Suchergebnisse

This study contributes to the emerging literature on connections between climate change and economic inequality by investigating the relationship between domestic wealth inequality and consumption-based carbon emissions for 26 high-income countries from 2000 to 2010. Results of the two-way fixed effects longitudinal models indicate that the effect of wealth inequality, measured as the wealth share of the top decile, on per capita emissions in high-income countries is consistently positive and relatively stable over the time period. This finding is consistent with political economy theories arguing that the concentration of political and economic power that accompanies the concentration of wealth plays an important role in increasing environmental degradation and preventing proenvironmental actions.

Maximizing reader insights into the methodologies and cutting-edge research concerning the financial aspects of carbon markets, this book analyzes the economic and financial effects of carbon trading and regulations on the stock market prices of individual companies as well as the joint effects of regulations and of the prices of oil and gas on the prices and volatility of the traded carbon securities. Focussing on the European Union Emissions Trading Scheme (EU ETS), which is the most developed carbon trading scheme worldwide, the results obtained for the EU ETS are used as a benchmark for the new carbon markets being developed in North America and worldwide. After reading this book, the reader will: • Learn how the European market for carbon emission allowances work; • Be aware of the institutional development of the market and of the regulatory environment of the EU Emissions Trading Scheme; • Get acquainted with the regression methodologies used to evaluate the impact of regulatory and other events on energy and financial markets; • Become familiar with the recent research results on the links between carbon market regulations, energy prices and the returns and volatility of carbon-linked financial instruments and stock market prices; • Get informed about the possibilities of carbon emissions regulations and their impact on financial markets. This book will be instrumental for the market regulators, researchers and advanced students interested in energy finance, and for the finance practitioners and investors in the energy and carbon intensive industries

This paper examines a sample of 167 publicly listed enterprises covered by eight regional pilot emissions trading markets in China from 2013 to 2023. Our empirical findings indicate that the carbon price returns negatively affect the stock returns of enterprises covered by the regional markets, with the Shenzhen and Guangdong regions suffering a more pronounced effect. Furthermore, high-carbon-intensity enterprises are more susceptible to this negative impact than their low-carbon-intensity counterparts. The robustness of the negative relationship is evident even after the national emissions trading market opened on July 16, 2021. This study provides insightful guidance for policymakers to regulate emissions trading markets.