globalchange  > 气候变化与战略
DOI: 10.1016/j.enpol.2020.111584
论文题名:
Effects of European emission unit allowance auctions on corporate profitability
作者: Carratù M.; Chiarini B.; Piselli P.
刊名: Energy Policy
ISSN: 03014215
出版年: 2020
卷: 144
语种: 英语
中文关键词: Auction policy ; Emission unit allowances ; ETS ; Propensity score matching
英文关键词: Carbon ; Commerce ; Emission control ; Gas emissions ; Profitability ; Allocation mechanism ; Breakthrough technology ; Carbon emissions ; Corporate profits ; Free allocation ; Market mechanisms ; Production cost ; Propensity score matching ; Costs ; carbon emission ; corporate strategy ; emissions trading ; environmental economics ; European Union ; incentive ; profitability ; Europe
英文摘要: During Phase 3 of the EU Emission Trading System (ETS), to remedy the so-called windfall profits obtained by companies that benefited from the free allocation of emission permits, the EU introduced an auction-based method for the allocation of carbon emission allowances. We estimate the effect on firms' profits from participating in auctions during Phase 3 of the EU ETS using a propensity score matching approach. The work shows that the introduction of the new market mechanism for allocating carbon emission allowances has no significant effect on corporate profits, whatever the measure of profitability used. From a policy standpoint, this result seems to suggest that this new allocation mechanism might fail to improve the incentives for companies to increase their production cost efficiency or to invest in breakthrough technologies that reduce CO2. The rather flat auction price trend seems to support this conclusion. © 2020 Elsevier Ltd
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资源类型: 期刊论文
标识符: http://119.78.100.158/handle/2HF3EXSE/167059
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作者单位: Univeristy of Naples Parthenope (Department of Economic and Legal Studies), Italy; Bank of Italy, Economics and Statistics Department, Italy

Recommended Citation:
Carratù M.,Chiarini B.,Piselli P.. Effects of European emission unit allowance auctions on corporate profitability[J]. Energy Policy,2020-01-01,144
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