Paul-Valéry - Montpellier 3, UMPV - Université de Montpellier Paul-Valéry); Gladys Barragan-Jason (SETE - Station d'Ecologie Théorique et Expérimentale - CNRS - Centre National de la Recherche Scientifique - FR AIB - Fédération de Recherche Agrobiosciences, Interactions et Biodiversité - CNRS - Centre National de la Recherche Scientifique - EPE UT - Université de Toulouse - Comue de Toulouse - Communauté d'universités et établissements de Toulouse) |
| Abstract: | Background. As global environmental challenges intensify, understanding the psychological factors that foster pro-environmental actions is essential. This study examines whether empathy, traditionally studied in the context of human and animal relationships, can be extended to natural ecosystems, and how this broader empathy relates to pro-environmental attitudes. Methods. We analyzed self-reported empathic responses to distressing images of humans, animals, urban ecosystems, and natural ecosystems, from 122 participants. Participants also completed measures of trait empathy and pro-environmental attitudes. Results. Our findings show that empathy with humans is moderately to strongly correlated with empathy with animals and ecosystems, supporting the extension of empathic processes beyond human targets. Moreover, empathy with animals and natural ecosystems is significantly positively associated with pro-environmental attitudes Discussion. Overall, our findings provide behavioral evidence that empathy can extend to ecosystems and that empathy toward other-than-human beings may contribute to pro-environmental attitudes. We discuss implications for environmental psychology, as well as methodological considerations for future research and educational interventions. |
| Keywords: | Empathy with nature, Environmental attitudes, Human-nature interaction, Ecosystem care |
| Date: | 2026–06–26 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05672625 |
| By: | Vincent Bertrand (Université Marie et Louis Pasteur, CRESE UR3190, F-25000 Besançon, France); Louis Malissard (Université Marie et Louis Pasteur, CRESE UR3190, F-25000 Besançon, France) |
| Abstract: | This article offers a literature review on the system of certificates for attributing sources of decarbonized electricity generation, with a particular focus on how temporal matching rules between certificate consumption and production affect their consequential performance in reducing emissions. First, we explain how the electricity attribution certificates (EAC) system operates, describing its annual functioning and carbon accounting implications. Second, we identify how consumption’s motivations for attribution under the annual system led to new decarbonization ambitions justified by a switch to hourly matching practices. Also driven by the 24/7 Carbon-Free Electricity (CFE) procurement initiative, which combines temporal, regional, and additionality matching criteria, a growing body of literature has established a consequential modeling framework for the power system of each potential matching system. Drawing from this targeted corpus, we compare the effects of annual, hourly, and 24/7 CFE initiatives in terms of emissions reductions, transformation of the electricity mix, and induced costs. On the one hand, we note that the literature converges on the limited ability of annual matching to generate structural system impacts and additional emissions reductions. On the other hand, literature models significant environmental benefits from the 24/7 CFE procurement initiative, which more strongly directs investment toward decarbonized technologies available during residual hours of variable renewable generation, thereby reducing reliance on fossil fuels. However, we find that none of the studies isolate the effect of a standalone hourly-matching reform. Moreover, we highlight the limitations of the modeled results, including modeling assumptions, additional induced costs, and alignment with the attribution market architecture. This work illustrates a trade-off between a low-cost annual mechanism and a costly new market for 24/7 CFE procurement, contributing to the ongoing discussion on potential reform of the GHG Protocol. |
| Keywords: | Electricity Attribution Certificates (EAC), Matching rules, Consequential effects, Granularity, Annual matching, Hourly matching, GHG emissions. |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:crb:wpaper:2026-05 |
| By: | Dupas, Pascaline |
| Abstract: | This chapter reviews the evidence on geography's causal impact on economic development. The economics research on the causal impact of the disease burden, climate and soil conditions, and topographical constraints has moved beyond cross-country correlations to exploit natural experiments, historical shocks, and fine-grained spatial variation. The evidence shows that geographical factors have clear causal effects on development outcomes, both directly and indirectly, with sub-Saharan Africa at a particular disadvantage. Moreover, climate change will only exacerbate this disadvantage. |
| JEL: | O12 |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21249 |
| By: | Andrés Ham (Universidad de los Andes); Emmanuel Vazquez (CEDLAS-IIE-FCE-UNLP); Monica Yanez-Pagans (The World Bank); Camilla Knudsen (The World Bank); Saher Asad (The World Bank) |
| Abstract: | This paper estimates the share of green employment in seven South Asian countries using an O*NET-based definition and finds that, on average, 24 percent of jobs in the region are currently green. The paper then assesses the potential for non-green workers to transition into green occupations. Among all non-green workers, 57 percent could transition to green jobs with limited reskilling, 16 percent with moderate upskilling, and 27 percent with full skills reconversion. These results suggest three policy priorities—promoting on-the-job training, strengthening firm-based and public–private training systems, and adopting a dual strategy that invests in reskilling and upskilling today’s workforce while simultaneously advancing forward- looking education reforms that equip future cohorts for new and emerging green occupations. |
| JEL: | J21 J24 J62 O57 Q01 Q58 |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:dls:wpaper:0377 |
| By: | Ha Nguyen |
| Abstract: | This paper shows that separating persistent (permanent) temperature changes from transitory weather fluctuations can reshape our understanding of the macroeconomic costs of warming. Using a Kalman filter state-space decomposition, it separates temperature into a permanent component and transitory weather fluctuations, and links the permanent component to trend output using a panel cointegration and error-correction framework. A one-degree Celsius higher permanent temperature is associated with a significant decline in the long-run level of output, with full adjustment unfolding over multiple decades to a century. Decomposing aggregate output into population and output per capita reveals that the long-run output losses operate primarily through demographic adjustment in the full sample, while in advanced economies, both long-run output per capita and population decline as the climate warms. Economies with higher capital intensity and more durable capital stocks experience larger long-run per capita output losses. These findings suggest that long-run economic vulnerability to persistent warming is more broadly distributed across rich and poor countries than the short-run weather literature implies, reflecting differences in capital structure. They complement rather than contradict the well-established finding that developing countries are more exposed to short-run weather shocks. |
| Keywords: | Temperature trends; weather shocks; cointegration; long-run growth; transitory weather fluctuation; IMF working papers; short-run weather literature; weather shock; output loss; climate component; Climate change; Capital productivity; Total factor productivity; Global |
| Date: | 2026–06–12 |
| URL: | https://d.repec.org/n?u=RePEc:imf:imfwpa:2026/115 |
| By: | Isla Globus-Harris; Daniel H Karney |
| Abstract: | We construct an analytical general equilibrium model of an economy with carbon offsets, and show that increasing the carbon offset price has an ambiguous effect on aggregate emissions and welfare. Using two carbon accounting metrics, we demonstrate that offsets are over-credited under many parameterizations; however, offset under-crediting can also occur. Due to general equilibrium effects, neither carbon accounting metric is a sufficient statistic for welfare. Furthermore, we define four margins whereby offsets can respond to payments, including a margin not previously identified. Our results suggest that market spillover effects warrant consideration when evaluating carbon offset policies. |
| Date: | 2026–06 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2606.25909 |
| By: | Erik Ansink (Vrije Universiteit Amsterdam); Frederic Klapwijk (Vrije Universiteit Amsterdam) |
| Abstract: | We study whether the number of tiers in a traffic-light eco-label affects consumer welfare. We develop a model in which consumers observe price, quality, and the label tier, but infer a product's environmental quality ("greenness'") imperfectly. In that setting, adding a tier can improve the information content of the label while still lowering welfare near newly created cutoffs. We then use a discrete choice experiment on trash bags with two-tier and three-tier traffic-light labels to test the behavioral ingredients of the model. Estimated treatment effects in the choice experiment show that adding a middle tier makes respondents more likely to choose the highest label tier, increases price sensitivity, and reduces the use of price as a cue for greenness. We interpret these results as evidence that tier count changes both the choice response to the highest label tier and price-based inference. A structural interpretation also yields a positive estimate of the price-proxy parameter, and the three-tier choice data imply a positive but modest separation between the yellow and green tiers under transparent normalizations. |
| Keywords: | Eco-labels, traffic-light labels, consumer inference, environmental disclosure, consumer welfare |
| JEL: | D12 D83 L15 Q58 |
| Date: | 2026–05–08 |
| URL: | https://d.repec.org/n?u=RePEc:tin:wpaper:20260019 |
| By: | Mark Dickie; Matthew J. Neidell |
| Abstract: | Environmental decisions often impact health, yet morbidity valuation remains challenging, with current approaches like cost-of-illness (COI) measures and Quality-Adjusted Life Years failing to reflect individuals’ willingness to pay to avoid adverse health states. This paper introduces a novel framework for valuing morbidity across health conditions, deriving willingness-to-pay (WTP) estimates using widely available preference weights and a baseline condition with known WTP. Our analysis reveals WTP estimates significantly exceeding commonly used COI measures, indicating undervaluation of health states in policy evaluations. Sensitivity analyses highlight variations consistent with those for the value of statistical life, underscoring the method's robustness. This framework offers a practical tool for integrating morbidity into analyses of environmental policy. |
| JEL: | D61 I18 Q51 Q58 |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:35420 |
| By: | Anderson, Siwan; Jaramillo Calderon, Daniel |
| Abstract: | This paper investigates whether climate shocks exacerbate gender-based violence perpetrated by armed political actors. To causally identify these effects, we leverage geo-referenced panel data across Africa. Our outcome of interest includes direct killings, abductions, torture, and sexual violence explicitly targeting women and girls. We find that extreme temperature shocks significantly increase the incidence of female-targeted civilian conflict. However, this effect is attenuated in areas where indicators of female empowerment are higher. These findings support the view that gender-based violence under climate stress is more pronounced in contexts where women are socially and economically marginalized, suggesting that social valuation of women plays a critical role in moderating climate-induced conflict dynamics. |
| Keywords: | Conflict |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20935 |
| By: | Cavalcanti, Tiago; Kamkar, Kilian |
| Abstract: | Does improving agricultural productivity spare forests or accelerate their demise? We offer a new perspective on this debate by emphasizing the relative agricultural suitability of forest versus available vacant land for conversion. We develop a parsimonious framework in which land differs in agricultural efficiency across alternative expansion margins, showing that productivity gains translate into deforestation only when forests constitute the most cost-effective source of additional effective land. We test this prediction using a quasi-experimental design based on Tanzania’s National Agricultural Input Voucher Scheme (NAIVS), which promoted modern seed and fertilizer adoption. Combining high-resolution satellite data on forest loss with spatial data on soil nitrogen to proxy relative suitability, we find that the program increased deforestation only in villages where vacant land was substantially less productive than forest land. Our results highlight the central role of land quality heterogeneity in shaping the environmental consequences of agricultural productivity growth, offer a complementary explanation for land-sparing versus expansionary outcomes, and point to a role for directed agricultural innovation in mitigating deforestation without constraining productivity growth. |
| Keywords: | Deforestation; Tanzania |
| JEL: | Q15 Q23 Q24 O13 O33 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21131 |
| By: | Fabre, Adrien |
| Abstract: | Using an original survey of 12, 000 respondents representative of eleven high-income countries (the United States, Japan, Russia, Saudi Arabia, and seven European countries), I examine public support for global redistribution and climate policies, as well as its sensitivity to key policy features such as the size of transfers and country coverage. Although global inequality is not a salient concern, it is perceived as a significant injustice. There is majority acceptance in every country for nearly all global policies tested, including those that would redistribute 5 percent of global income or entail personal costs for respondents. An information treatment shows that support for global policies causally increases among respondents who perceive them as likely; an effect opposite to warm glow. Support for international policies decreases only slightly as country coverage shrinks. Overall, the results reinforce previous findings and suggest that a broad coalition of countries could feasibly advance sustainable development. |
| Keywords: | Redistribution |
| JEL: | P48 Q58 H23 Q54 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20841 |
| By: | Christian Bogmans (International Monetary Fund); Gerard van der Meijden (Vrije Universiteit Amsterdam); Cees Withagen (Vrije Universiteit Amsterdam) |
| Abstract: | We analyze a dynamic spatial model of deforestation in which roads facilitate agricultural expansion. The model's key innovation is that road construction costs decrease with the existing road stock, creating positive network externalities that are specific to infrastructure: each road built serves as a stepping stone for further road construction. Under open access, myopic producers fail to internalize that roads built today facilitate future road construction. As a result, the pace of deforestation is faster under a forward-looking regime of private property than open access, reversing a standard result from resource economics. We calibrate the model to the Brazilian Amazon, where cattle ranching is the primary driver of deforestation, and calculate the international transfer required to incentivize Brazil to implement a carbon tax that completely stops deforestation. We find that Brazil's extensive existing road network increases this required transfer, demonstrating how infrastructure creates ``deforestation lock-in'' that makes conservation progressively more expensive. |
| JEL: | Q15 Q23 Q24 Q54 R12 R13 |
| Date: | 2026–06–11 |
| URL: | https://d.repec.org/n?u=RePEc:tin:wpaper:20260032 |
| By: | Thompson, Erica; Gibbins, Goodwin |
| Abstract: | Anticipatory humanitarian action for weather-related hazards is underpinned by weather and climate information, which is subject to many kinds of uncertainty. This paper is a conceptual exploration of the use of uncertain information in anticipatory action and anticipatory disaster risk financing, grounded in detailed survey and interview data gathered from a cross-section of expert practitioners. We identify three primary trade-offs in system design for anticipatory action: (i) confidence with lead time, (ii) accuracy with simplicity, and (iii) adaptability with consistency. Design of anticipatory action and anticipatory financing systems require difficult choices about balancing these factors to maximise value and gain the trust of all participants. Acting on uncertain forecasts also exposes the stakeholders to basis risk: the mismatch between intended and actual outcomes. We distinguish two types of basis risk which arise respectively from the quantifiable uncertainty in a forecast (Type I) and from the possible model error of a forecasting system (Type II). We discuss strategies for quantifying, reducing, and mitigating the effects of the two types of basis risk, noting that financial stakeholders have different priorities and perspectives from operational stakeholders with regard to the three trade-offs listed above. On the technical side, managing basis risk relies on robust and appropriate forecast evaluation procedures chosen with humanitarian outcomes as objectives. This is necessary but not sufficient for the development of trust in a system, which also requires transparency, communication, codesign, reliability, local input, and accountable processes. |
| Keywords: | basis risk;anticipatory action;disaster risk financing;decision-making under uncertainty |
| JEL: | D81 G23 |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:139006 |
| By: | Gerarden, Todd; Bollinger, Bryan; Gillingham, Kenneth; Xu, Daniel Yi |
| Abstract: | This study examines the effects of tariffs imposed by the U.S. on imported solar panels. We first provide clear evidence that tariff-exposed rms shifted production to locations that did not face tariffs, and that domestic prices increased relative to other markets. We then develop a structural model to analyze welfare effects. We find that the tariffs generated modest gains for domestic manufacturers and for government revenues, but larger losses in domestic consumer surplus and environmental benefits, thereby reducing domestic welfare. Furthermore, the tariffs reduced domestic solar industry employment and wages. By contrast, subsidizing solar panel manufacturing could increase domestic production, employment, and welfare. |
| Keywords: | Tariffs |
| JEL: | F14 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20848 |
| By: | Nathalie Berny (IEP Rennes - Sciences Po Rennes - Institut d'études politiques de Rennes); David Baldock (Institute for European Environmental Policy); Ludivine Petetin (Cardiff University); Sophie Thoyer (CEE-M - Centre d'Economie de l'Environnement - Montpellier - CNRS - Centre National de la Recherche Scientifique - 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 - UM - Université de Montpellier); Peter Matthews (The Wellcome Trust Sanger Institute [Cambridge]) |
| Abstract: | La décision du Royaume-Uni de quitter l'Union européenne suite au vote en faveur du Brexit en 2016 a conduit à un chantier législatif d'ampleur, afin de changer les dispositifs de soutien financier aux agriculteurs. Le bilan négatif de la politique agricole commune de l'Union européenne sur le plan écologique a inspiré une tentative de refondation de la politique agricole dans les quatre nations du Royaume-Uni. Ces dernières ont voulu mettre en pratique le principe de « l'argent public pour des biens publics », en particulier en Angleterre. L'objectif de cet article est d'analyser les dispositifs de réformes qui ambitionnent une écologisation des politiques agricoles à Bruxelles et outre-Manche. |
| Keywords: | direct payments, European Union, United Kingdom, environmental performance, politique agricole, Union européenne, Royaume-Uni agricultural policy, performance environnementale, paiements directs |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05672572 |
| By: | Lombardo, Richard; Frankenberg, Elizabeth; Thomas, Duncan |
| Abstract: | Little is known about the impact on small-scale enterprises of a large negative shock that destroys assets and disrupts local markets. We document the short- and long-run impacts of the 2004 Indian Ocean tsunami using longitudinal household survey data. We leverage topography-driven variation in exposure to the tsunami in coastal Aceh and North Sumatra, Indonesia. There are large short-run declines in business ownership, real profits, and real business assets among those exposed to the tsunami relative to comparison individuals who were not directly exposed. The gap in ownership rates disappears within two years in the non-agricultural sector but persists for 15 years in the agricultural sector. Profits and business assets of the exposed remain substantially lower through the long-term. Tsunami exposure led to increased short-duration transitions into and out of business ownership. Housing aid is linked to higher rates of non-agricultural business ownership and profits. |
| JEL: | O10 O17 Q54 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21127 |
| By: | Frattini, Tommaso; d'Adda, Giovanna; Ferro, Simone; Romarri, Alessio |
| Abstract: | Using large-scale high-granularity data from a food delivery platform and granular pollution and weather information, we study how PM 2.5 fluctuations affect riders' absenteeism, productivity, and accidents. Exploiting exogenous pollution variation from inverse boundary layer height, we find that higher pollution increases absenteeism for all workers and raises delivery times and accident rates only among (e-)bike riders, who must exert physical effort while working. Affected workers compensate productivity losses by working longer hours. Monetary incentives mitigate the effects on absenteeism but do not offset the decline in productivity and appear to exacerbate accident risk. |
| Keywords: | Absenteeism |
| JEL: | H4 J28 Q52 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20884 |
| By: | João Godinho (Agricultural Economics and Rural Policy Group - WUR - Wageningen University and Research [Wageningen]); Anja Coors (ECT Oekotoxikologie GmbH); Bruno Guimarães (Syngenta Agro); Jeroen Meeussen (International Biocontrol Manufacturers Association - Partenaires INRAE); Andrea van der Veen (ECT Oekotoxikologie GmbH); Dimitrios Karpouzas (Department of Biochemistry and Biotechnology - University of Thessaly); Jérémy Belzunces (International Biocontrol Manufacturers Association - Partenaires INRAE); Karen Duis (ECT Oekotoxikologie GmbH); Kutay Cingiz (Agricultural Economics and Rural Policy Group - WUR - Wageningen University and Research [Wageningen]); Michael Werner (Syngenta Agro); Stefania Loutseti (Syngenta Agro); Stéphan Marette (UMR PSAE - Paris-Saclay Applied Economics - AgroParisTech - Université Paris-Saclay - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Justus Wesseler (Agricultural Economics and Rural Policy Group - WUR - Wageningen University and Research [Wageningen]) |
| Abstract: | Background : The European Commission's recent "Vision for Agriculture and Food" aims to accelerate market access to Low-Risk Pesticides, yet the introduction of these products remains slower than warranted. This study consolidates and reviews the fragmented knowledge concerning the current status of Low-Risk Pesticides in the EU market, including their applications, regulatory constraints, stakeholder expectations, and market dynamics, to support the development of a more coherent and effective risk assessment framework at the EU level. Results : A detailed analysis of the current data requirements, regulatory documents, guidance documents, and manuals necessary to complete the risk assessment, in accordance with the framework outlined in Reg. 1107/2009, is provided. A comparison of the EU and US regulatory frameworks for pLRPs highlights potential regulatory barriers, e.g., the absence of formally adopted data requirements for several pLRP categories (botanicals, semiochemicals, and dsRNA), and substantially longer approval timelines relative to the US. We further investigated (i) how regulatory guidance can support National Authorities in interpreting the data requirements for risk assessment, and (ii) whether National Authorities have sufficient resources to assess potential Low-Risk Pesticides. To this end, an inventory of these documents and requirements was compiled and grouped by legal status and product category (microorganisms, botanicals, pheromones/semiochemicals, and dsRNA). In parallel, 19 EU Member States were surveyed regarding their expertise, resources, timelines, and fee structures. Results show wide disparities in National Authorities' expertise, dedicated expert groups, and application fees. Respondents highlighted the importance of harmonizing waiver criteria, developing fast-track procedures, and improving guidance for specific low-risk pesticide categories as key opportunities. Conclusions : The current EU regulatory framework for Plant Protection Products, while ensuring high safety standards, presents notable hurdles for the assessment and authorisation of Low-Risk Pesticides. To improve the efficiency-and ultimately the speed-of approving and introducing potential Low-Risk Pesticides into the EU market, while maintaining the adequacy, safety, and rigour of the risk assessment process, regulatory adjustments are required. These include the establishment of dedicated expert teams within National Authorities, harmonized guidance on waiving data requirements, and the adoption of novel assessment tools. These findings suggest concrete steps for enhancing the EU's regulatory framework to accelerate potential Low-Risk Pesticides authorization while safeguarding health and environmental standards. |
| Abstract: | Contexte : La récente « Vision pour l'agriculture et l'alimentation » de la Commission européenne vise à accélérer l'accès au marché des pesticides à faible risque, mais la mise sur le marché de ces produits reste plus lente qu'elle ne devrait l'être. La présente étude rassemble et analyse les informations fragmentées concernant la situation actuelle des pesticides à faible risque sur le marché de l'UE, notamment leurs applications, les contraintes réglementaires, les attentes des parties prenantes et la dynamique du marché, afin de soutenir l'élaboration d'un cadre d'évaluation des risques plus cohérent et plus efficace au niveau de l'UE. Résultats : Une analyse détaillée des exigences actuelles en matière de données, des textes réglementaires, des documents d'orientation et des manuels nécessaires à la réalisation de l'évaluation des risques, conformément au cadre défini dans le règlement n° 1107/2009, est fournie. Une comparaison des cadres réglementaires de l'UE et des États-Unis concernant les pesticides à faible risque (pLRP) met en évidence des obstacles réglementaires potentiels, par exemple l'absence d'exigences en matière de données officiellement adoptées pour plusieurs catégories de pLRP (produits botaniques, sémiochimiques et ARN double brin), ainsi que des délais d'autorisation nettement plus longs qu'aux États-Unis. Nous avons en outre examiné (i) comment les lignes directrices réglementaires peuvent aider les autorités nationales à interpréter les exigences en matière de données pour l'évaluation des risques, et (ii) si les autorités nationales disposent de ressources suffisantes pour évaluer les pesticides à faible risque potentiels. À cette fin, un inventaire de ces documents et exigences a été établi et regroupé par statut juridique et par catégorie de produits (micro-organismes, produits botaniques, phéromones/sémiochemicals et ARN double brin). Parallèlement, une enquête a été menée auprès de 19 États membres de l'UE concernant leur expertise, leurs ressources, leurs délais et leurs barèmes de redevances. Les résultats montrent de grandes disparités entre les autorités nationales en matière d'expertise, de groupes d'experts spécialisés et de redevances de demande. Les répondants ont souligné l'importance d'harmoniser les critères de dérogation, de mettre en place des procédures accélérées et d'améliorer les orientations pour certaines catégories spécifiques de pesticides à faible risque, y voyant des opportunités clés. Conclusions : Le cadre réglementaire actuel de l'UE relatif aux produits phytopharmaceutiques, tout en garantissant des normes de sécurité élevées, présente des obstacles notables pour l'évaluation et l'autorisation des pesticides à faible risque. Afin d'améliorer l'efficacité – et, à terme, la rapidité – de l'approbation et de la mise sur le marché européen de pesticides potentiellement à faible risque, tout en préservant l'adéquation, la sécurité et la rigueur du processus d'évaluation des risques, des ajustements réglementaires s'imposent. Il s'agit notamment de la mise en place d'équipes d'experts spécialisées au sein des autorités nationales, de l'élaboration de lignes directrices harmonisées concernant les dérogations aux exigences en matière de données, et de l'adoption de nouveaux outils d'évaluation. Ces conclusions proposent des mesures concrètes visant à renforcer le cadre réglementaire de l'UE afin d'accélérer l'autorisation des pesticides à faible risque potentiels tout en préservant les normes sanitaires et environnementales. |
| Keywords: | Sustainable pest management, Risk assessment harmonisation, Novel risk assessment, Biocontrol, Biocontrol Novel risk assessment Risk assessment harmonisation Sustainable pest management |
| Date: | 2026–05–29 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05679236 |
| By: | Nicole Adler; Gianmarco Andreana; Gerben de Jong |
| Abstract: | Climate policy in global network industries is implemented across fragmented jurisdictions, yet firms respond through integrated operational networks. We develop a two-stage game-theoretic framework to analyze how firm-level responses interact with alternative governance structures. Regulators first choose emissions charges. Firms subsequently compete through pricing, service capacity and capital deployment decisions. The analytical results demonstrate that uniform global regulation maximizes welfare in symmetric markets. However, in sufficiently asymmetric markets, a uniform global charge is dominated by decentralized regimes. Multiple regulatory instruments better accommodate region-specific market externalities. We apply this framework to a calibrated case study of North American, Western European and transatlantic aviation markets. The numerical results establish that a globally coordinated regulator setting region-specific charges achieves the highest aggregate welfare. These aggregate gains nonetheless mask substantial distributional disparities across jurisdictions. Effective climate governance in network industries therefore requires more than determining an efficient emissions charge. Policy instruments ought to accommodate regional heterogeneity and transfer mechanisms will be necessary to ensure efficient, politically stable cooperation. |
| Date: | 2026–06 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2606.17290 |
| By: | Helfand, Steven M.; Lima Cavalcanti, Francisco; Freitas, Carlos Otávio; Moreira, Ajax R B; Schling, Maja |
| Abstract: | Brazil ranks among the worlds top four agricultural producers and exporters, and continued growth is important for domestic and global food security. Sustained productivity growth is essential to support this expansion. This study estimates a stochastic frontier production function and calculates total factor productivity (TFP) growth in Brazilian agriculture. TFP is decomposed into components related to technology, weather (growing degree days), policy variables, and other factors. The analysis uses municipal Agricultural Census data from 1985 to 2017. TFP increased at 1.56% per year, accounting for 60% of output growth. The decomposition highlights the slowing effect of climatic factors, alongside the accelerating influence of investments in R&D and education. A key finding is the pronounced divergence in outcomes across many dimensions. Output and TFP growth were fastest in the Cerrado biome, characterized by large farms, and slowest in the Caatinga. Output became increasingly concentrated in a small number of municipalities, which tended to exhibit faster TFP growth and specialization in annual crops such as soybeans. Conversely, about one-third of municipalities experienced decline in output and TFP. The findings have significant policy implications for addressing climate change, guiding investments in R&D, and managing the growing divergence of outcomes. |
| Keywords: | Agricultural productivity;productivity growth;climate change;Agriculture;R&D |
| JEL: | Q10 Q16 Q54 O13 |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:idb:brikps:14646 |
| By: | Takis Antonopoulos (Vrije Universiteit Amsterdam); David-Jan Jansen (Vrije Universiteit Amsterdam) |
| Abstract: | There is already evidence that experiencing a natural hazard shapes how people subsequently evaluate public protection and risk management. Using three surveys among 2, 272 Dutch homeowners, we indeed find that owners confronted with flood-related property damage are 18.2 percentage points (p.p.) less likely to trust flood protection. But, we also find that experience spills over across hazard domains. Damage due to rainfall is associated with a 4.2 p.p. lower trust in flood protection. We also find indications that experiencing earthquake-related damage affects trust in flood protection. This evidence for spillovers highlights the importance of broad-based, multi-hazard risk communication and governance strategies. |
| Keywords: | natural hazards, trust, prior experience, flood protection |
| Date: | 2026–06–11 |
| URL: | https://d.repec.org/n?u=RePEc:tin:wpaper:20260034 |
| By: | Otrachshenko, Vladimir (National Bank of Slovakia (NBS)); Vasil’, Roman (National Bank of Slovakia, Bratislava, Slovak Republic; Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague, Czech Republic) |
| Abstract: | This paper examines the impact of weather conditions on firms' performance in Slovakia. By employing a unified framework that analyzes the outcomes, mechanisms, and coping strategies of firms across the entire economy, we contribute to a better understanding of the microeconomic foundations of weather's impact on economic development. Specifically, combining data on the universe of firms from 2013 to 2023 with temperature and precipitation data in a panel framework, we find that annual losses in sales, revenue, and profit associated with a 1â °C increase in temperature are substantial in heat-sensitive industries, whereas firms in non-heat-sensitive industries are generally unaffected. The findings suggest that the main mechanism underlying these relationships is a decline in total factor productivity driven by rising temperatures. To cope with the adverse impact of temperature, firms in heat-sensitive industries primarily adopt cost-reduction strategies. Future projections suggest a sharp decline in firms' performance, implying significant future economic losses for the economy. |
| Keywords: | coping strategies, firms, mechanisms, temperature, Slovakia |
| JEL: | D22 D24 Q54 |
| Date: | 2026–06 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp18746 |
| By: | Magali Aubert (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); Anna Lungarska (US ODR - Observatoire des Programmes Communautaires de Développement Rural - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Karine Robineaud (DipSO - Direction pour la Science Ouverte - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | La présentation vise à rappeler les enjeux à la création d'une collection et à décliner le processus d'identification des outputs des agents du collectif CATI-CITISES |
| Keywords: | Collection |
| Date: | 2026–06–23 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05669371 |
| By: | Robinson, Anya; Steren, Aviv PhD; Tal, Gil PhD |
| Abstract: | California has set a target of achieving 100% zero-emission vehicle (ZEV) sales by 2035. While the state has made substantial progress, with ZEVs accounting for roughly 25% of new vehicle sales in 2025, adoption remains uneven across communities. Disadvantaged communities (DACs), which face disproportionate exposure to air pollution, continue to lag in ZEV uptake. Most DAC-related policy efforts to date have focused on demand-side interventions, such as consumer purchase incentives, rather than supply-side approaches that increase vehicle availability. Because more than half of ZEV sales in California occur through franchised dealerships, they are a critical gateway through which consumers access these vehicles and may represent an important leverage point for increasing adoption. |
| Keywords: | Engineering |
| Date: | 2026–07–01 |
| URL: | https://d.repec.org/n?u=RePEc:cdl:itsdav:qt6pw1q9rf |
| By: | Frankenberg, Elizabeth; Ingwersen, Nicholas; Sumantri, Cecep; Thomas, Duncan |
| Abstract: | Natural disasters undermine economic development, destroying lives, livelihoods, the built and natural environment. Public assistance programs follow, but knowledge of their reach, impact and evolution is limited. We address this gap, analyzing population-representative longitudinal survey data collected in Indonesia before and for two decades after the 2004 Indian Ocean tsunami which was followed by a large recovery program involving multiple major actors. Those who lived, at the time of the tsunami, in communities that were badly damaged, were far more likely to receive aid and received larger amounts than residents of other areas immediately after the tsunami. Those gaps were small and insignificant four years post-tsunami. Conditional on exposure, individual attributes also shaped receipt which reached the vulnerable, particularly poor and female-headed households. Housing assistance, distributed several years post-tsunami to those who lost homes, was critical in the eyes of recipients, playing a key role as they rebuilt livelihoods. |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21118 |
| By: | Foroni, Claudia; Gelain, Paolo; Lorusso, Marco; Marcellino, Massimiliano |
| Abstract: | We quantify the effect of severe weather shocks on the US economy in an environment in which the economy can switch between periods of financial stability and financial instability, like the Great Recession. We estimate a New Keynesian dynamic stochastic general equilibrium model with banks and severe weather events. We show that severe weather shocks: 1) have a negative impact on real and financial US variables, sizable only in periods of financial instability, but muted effects on nominal variables; 2) are never a relevant source of business cycles fluctuations; 3) transmit mainly via a deterioration in the quality of capital. |
| Keywords: | Financial frictions |
| JEL: | Q54 E32 E44 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21213 |
| By: | Britto, Diogo; Imbert, Clément; Sampaio, Breno; Ulyssea, Gabriel; Fonseca, Alexandre |
| Abstract: | We evaluate a large-scale policy that distributed rain-fed cisterns to poor households in Brazil's semi-arid region. Linking administrative data between 2011 and 2019, we find that cisterns reduce emigration by 25% and mortality by 19% relative to untreated households. The mortality reduction is more than twice as large for women than for men, and more than doubles among households who received an additional cistern for agricultural use. We estimate benefit-to-cost ratios of 600-1000 depending on the Value of a Statistical Life used. Our findings demonstrate that this simple, affordable technology enables in-situ climate adaptation at scale and saves lives. |
| Keywords: | Mortality; Migration; Climate change adaptation |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21195 |
| By: | Marco Gallegati; William Ginn; Jamel Saadaoui; Solomos Solomou; Kun Tian |
| Abstract: | El Nino-Southern Oscillation (ENSO) anomalies have time-varying and asymmetric effects on U.S. WTI spot and futures prices over 1983-2024. A Time-Varying Parameter Local Projections (TVP-LP) framework recovers horizon-specific coefficient paths, allowing the transmission of a phase-specific ENSO anomaly to differ across historical oil-market environments. The evidence reveals that El Nino anomalies lower real oil prices at six- to twelve-month horizons, whereas La Nina anomalies raise them over the same horizon. Since the ENSO variables are phase-specific absolute Nino 3.4 SST anomalies measured in degrees Celsius, the estimated dynamic multipliers are interpreted per one-degree Celsius increase in the corresponding anomaly. For futures prices, responses to anomaly magnitudes of 0.6 C for El Nino and 0.5 C for La Nina yield declines of about 7.4-12.0 percent and increases of about 10.8-15.0 percent, respectively. Central-Pacific events, especially La Nina, generate stronger inflationary effects than Eastern-Pacific events, which are typically muted or deflationary. These findings indicate that ENSO-related oil-price risk depends jointly on phase, response horizon, calendar time, and spatial ENSO type. |
| Keywords: | oil price, ENSO, local projections |
| JEL: | Q41 Q54 C32 |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:een:camaaa:2026-56 |
| By: | Andersen, Torben M; Løchte Jørgensen, Cecilie Marie; Soerensen, Allan |
| Abstract: | Can future generations achieve living standards at least equal to those of the present? We analyse this question in overlapping-generations (OLG) models, both a small analytical and a calibrated version, where natural capital is introduced following Dasgupta (2021). In standard OLG models, dynamic efficiency requires that the market rate of return exceeds population growth, r > n. With natural capital, the condition becomes r > n+e, where e reflects externalities from the natural capital stock. Economies may therefore satisfy r > n yet remain dynamically inefficient. Along the competitive equilibrium path, degrading natural capital can trigger tipping points in production and welfare, undermining intergenerational sustainability |
| Keywords: | Sustainability |
| JEL: | Q01 Q20 E21 D62 |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21292 |
| By: | Hwang, Roland; Dhole, Anuj; Fulton, Lewis; Murphy, Colin |
| Abstract: | The California medium- and heavy-duty zero emission vehicle (ZEV) market is poised for growth despite challenges to regulatory authority at the federal level. To ensure market momentum, long-term funding certainty is needed for the medium- and heavy-duty ZEV incentive program, called HVIP. In 2024, the CARB board voted to redirect the Clean Fuel Reward (CFR) program from light-duty ZEVs to medium- and heavy-duty zero-emission truck (ZET) incentives. While this provides a foundation for revenue for ZET incentives, ITS-Davis analysis finds that it will likely fall far short of long-term HVIP revenue needs. We estimate the total HVIP funding gap (including both ZETs and ZEBs) after CFR revenues are considered for the 9-year period from 2027-2035 to be between $4.2 billion and $26 billion, with a mid-case scenario funding gap of $8.5 billion. The wide range is due to uncertainties in ZEV market growth rates and CFR revenues. The funding gap necessitates new approaches to address, such as lowering the incentive levels per vehicle, implementing new funding sources, and adopting innovative financing mechanisms. For example, we estimate that reducing the average incentive by 50% starting in 2031 and assessing a $1, 400 registration fee on Class 4-8 diesel trucks starting in 2027 could support the achievement of annul ACT target volumes in the post-2030 timeframe. |
| Keywords: | Social and Behavioral Sciences |
| Date: | 2026–07–01 |
| URL: | https://d.repec.org/n?u=RePEc:cdl:itsdav:qt16x180rr |
| By: | Banerjee, Anwesha; Edenhofer, Ottmar; Kornek, Ulrike |
| Abstract: | We study the consequences of power rivalry among countries on the voluntary provision of global public goods. We show that rising prosperity and decreasing inequality between countries do not necessarily lead to an increase in public good provision. Depending upon the characteristics of the public good, either a sole hegemon or a group of hegemonic states emerge as contributors to the public good in equilibrium. The equilibrium total amount of the public good may go down when the assets of countries increase equally, as hegemonic states reduce contributions because they lose relative power. Decreasing between-country inequality in assets can have the same effect. Further, increasing heterogeneity in valuations of the public good increases public good contributions, but may lower overall welfare. Our results show how recent shifts in global economic order may explain the current decline in provision of global public goods such as climate change mitigation, international peacekeeping efforts, and global foreign aid. |
| Keywords: | Public goods; Rivalry |
| JEL: | C72 D74 F51 H41 Q54 Q58 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20845 |
| By: | Dimitrios Tsiotas (World Academy of Science, Engineering and Technology) |
| Abstract: | The 20th International Conference on Economic Geography (ICEG 2026) will be held on September 07–08, 2026, in Rome, Italy, organized by the World Academy of Science, Engineering and Technology (WASET). The conference brings together academic scientists, researchers, and scholars to exchange research findings and discuss contemporary developments in Economic Geography. Core themes include global and regional economic dynamics, spatial economics, economic growth, financial and environmental economics, sustainable development, labor and migration, fintech ecosystems, economic policy, and urban and regional development. ICEG 2026 provides an interdisciplinary platform featuring peer-reviewed paper presentations, discussions, and networking opportunities, aiming to advance academic collaboration and address emerging economic, social, and spatial challenges in a rapidly evolving global context. |
| Keywords: | Conference, Economic Geography, ICEG, WASET, 2026 |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:bfb:cnfser:2025-3 |
| By: | Jack, Kelsey; Jayachandran, Seema; Kala, Namrata; Pande, Rohini |
| Abstract: | Particulate matter significantly reduces life expectancy in India. We use a randomized controlled trial in the Indian state of Punjab to evaluate the effectiveness of conditional cash transfers (also known as payments for ecosystem services, or PES) in reducing crop residue burning, which is a major contributor to the region's poor air quality. Credit constraints and distrust may make farmers less likely to comply with standard PES contracts, which only pay the participant after verification of compliance. We randomize paying a portion of the money upfront and unconditionally. Despite receiving a lower reward for compliance, farmers offered partial upfront payment are 8-11 percentage points more likely to comply than are farmers offered the standard contract. Burning measures derived from satellite imagery indicate that PES with upfront payments significantly reduced burning, while standard PES payments were inframarginal. We also show that PES with an upfront component is a cost-effective way to improve India's air quality. |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21122 |
| By: | Kreshnik Bello (Sustainable Regional Development Scientific Journal) |
| Abstract: | The 2026 RSA Annual Conference will take place from 15 to 18 June 2026 in Gothenburg, Sweden, under the theme "Regions as Arenas in a Changing World". The conference is organized by the Regional Studies Association (RSA) in partnership with the School of Business, Economics and Law at the University of Gothenburg, Sweden. It is expected to bring together participants from around 55 countries and feature more than 700 presentations, alongside keynote lectures, workshops, networking opportunities, field trips, and professional development sessions. The 2026 edition focuses on the evolving role of regions as key arenas shaped by major global transformations, including artificial intelligence, environmental and sustainability challenges, the slowdown of globalization, rising policy protectionism, and the increasing strategic importance of natural resources and infrastructure. The conference program covers agglomeration and clusters, AI and big data in regional studies, entrepreneurship and innovation systems, regional inequalities and EU cohesion policy, circular economy, green and just transitions, demography, labour markets, and migration, among other themes. Key dates include registration opening on 1 April 2026 and the deadline for presenters and discussants on 19 May 2026. |
| Keywords: | Conference, RSA, Regional Studies, Sustainability, 2026 |
| Date: | 2026–06 |
| URL: | https://d.repec.org/n?u=RePEc:bfb:cnfser:2026-2 |
| By: | Xu, Yongdeng (Cardiff University, Cardiff, UK); Lyu, Juyi (Loughborough University, UK); Lu, Wenna (Cardiff Metropolitan University, Cardiff, UK) |
| Abstract: | This paper evaluates an Adaptive LASSO-MGARCH model for multivariate volatility forecasting, with an application to green and conventional bonds, equities, energy commodities, and EU carbon allowances. By introducing coefficient-specific adaptive penalisation directly into the multivariate GARCH variance equations, the model delivers a sparse and data-driven volatility spillover structure while preserving positive definiteness of the conditional covariance matrix. Using daily data on green and conventional bonds, equities, energy commodities, and carbon allowances, we show that adaptive regularisation substantially reduces model complexity and improves economic interpretability relative to an unpenalised MGARCH benchmark. Out-of-sample forecasting experiments at multiple horizons demonstrate that the Adaptive LASSO-MGARCH model consistently achieves lower covariance forecast losses, and statistical tests based on the White reality check confirm that these improvements are significant across alternative loss functions. |
| Keywords: | Adaptive LASSO; Multivariate GARCH; Volatility Forecasting; High-Dimensional; Green Finance |
| JEL: | C32 C58 G17 |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:cdf:wpaper:2026/4 |
| By: | Kevin Bernot; Bénédicte Cenki; Marie Emilie Forget; Olga P. Fuentes; Laure Giamberini (LIEC - Laboratoire Interdisciplinaire des Environnements Continentaux - INSU - CNRS - Institut national des sciences de l'Univers - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique); Emilie Janots; Brice Laurent (CSI i3 - Centre de Sociologie de l'Innovation i3 - Mines Paris - PSL (École nationale supérieure des mines de Paris) - PSL - Université Paris Sciences et Lettres - I3 - Institut interdisciplinaire de l’innovation - CNRS - Centre National de la Recherche Scientifique, ANSES - Agence nationale de sécurité sanitaire de l'alimentation, de l'environnement et du travail, Mines Paris - PSL (École nationale supérieure des mines de Paris) - PSL - Université Paris Sciences et Lettres, DiSSES - Direction Sciences sociales, Economie et Société - ANSES - Agence nationale de sécurité sanitaire de l'alimentation, de l'environnement et du travail); Gilles Lhuilier; Frédéric Mazaleyrat (SATIE - Systèmes et Applications des Technologies de l'Information et de l'Energie - ENS Rennes - École normale supérieure - Rennes - Cnam - Conservatoire National des Arts et Métiers [Cnam] - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique - ENS Paris Saclay - Ecole Normale Supérieure Paris-Saclay - Université Gustave Eiffel - CY - CY Cergy Paris Université); Stéphane Pellet-Rostaing (LTSM - Tri ionique par les Systèmes Moléculaires auto-assemblés - ICSM - UMR 5257 - Institut de Chimie Séparative de Marcoule - INC-CNRS - Institut de Chimie - CNRS Chimie - CNRS - Centre National de la Recherche Scientifique - ISEC - Institut des Sciences et technologies pour une Economie Circulaire des énergies bas carbone - CEA - Commissariat à l'énergie atomique et aux énergies alternatives - UM - Université de Montpellier - ENSCM - Ecole Nationale Supérieure de Chimie de Montpellier - UM - Université de Montpellier); Guido Sonnemann; Eric D. van Hullebusch; Fanny Verrax; Alexandre Violle (CSI i3 - Centre de Sociologie de l'Innovation i3 - Mines Paris - PSL (École nationale supérieure des mines de Paris) - PSL - Université Paris Sciences et Lettres - I3 - Institut interdisciplinaire de l’innovation - CNRS - Centre National de la Recherche Scientifique); Yacine Amara; Valentin Baudouin (SAGE - Sociétés, acteurs, gouvernement en Europe - ENGEES - École Nationale du Génie de l'Eau et de l'Environnement de Strasbourg - UNISTRA - Université de Strasbourg - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CERDACC - Centre européen de recherche sur le risque, le droit des accidents collectifs et des catastrophes - CERDACC - UR3992 - Université de Haute-Alsace (UHA) - Université de Haute-Alsace (UHA) Mulhouse - Colmar, ENS Rennes - École normale supérieure - Rennes); Laurent Calvez (ISCR - Institut des Sciences Chimiques de Rennes - UR - Université de Rennes - INSA Rennes - Institut National des Sciences Appliquées - Rennes - INSA - Institut National des Sciences Appliquées - ENSCR - Ecole Nationale Supérieure de Chimie de Rennes - INC-CNRS - Institut de Chimie - CNRS Chimie - CNRS - Centre National de la Recherche Scientifique); Laurent Cassayre (LGC - Laboratoire de Génie Chimique - CNRS - Centre National de la Recherche Scientifique - Toulouse INP - Institut National Polytechnique (Toulouse) - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - EPE UT - Université de Toulouse - Comue de Toulouse - Communauté d'universités et établissements de Toulouse); Florian Jaroschik (ICGM ICMMM - Institut Charles Gerhardt Montpellier - Institut de Chimie Moléculaire et des Matériaux de Montpellier - UM1 - Université Montpellier 1 - UM2 - Université Montpellier 2 - Sciences et Techniques - ENSCM - Ecole Nationale Supérieure de Chimie de Montpellier - INC-CNRS - Institut de Chimie - CNRS Chimie - CNRS - Centre National de la Recherche Scientifique); Elsa Lafaye de Micheaux; Alexandra Langlais; Florian Leblanc (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 nationale des ponts et chaussées - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique, CNRS - Centre National de la Recherche Scientifique); Louis-Marie Malbec; Alexander Stingl; Luca Tenreira; Raphaël Tripier (CEMCA - Chimie, Electrochimie Moléculaires et Chimie Analytique - UBO EPE - Université de Brest - INC-CNRS - Institut de Chimie - CNRS Chimie - CNRS - Centre National de la Recherche Scientifique - IBSAM - Institut Brestois Santé Agro Matière - UBO EPE - Université de Brest); Francesco Ricci (UM - Université de Montpellier, CEE-M - Centre d'Economie de l'Environnement - Montpellier - CNRS - Centre National de la Recherche Scientifique - 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 - UM - Université de Montpellier) |
| Abstract: | Les terres rares sont des métaux dont l'intérêt pour la France et l'approvisionnement constituent un enjeu crucial à plus d'un titre : industriel, technologique, géopolitique, économique, environnemental et sanitaire. L'Expertise Scientifique Collective (ESCo)Terres rares est une initiative du CNRS : elle vise à établir l'état des connaissances scientifiques sur l'utilisation des terres rares tout au long de leur cycle de vie, en interrogeant les pratiques de sobriété, de recyclage et les évolutions des modes d'extraction et de production.Ce document est le rapport de l'ESCo, mais une synthèse (85p.) et un résumé (4p.) sont disponibles sur la page web dédiée du site du CNRS (https://www.cnrs.fr/fr/nos-recherches/expertise-scientifique-collective/esco-terres-rares) ou ci-dessous (« Ressources associées »).Contact : mpes@cnrs.fr |
| Date: | 2026–07–03 |
| URL: | https://d.repec.org/n?u=RePEc:hal:ciredw:hal-05679183 |
| By: | Imane Boukhaled (UM6P - Université Mohammed VI Polytechnique = Mohammed VI Polytechnic University [Ben Guerir]); Noureddine Kouaissah (UM6P - Université Mohammed VI Polytechnique = Mohammed VI Polytechnic University [Ben Guerir]); Mohammed Benlemlih (Métis Lab EM Normandie - EM Normandie - École de Management de Normandie = EM Normandie Business School) |
| Abstract: | Sustainable investing has experienced rapid growth over the past two decades, resulting in an expanding body of research examining its financial implications. This systematic literature review, conducted using the Preferred Reporting Items for Systematic Reviews (PRISMA) framework, examines the growing body of research on the impact of sustainability on financial performance at both the firm level and the equity based portfolio level. We contribute to the literature by systematically analyzing the sources of heterogeneity underlying divergent empirical findings and by distinguishing between firm-level effects and portfolio-level performance outcomes. Through a comprehensive search of studies published over the last two decades, we identified notable differences in reported outcomes by reviewing more than one hundred eligible articles. Our findings indicate that approximately sixty-five percent of the selected studies report positive effects of sustainable investing on firm-level financial performance, compared to thirty-six percent at the portfolio level. We document several key sources of variation across studies, including differences in financial performance proxies, modeling frameworks, sustainability data providers, and geographic contexts. Future researchers are recommended to incorporate the evolving integration of sustainable factors into financial decisions from both theoretical and empirical perspectives. |
| Keywords: | Literature review, Portfolio’s financial performance, Firm’s financial performance, ESG, Sustainable responsible investing |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05659045 |
| By: | Unterguggenberger Mara; Dreoni Ilda (European Commission - JRC); Klenert David (European Commission - JRC) |
| Abstract: | Carbon pricing policies are often met with resistance from parts of the public, even if they are designed with efficiency and fairness in mind. To understand in more depth what the policy design characteristics of carbon price policies are that increase public acceptability, we perform a systematic literature review. We use a dual-stage screening process to systematically review both peer-reviewed and grey literature. Out of the 431 initial search results we selected 23 papers, comprising 38 survey samples with approximately 60, 000 participants from 17 countries. 58% of them examine revenue redistribution strategies and 30% assess the impact of carbon price levels, which cover a wide range of prices. We find that revenue redistribution mechanisms in general exhibit the largest proportion of increased acceptability. In particular, monetary redistribution schemes, such as cash transfers or tax cuts, as well as green public investment, are identified as having a positive effect on the acceptability of carbon pricing policies. Further, we highlight factors that are relevant for public support but are currently under-explored, such as policy transparency, timing of redistribution and administrative scale of implementation. Also, geographical coverage remains uneven, with 73% of samples drawn from North America and Europe, and Germany alone accounting for 31%, underscoring the need for broader regional representation in future research. |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:ipt:taxref:202609 |
| By: | Kreshnik Bello (Sustainable Regional Development Scientific Journal) |
| Abstract: | The 65th ERSA Congress will take place from 25 to 28 August 2026 in Sofia, Bulgaria, under the theme "Global Challenges and Regional Responses in a Transition Era". The congress is organised by the European Regional Science Association (ERSA) and represents one of the key annual international meetings in regional science, regional economics, and spatial analysis. It brings together researchers, policymakers, and practitioners working on regional development and territorial cohesion. The congress focuses on how regions respond to major global transitions and structural challenges, with emphasis on economic transformation, spatial inequalities, innovation dynamics, sustainability transitions, and policy responses to global shocks. The scientific programme covers regional economic development, spatial planning, innovation systems, urban and rural dynamics, regional labour markets, infrastructure and connectivity, environmental sustainability, and territorial governance. Key dates include abstract submission opening on 12 January 2026, the submission deadline on 28 February 2026, and early-bird registration deadline on 24 May 2026. |
| Keywords: | Conference, ERSA, Regional Science, Sustainability, 2026 |
| Date: | 2026–06 |
| URL: | https://d.repec.org/n?u=RePEc:bfb:cnfser:2026-1 |
| By: | Filipos Ruxho (Sustainable Regional Development Scientific Journal) |
| Abstract: | The 7th Global Conference on Economic Geography (GCEG 2025) will be held from June 4 to 8, 2025, at Clark University in Worcester, Massachusetts, USA. With the theme "Governance Challenges for a Sustainable and Inclusive Future, " the conference brings together nearly 1, 000 participants including scholars, policymakers, and practitioners. Key highlights include research on socio-economic change, spatial inequality, innovation, finance, and digital transformation. The event features plenary debates, academic sessions, networking events, and exhibitions, offering a comprehensive platform for interdisciplinary dialogue and collaboration in the field of Economic Geography. |
| Keywords: | Conference, Economic Geography, GCEG, Sustainability, 2025 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:bfb:cnfser:2025-2 |
| By: | Tudorache, Maria-Daniela; Jianu, Ionut |
| Abstract: | Over the last two decades, technological progress has significantly transformed economic and social structures, making innovation and digitalization essential drivers of competitiveness and sustainable growth. However, EU still lags behind the US in terms of innovation, research and development expenditure. This paper examines the relationship between technological factors and economic development in European Union Member States. The analysis is based on panel data covering 2010-2024, with an effective estimation sample of 2012-2024 due to lag structure and first difference transformations to improve the model accuracy. The analysis applies the Panel Estimated Generalized Least Squares (EGLS) method, using Period SUR as GLS weights option and as a coefficient covariance method. The results identify positive and significant associations between the research and development expenditure / employment in technology and knowledge intensive sectors and GDP per capita. In contrast, unemployment shows a negative relationship with economic performance. These findings highlight the important role of innovation and knowledge-based sectors in supporting economic growth and competitiveness within the European Union. The results suggest that research and development activities are associated with higher levels of economic development across the European Union. This finding is particularly relevant in the current context, given that the European Union has consistently failed to meet its R&D expenditure targets throughout the 2010-2024 period, with the share of R&D expenditure in GDP increasing by only 0.25 percentage points over the last 15 years. We also calculated the impact of greenhouse gas emissions per capita on GDP per capita, which was found to be positive, indicating the short-run cost of the green transition, as well as the negative effect of the major COVID-19 restriction on GDP per capita. |
| Keywords: | technology, economic development, Panel, research and development |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esconf:341696 |
| By: | Fioretti, Michele; Saint-Jean, Victor; Smith, Simon |
| Abstract: | This paper studies how the timing of NGO activism shapes its effectiveness in influencing corporate behavior. Using data on 2, 500 campaigns targeting U.S. firms, we show that campaigns timed at annual general meetings (AGMs) generate large visibility gains but little contemporaneous influence, while campaigns launched before the AGM significantly increase shareholder proposal success and improve firms’ environmental and social performance. We develop a dynamic model in which NGOs trade off awareness building and credibility formation, generating a lifecycle in activism from visibility-seeking to influence-oriented engagement. Therefore, NGOs' objectives evolve endogenously to coordinate stakeholder pressure and shape corporate behavior. |
| Keywords: | Non-governmental organizations; NGO campaigns; ESG; Firm dynamics; Firm objectives |
| JEL: | L21 L31 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21074 |
| By: | Dorien de Leeuw (De Nederlandsche Bank); David-Jan Jansen (Vrije Universiteit Amsterdam) |
| Abstract: | We study homeowners’ awareness and financial resilience in the face of flood risk. Using three surveys among Dutch households, we compare owners of at-risk properties to a control sample of owners living outside a potential flood zone. While the former start exhibiting greater awareness of flood risk, this awareness is not specifically reflected in financial resilience. First, we find no significant differences in terms of net financial wealth or savings. Second, the mortgages that finance the properties have comparable loan-to-value ratios, both at origination and over time. The findings on resilience may reflect a high degree of trust in flood protection. The absence of insurance coverage combined with expected ex post government support may also be a factor. |
| Keywords: | homeownership, insurance protection gaps, protection motivation theory, financial resilience |
| JEL: | D14 Q54 Q56 |
| Date: | 2026–06–05 |
| URL: | https://d.repec.org/n?u=RePEc:tin:wpaper:20260029 |
| By: | Martina Opalkova (Faculty of Business and Economics, Mendel University in Brno, Czech Republic) |
| Abstract: | Sustainability is frequently portrayed as a key driver of consumption among Generation Z, yet empirical evidence on whether sustainable values translate into actual purchasing behaviour remains limited, particularly in performance-oriented product categories. This study addresses this gap by examining the determinants of real purchasing behaviour among Generation Z consumers in the running products market. Using survey data from 400 respondents and applying Principal Component Analysis and Partial Least Squares Structural Equation Modelling (PLS-SEM), six latent determinants influencing purchase behaviour are identified. The findings show that actual purchasing behaviour is primarily driven by perceived product quality, durability, comfort, and technological innovation. In contrast, sustainable values show a statistically significant but negative relationship with actual purchasing behaviour, suggesting that sustainability considerations play a comparatively limited role in decision-making within the performance-oriented running products category. These results suggest that sustainability initiatives are more effective when integrated with tangible product performance rather than communicated as standalone value propositions. |
| Keywords: | Consumer decision-making, Purchase behaviour, Sport marketing, Sustainability relevance, Value perception, Behavioural drivers |
| JEL: | M31 D12 Q56 |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:men:wpaper:111_2026 |
| By: | OECD |
| Abstract: | This report reviews six indices of environmentally sustainable productivity growth (SPG) that integrate agricultural total factor productivity (TFP) growth and trends in four agri-environmental externalities at the national level. The findings reveal only minor differences across indices when environmental dimensions are assigned low weights, but these differences widen as weights increase. This variation reflects index-specific conditions under which SPG exceeds TFP. Some indices require externalities to grow more slowly than outputs or input (relative decoupling) while others require externalities to decrease (absolute decoupling). Three case studies (Mexico, The Netherlands and New Zealand), illustrate potential drivers of SPG. In Mexico, improved market access resulting from trade-agreements, alongside shifts in agricultural support appeared to be key factors. In the Netherlands, regulatory measures targeting ammonia, fertilisers and manure management contribute to positive SPG outcomes. In New Zealand, performance is associated with export-driven output growth, herd dynamics, and the adoption of new technologies. |
| Keywords: | Agri-environmental performance, Agriculture, Environment, Total Factor Productivity |
| JEL: | D24 O44 Q18 Q56 |
| Date: | 2026–07–20 |
| URL: | https://d.repec.org/n?u=RePEc:oec:agraaa:228-en |
| By: | Bénédicte Apouey (PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - ENPC - École nationale des ponts et chaussées - IP Paris - Institut Polytechnique de Paris, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - ENPC - École nationale des ponts et chaussées - IP Paris - Institut Polytechnique de Paris); Véronique Raimond (DiSSES - Direction Sciences sociales, Economie et Société - ANSES - Agence nationale de sécurité sanitaire de l'alimentation, de l'environnement et du travail); Elodie Rouvière (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, AgroParisTech); Carine Milcent (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - ENPC - École nationale des ponts et chaussées - IP Paris - Institut Polytechnique de Paris); David Roiz (MIVEGEC - Maladies infectieuses et vecteurs : écologie, génétique, évolution et contrôle - CNRS - Centre National de la Recherche Scientifique - IRD [Occitanie] - Institut de Recherche pour le Développement - délégation Occitanie - IRD - Institut de Recherche pour le Développement - UM - Université de Montpellier); Jean-Michel Salles (CEE-M - Centre d'Economie de l'Environnement - Montpellier - CNRS - Centre National de la Recherche Scientifique - 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 - UM - Université de Montpellier); Frédéric Simard (MIVEGEC - Maladies infectieuses et vecteurs : écologie, génétique, évolution et contrôle - CNRS - Centre National de la Recherche Scientifique - IRD [Occitanie] - Institut de Recherche pour le Développement - délégation Occitanie - IRD - Institut de Recherche pour le Développement - UM - Université de Montpellier); Yannick Simonin (UM - Université de Montpellier); Josselin Thuilliez (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique); Marie-Claire Paty (Santé publique France - French National Public Health Agency [Saint-Maurice, France]) |
| Abstract: | Objectives: Arboviral diseases are posing an increasing burden in temperate regions. This article documents the potential effects of outbreaks and epidemics caused by an arbovirus transmitted by Aedes albopictus, across multiple domains, in mainland France, which has been minimally affected by such outbreaks so far. Methods: We draw on the knowledge accumulated in mainland French regions that have dealt with limited autochthonous outbreaks, and in the overseas departments and regions of France which are regularly affected by epidemics. We present an original method that combines a systematic review of the literature, the analysis of qualitative data from questionnaires completed by stakeholders, and our expert input. Results: We identify several key vulnerabilities such as healthcare strain, economic losses, and social disruption. Our analyses highlight specific risks and preparedness gaps for temperate areas. Conclusion: We underscore the critical importance of allocating sufficient resources to vector management and of developing intersectoral policies to mitigate the effects of future epidemics across several domains. |
| Keywords: | Epidemic, Outbreak, Zika, Chikungunya, Dengue, Aedes albopictus, Vector control, Socioeconomic effects, Mainland France, Multidisciplinary research |
| Date: | 2026–05–25 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05637681 |
| By: | Ladha, Rijhul; Das Banerjee, Anannya; Ramji, Aditya |
| Keywords: | Social and Behavioral Sciences |
| Date: | 2026–07–01 |
| URL: | https://d.repec.org/n?u=RePEc:cdl:itsdav:qt5744w1kp |
| By: | Fabra, Natalia |
| Abstract: | As Spain approaches the first scheduled nuclear retirements – most notably, Almaraz in 2027 – the debate over the implications of delaying the nuclear phase-out has reopened. This paper uses detailed simulations of the Iberian electricity market to assess the consequences of postponing Almaraz’s closure on wholesale electricity prices, renewable and storage profitability, and power-sector CO2 emissions. We test the robustness of our findings to alternative investment targets, electricity demand paths, and gas marginal costs. We caution against a purely static assessment: while extending Almaraz, holding everything else equal, lowers prices and emissions by displacing gas, it also depresses renewables’ captured prices and increases curtailment, weakening incentives to invest in renewables and storage. If the investment response is large enough, a delayed nuclear phase-out may ultimately lead to higher prices and higher emissions. This article was prepared as the Presidential Address for my term as President of the Spanish Economic Association (2023–2024). I thank Lorenzo Cattabriga, Ã lvaro Oballe, Elena Parra for their outstanding research support. Fabra has benefited from generous funding by the European Union (ERC grant \textit{ENERGY-IN-TRANSITION}, 101142583). At the time of writing, Natalia Fabra is an independent board member of Redeia. Views and opinions expressed are, however, those of the author only and do not necessarily reflect those of the European Research Council or Redeia. Neither of them can be held responsible for the results reported in this paper. The author declares that this work has been carried out independently, and that she has no financial or personal conflicts of interest that could have influenced the findings reported in this paper. |
| Keywords: | Electricity markets |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21053 |
| By: | Gollier, Christian |
| Abstract: | Within the same sector, technologies yielding larger variable costs are more sensitive to disruptions during a recession. For this reason, assets lower in the merit order should be valued using a larger risk-adjusted discount rate. We characterize the efficient discount rates along the technological merit order in a standard CCAPM framework, and we link them to their option values. We apply our results to the electricity sector in France, showing that the CCAPM beta of fossil electricity is more than twice that of renewable or nuclear electricity. This fossil beta is increasing with the carbon price. We also propose a methodology to measure the value creation of different generation technologies in a given electricity mix by comparing their levelized costs and prices of electricity that take risks and intermittency into account. |
| Keywords: | Energy transition; CCAPM beta; option pricing; carbon price; cost-benefit analysis. |
| JEL: | G12 H43 Q48 |
| Date: | 2026–04 |
| URL: | https://d.repec.org/n?u=RePEc:tse:wpaper:131967 |
| By: | Bernard Korai; Sophie Bernard; Marc Journeault; Mathias Glaus |
| Abstract: | This report is a literature review of eco-responsibility and eco-conditionality instruments at the scale of Quebec, Canada, as well as several countries of the Organisation for Economic Co-operation and Development (OECD), the European Union, and a few emerging economies. In general, the heterogeneous use of these concepts has been observed, particularly in the Canadian provinces and, to a lesser extent, in Quebec. The concept of eco-conditionality, although rarely present in the literature, appears more frequently in Quebec, particularly in the agricultural sector, where it was first applied. Otherwise, eco-responsibility instruments are more widespread, especially those related to environmental criteria. Social criteria are also observed, particularly in business support programs, both in Quebec and internationally, as well as in the tourism sector. However, the majority of the Quebec programs analyzed show few control or impact evaluation measures after the disbursement of aid, in contrast to several international examples identified, which propose more structured approaches at different scales (local, territorial, national, or international). Several measures and indicators are imprecise, which reveals a difficulty in understanding these concepts, their operationalization, and their effective use for program evaluation. Ce rapport est une revue documentaire sur les instruments d’écoresponsabilité et d’écoconditionnalité à l’échelle du Québec, du Canada, ainsi que de plusieurs pays de l’Organisation de Coopération et de développement économique (OCDE), de l’Union européenne et de quelques économies émergentes. De manière générale, l’utilisation hétérogène de ces concepts a été observée, particulièrement dans les provinces canadiennes et, dans une moindre mesure, au Québec. Le concept d’écoconditionnalité, bien que peu présent dans la littérature, apparaît davantage au Québec, notamment dans le secteur agricole, où il a été appliqué en premier. Sinon, les instruments d’écoresponsabilité sont plus répandus, en particulier ceux liés à des critères environnementaux. Des critères sociaux sont également observés, notamment dans les programmes de soutien aux entreprises, tant au Québec qu’à l’international, ainsi que dans le secteur du tourisme. Cependant, la majorité des programmes québécois analysés présente peu de mesures de contrôle ou d’évaluation des impacts après le versement des aides, contrairement à plusieurs exemples internationaux répertoriés, qui proposent des approches plus structurées à différentes échelles (locale, territoriale, nationale ou internationale). Plusieurs mesures et indicateurs sont imprécis ce qui révèle une difficulté de compréhension des concepts, de leur opérationnalisation ainsi que de leur utilisation efficace pour l’évaluation des programmes. |
| Keywords: | eco-responsibility and eco-conditionality instruments, environmental and social benefits, eco-responsibility instruments, program impact evaluation, Écoconditionnalité, bénéfices environnementaux et sociaux, Instruments d’écoresponsabilité, évaluation d’impact des programmes |
| Date: | 2026–07–16 |
| URL: | https://d.repec.org/n?u=RePEc:cir:cirpro:2026rp-14 |
| By: | Akyildirim, Erdinc; Gozgor, Giray; Ho, Thang; Wagner, Alexander F. |
| Abstract: | Mandatory disclosure is commonly intended to deter corporate misconduct by increasing transparency. We examine an alternative channel: disclosure may primarily change the likelihood that misconduct becomes detectable. Exploiting staggered introductions of ESG disclosure mandates across 53 countries, we study how regulation affects the observed incidence of misleading ESG communications identified by external monitors. Following mandate adoption, the number of detected incidents increases significantly. The rise is concentrated in areas with stronger scrutiny, among larger and more visible firms, in countries with higher institutional quality, and where media and civil society oversight are more effective. Moreover, capital markets react more negatively to incidents after disclosure becomes mandatory, particularly when claims are more verifiable. Together, the evidence indicates that disclosure reforms enhance the observability and credibility of ESG information, enabling outsiders to uncover misrepresentation rather than preventing it. Our findings highlight that transparency regulation can raise reported misconduct even as it improves accountability. |
| Keywords: | Greenwashing; Detection; Information environment; Regulatory enforcement |
| JEL: | G38 M41 G14 Q56 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21190 |
| By: | Dimitrios Tsiotas (Assistant Professor, Sustainable Regional Development Scientific Journal - SRDSJ) |
| Abstract: | The 64th ERSA Congress will be held from 26 to 29 August 2025 with onsite participation only. This edition focuses on "Regional Science in Turbulent Times. In search of a resilient, sustainable and inclusive future, " addressing contemporary challenges such as economic crises, refugee movements, and pandemics. The event will bring together approximately 800 participants annually from all continents, making it the largest academic conference in regional science worldwide. Participants will present research results, receive feedback, network, and discover new developments in the field. The Congress is currently accepting proposals for Special Sessions, with a submission deadline of December 17, 2024. Keynote speeches, innovative solutions, and dynamic discussions will foster a resilient and inclusive future for people and places across the globe. For more information, please visit [ERSA2025 website](https://ersa.eventsair.com/ersa 2025/). |
| Keywords: | Regional Science, Resilience, Sustainability, Inclusivity, ERSA Congress |
| Date: | 2025–06 |
| URL: | https://d.repec.org/n?u=RePEc:bfb:cnfser:2025-5 |
| By: | Flammer, Caroline; Giroux, Thomas; Heal, Geoffrey |
| Abstract: | Mobilizing private capital at scale is critical for financing sustainable development, particularly in emerging and developing economies (EMDEs), where capital is most needed. We conduct a global survey of senior investment decision-makers across a broad spectrum of capital providers, including asset managers, pension and sovereign wealth funds, development finance institutions, philanthropic investors, and others. The survey provides novel evidence on investors’ risk-return expectations, risk perceptions, and investment practices in EMDEs and in blended finance structures. We document four main findings. First, conditional on investor type, return expectations in EMDEs are comparable to those in developed markets, suggesting that categorical exclusions of EMDE assets might be inefficient. Second, investors’ dominant risk perceptions—particularly currency and political risks—are poorly aligned with the de-risking tools commonly employed in blended finance. Third, prevailing approaches to evaluating blended finance rely on both input- and outcome-based metrics, yet with limited measurement of financial and impact additionality. Fourth, our results highlight organizational and informational frictions, rather than unattractive financial fundamentals, as key barriers to scaling sustainable investing in EMDEs. |
| Keywords: | catalytic capital |
| JEL: | G11 G15 G18 G23 G41 F21 O16 O19 Q01 H41 H43 H54 D23 D72 P48 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21075 |
| By: | Nico Valentini (BRGM - Bureau de Recherches Géologiques et Minières); Erwan Imbertie (Center Rivages Pro Tech, SUEZ Eau France); Sylvestre Le Roy (BRGM - Bureau de Recherches Géologiques et Minières); Rodrigo Pedreros (BRGM - Bureau de Recherches Géologiques et Minières); Adrien Crapoulet (BRGM - Bureau de Recherches Géologiques et Minières); Jannik Kuhn (Center Rivages Pro Tech, SUEZ Eau France); Matthias Delpey (Center Rivages Pro Tech, SUEZ Eau France); Sophie Lecacheux (BRGM - Bureau de Recherches Géologiques et Minières) |
| Abstract: | Le littoral des Hauts-de-France est particulièrement vulnérable aux risques de submersion marine et à l'érosion lors des tempêtes hivernales. Pour anticiper les éventuels dégâts sur les zones exposées, le projet SIRENES a pour objectif de compléter le dispositif de la Vigilance Vagues Submersion (VVS) en fournissant des prévisions plus locales de l'impact des tempêtes. Le dispositif adopte une approche multi échelles avec (1) la prévision d'indicateurs d'impact - franchissement des vagues, débordement des ouvrages, recul dunaire - sur des segments côtiers (2) la prévision de la zone submergée à terre avec des méthodes de machine learning, sur huit sites locaux. Cette communication présentera la méthode et l‘usage du dispositif à l'échelle régionale. Celui-ci comprend une descente d'échelle des prévisions météo-marines à la côte grâce au modèle WW3, puis le calcul d'indicateurs d'impact sur 150 segments côtiers. Les indicateurs de franchissement par paquets de mer sont fondés sur l'estimation des débits franchissant les ouvrages sur des profils représentatifs à l'aide de fonctions de transfert (LASHLEY et al., 2021, HOFLAND et al., 2007) afin de prendre en compte les effets de faible profondeur et la contribution des ondes infragravitaires et de formules empiriques (VAN DER MEER et al., 2016 , ALTOMARE et al. 2016 ou LASHLEY et al., 2021). Le risque d'érosion est basé sur une matrice d'impact croisant les conditions hydrodynamiques à la côte avec les caractéristiques morphologiques locales. Enfin, le risque de surverse est basé sur le croisement entre le niveau marin total et des seuils topographiques. Les informations sont diffusées via un webservice. Le retour d'expérience sur l'hiver d'expérimentation 2025-2026 permettra d'estimer la pertinence des prévisions fournies pour les utilisateurs des collectivités et des services de l'Etat. Les pistes d'évolution pour la saison hivernale suivante seront identifiées. |
| Keywords: | Hauts-de-France, Submersion Marine, Érosion, Prévision |
| Date: | 2026–06–09 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05636194 |
| By: | Gantchev, Nickolay; Giannetti, Mariassunta; Hober, Marcus |
| Abstract: | Using a novel global dataset of executive pay contracts, we show that the surge in ESG and other compensation metrics is more about securing shareholder consent than directing managerial effort. ESG metrics – classified according to SASB standards – are often added in areas of existing strength, with negligible impact on overall ESG outcomes. Instead, metrics of any type are added after high say-on-pay dissent and are often chosen to align with proxy advisors’ preferences. Pay metrics increase say-on-pay approval and reduce both shareholder proposals and shareholder dissent on managerial proposals. These findings challenge contract theory’s prediction that metrics are selected to direct attention to neglected objectives and suggest that the surge in ESG and other metrics reflects conformity pressures and the desire to appease shareholders. |
| Keywords: | Executive compensation; Shareholder voting |
| JEL: | J33 M12 M14 G34 G32 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20818 |
| By: | Comisión Nacional de los Mercados y la Competencia (CNMC) (Comisión Nacional de los Mercados y la Competencia (CNMC)) |
| Abstract: | La vivienda es un elemento esencial para el bienestar de la ciudadanía. El contexto actual en España se caracteriza por fuertes alzas de precios y dificultades de acceso a la vivienda. Este contexto se ve afectado por numerosos factores, entre los que la disponibilidad del suelo puede ser uno de los elementos más relevantes. El presente estudio encuentra que existen rigideces en las fases del planeamiento urbanístico, gestión y edificación, dentro de un entorno complejo y fragmentado, afectado también por normativa sectorial. Para afrontar esas barreras se realizan una serie de recomendaciones. Primera, promover una mayor racionalización y coordinación regulatoria en el urbanismo. Segunda, flexibilizar el planeamiento urbanístico. Tercera, reconocer un régimen propio y más flexible a los instrumentos de ordenación territorial y urbanística. Cuarta, reducir la complejidad de los instrumentos de planeamiento y de sus procesos de elaboración, tramitación y aprobación. Quinta, simplificar y flexibilizar la gestión urbanística. Sexta, facilitar la edificación. Séptima, mejorar el funcionamiento de los informes sectoriales. Octava, asegurar criterios de eficiencia en la intervención de las AAPP en el ámbito del suelo. Novena, dotar adecuadamente a los organismos públicos encargados del proceso urbanístico y acudir al asesoramiento de la CNMC. |
| Keywords: | Regulación, Competencia, Suelo, Urbanismo, Vivienda |
| JEL: | D62 L51 R14 R31 R38 |
| Date: | 2026–06–09 |
| URL: | https://d.repec.org/n?u=RePEc:awo:epaper:e/cnmc/001/25 |
| By: | Steven Yamarik (California State University Long Beach); Florian Horky (National Bank of Slovakia); Jarko Fidrmuc (Zeppelin University) |
| Abstract: | This paper uses the shale revolution as a natural experiment to test the resource curse in American states and Canadian provinces. We use a comprehensive set of unproved reserves of unconventional gas and oil plays for North America in 2010 to identify the impact of resource dependence on state-level economic growth. We estimate a growth regression with mining production (resource dependence), corruption and other long-run determinants. Using least squares, we find no significant link between resource dependence and state-level economic growth. However, by instrumenting resource dependence, we find evidence of a resource curse in that greater mining production (and employment) leads to lower state-level growth. Our resource curse finding is robust to fracking bans and moratoriums, alternative GDP measures and resource abundance (proved reserves). In tests for indirect transmission mechanisms, we find that greater mining activity reduces educational attainment, non-resource tax revenue, and trade openness in North America and increases the price of nontradeables relative to tradeables in the US. |
| JEL: | C21 O13 O51 Q33 R11 |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:svk:wpaper:1144 |
| By: | Masood Tadi; Milan Fičura; Jiří Witzany |
| Abstract: | We study natural gas storage valuation under a stochastic futures term structure using deep reinforcement learning (DRL). The storage problem is formulated as a continuous-state, continuous-action Markov Decision Process and solved using the Deep Deterministic Policy Gradient (DDPG) algorithm with Prioritized Experience Replay (PER) buffer and a constraint-aware policy network. We benchmark the approach against intrinsic and rolling intrinsic strategies and find that DRL consistently outperforms intrinsic valuation and achieves competitive performance relative to rolling intrinsic in markets with jumps and seasonality. The results show that DRL provides a practical valuation framework that captures additional extrinsic value under realistic market dynamics and operational constraints. |
| Keywords: | Natural Gas Storage, Rolling Intrinsic Valuation, Deep Reinforcement Learning |
| Date: | 2026–06–12 |
| URL: | https://d.repec.org/n?u=RePEc:prg:jnlwps:v:6:y:2026:id:6.003 |
| By: | Angarano, Mauricio Francisco |
| Abstract: | Esta investigación analiza cómo se construye la sostenibilidad portuaria en América Latina a partir de estrategias de descarbonización. El trabajo parte de una premisa central: en el contexto actual, la sostenibilidad portuaria no puede entenderse solo como una agenda ambiental local, sino como una forma de adaptación estratégica frente a la transición energética del transporte marítimo. A partir de un diseño cualitativo comparado, se estudian cinco casos principales: Callao, Pecém, Cartagena, San Antonio y Santos. La comparación permite identificar trayectorias diferenciadas: electrificación operativa, puerto-hub energético, sostenibilidad institucional, modelo híbrido asociado al hidrógeno verde y gran puerto regional en transición. El análisis sostiene que la variación entre casos se asocia con la combinación de gobernanza, acceso efectivo a energía renovable, inversión, financiamiento, incentivos e inserción en redes internacionales de transición marítima. La principal contribución del trabajo consiste en mostrar que la sostenibilidad portuaria latinoamericana no constituye una categoría homogénea, sino un campo de estrategias desiguales, con distintos grados de transformación material, institucionalización y posicionamiento estratégico. |
| Keywords: | Puertos; Sostenibilidad; América Latina; |
| Date: | 2026–05–16 |
| URL: | https://d.repec.org/n?u=RePEc:nmp:nuland:4571 |
| By: | Ugo Fratesi; Pietro Vicari |
| Abstract: | The concept of ecosystem has gained significant traction, both in academic and policy domains, however, most of the literature adopts given spatial scales, mostly regional statistical units, and then investigates the extent to which those places exhibit ecosystem features. To contribute overcoming this limit, this paper proposes a bottom-up methodology to identify “potential ecosystems†, i.e. clusters of local labour systems aggregated on the basis of firm interactions and territorial networks. The methodology is illustrated and validated with Italian data where identified “ potential ecosystems†are shown to exhibit several of the features that are expected in actual ecosystems. This methodological innovation could provide a support to evidence-based regional policy, e.g. better targeting areas for innovation measures. |
| Keywords: | Ecosystems, Firm Networks, Cluster Identification, Regional Development |
| JEL: | R12 R58 L26 |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:egu:wpaper:2612 |