Firm climate investment: A glass half-full

IF 13.5 2区经济学 Q1 ECONOMICS

Energy Economics Pub Date : 2026-02-01 Epub Date: 2025-12-23 DOI:10.1016/j.eneco.2025.109097

Prachi Srivastava , Nicholas Bloom , Philip Bunn , Paul Mizen , Gregory Thwaites , Ivan Yotzov

引用次数: 0

Abstract

The green transition will require large investments from firms, yet little is known about the scale and drivers of climate-related capital expenditure across the UK economy. To address this gap, we draw on a large, representative survey of UK firms to quantify how businesses expect to adjust their medium-term investment in response to climate change. Over 2023-2026, firms expect climate-related investments to account for 5.5% of total capital expenditure. These investments will be driven by larger firms as well as those in more energy-intensive sectors. The main channels for these investments are switching to green energy sources and improving energy efficiency, and firms plan to finance them primarily using internal cash reserves. Overall, although firms are expecting to invest more resources in adapting to climate change, under reasonable assumptions, these investments are still not sufficient to meet the estimated targets implied by the UK Net Zero Pathway.

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坚定的气候投资：半满的杯子

绿色转型将需要企业的大量投资，但人们对英国经济中与气候相关的资本支出的规模和驱动因素知之甚少。为了解决这一差距，我们对英国公司进行了一项具有代表性的大型调查，以量化企业预计如何调整其中期投资以应对气候变化。在2023-2026年期间，企业预计气候相关投资将占总资本支出的5.5%。这些投资将由大型企业以及能源密集型行业的企业推动。这些投资的主要渠道是转向绿色能源和提高能源效率，企业计划主要利用内部现金储备为这些投资提供资金。总体而言，尽管企业期望在适应气候变化方面投入更多资源，但在合理的假设下，这些投资仍然不足以满足英国净零路径所隐含的估计目标。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.