SRPN: Carbon Reduction (Topic)最新文献

{"title":"The Pricing of Carbon Risk in Syndicated Loans: Which Risks Are Priced and Why?","authors":"Torsten Ehlers, Frank Packer, Kathrin de Greiff","doi":"10.2139/ssrn.3857716","DOIUrl":"https://doi.org/10.2139/ssrn.3857716","url":null,"abstract":"Abstract Do banks price the risks of climate policy change? Combining syndicated loan data with carbon intensity data (CO2 emissions relative to revenue) of borrowers across a wide range of industries, we find a significant “carbon premium” since the Paris Agreement. The loan risk premium related to CO2 emission intensity is apparent across industries and broader than that due simply to “stranded assets” in fossil fuel or other carbon-intensive industries. The price of risk, however, appears to be relatively low given the material risks faced by some borrowers. Only carbon emissions directly caused by the firm (scope 1) are priced, and not the overall carbon footprint including indirect emissions. “Green” banks do not appear to price carbon risk differently from other banks.","PeriodicalId":135089,"journal":{"name":"SRPN: Carbon Reduction (Topic)","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116760840","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Feasibility Study of Full Scale, Post Combustion, Amine Based, CO 2 Capture Retrofit Application in the Cement Manufacturing Sector at the Lehigh Hanson Materials Limited Facility","authors":"Wayuta Srisang, S. Giannaris, Yuewu Feng, Dominika Janowczyk, C. Bruce, B. Jacobs","doi":"10.2139/ssrn.3823496","DOIUrl":"https://doi.org/10.2139/ssrn.3823496","url":null,"abstract":"This paper will present the progress of a feasibility study, jointly conducted by Lehigh Hanson Materials Limited (Lehigh) and the International CCS Knowledge Centre, aimed at retrofitting a cement production facility at Lehigh (Edmonton, Alberta, Canada) with a full scale, post combustion, amine-based Carbon Dioxide (CO2) capture system. This study is a major breakthrough for carbon capture and storage (CCS) as it represents a first in North America for CCS application in the cement industry. The main deliverable of the feasibility study is a Class 4 estimate to assist Lehigh in determining the economic viability of a potential CCS retrofit project. This feasibility study commenced in November 2019 and will be complete in the fall of 2021 and is projected to cost $3.0M CAD. Funding for this study has been contributed to by Lehigh and Emissions Reduction Alberta (ERA) with contributions by the International CCS Knowledge Centre. The study will examine both the carbon capture technology and the “balance of plant”. Successful completion of this feasibility study could lead to a decision to carry out a Front End Engineering and Design (FEED) study and ultimately to a Final Investment Decision (FID) to implement a commercial scale project. A commercial project is projected to reduce emissions by approximately 600,000 tonnes of CO2 per year. The commercial scale project is projected to reduce emissions in Alberta in excess of 13.1 Mtonnes over a 25-year lifespan. \u0000 \u0000The International CCS Knowledge Centre who is providing project management and advisory services, has engaged an experienced CO2 capture technology vendor, Mitsubishi Heavy Industries (MHI) Group, for the design of the CO2 capture system. MHI is responsible for the scope of work that includes the flue gas pretreatment system, the CO2 capture facility, and the CO2 compression process. The International CCS Knowledge Centre is also engaging and directing engineering consultants or other solution providers as appropriate. This direction and guidance will utilize base learnings from both the fully integrated Boundary Dam 3 CCS Facility and the comprehensive second-generation CCS study, known as the Shand CCS Feasibility Study, engineering consultants are being engaged to provide preliminary process and equipment design and cost estimates within their assigned scopes of work or work packages. \u0000 \u0000The captured CO2 would be permanently sequestered and could be also used for Enhanced Oil Recovery (EOR). The Lehigh facility is located near potential storage locations, including being about 50 km away from the Alberta Carbon Trunk Line (ACTL) and nearby EOR opportunities. Lehigh, part of HeidelbergCement, will contribute to the company’s goal of achieving CO2-neutral concrete by 2050 at the latest and make it the most sustainable building material.","PeriodicalId":135089,"journal":{"name":"SRPN: Carbon Reduction (Topic)","volume":"82 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121925782","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Pore-Scale Grain-Binding Cement Dissolution in Sandstone Rocks and its Effect on CO2 Injectivity","authors":"O. Shahrokhi, A. Jahanbakhsh, S. Ghanaatian, M. Maroto-Valer","doi":"10.2139/ssrn.3820534","DOIUrl":"https://doi.org/10.2139/ssrn.3820534","url":null,"abstract":"CO2 geological storage in depleted oil and gas reservoirs and saline aquifers is currently one of the most economical methods to mitigate CO2 emissions, mainly because of available geological data from oil and gas exploration and production in the last decades as well as abandoned wellbore facilities. Four main factors dictate the safe and economical CO2 storage and selection of a suitable storage site: while wellbore and cap rock integrity are critical to the security of stored CO2, storage capacity and CO2 injectivity are among the main factors driving the cost of storage per ton of CO2. Low or reduced CO2 injectivity at injection wellbore can significantly increase the compression costs of the project. In worst-case scenarios, a blockage can increase injection pressures above rock fracture pressure, thus critically jeopardising further injection in the same well. \u0000 \u0000The global abundance, high storage capacity and potentially low chemical reactivity of sandstone reservoirs make them great candidates for CO2 geological storage sites. The matrix of siliciclastic rocks is mainly made of quartz grains, and there is negligible chemical reactivity in contact with carbonic acid formed during the injection. However, the most common cementing agents in these rocks (e.g. calcite, dolomite and, to some extent, clays) react with carbonic acid. These reactions lead to mechanisms like cement dissolution, mineral deposition, and sand fine migration (sand mobilisation). Depending on the volumetric percentage of the binding cement, its geometrical distribution within the matrix and pore (and throat) size distribution of the rock, fine migration and binding cement dissolution can enhance or impair CO2 injectivity [1,2]. Despite numerous studies regarding the effect of CO2 injection on fine migration and injectivity, there is still no consensus regarding the impact of intergranular cement dissolution on CO2 injectivity. \u0000 \u0000In this study, we have focused on the effect of binding cement dissolution on pore morphology in a typical sandstone (Berea) and demonstrating how the observations of CO2 injectivity change at the core scale alone could be misleading and explain some apparent discrepancies reported in the literature. We cut three slices of this core for X-ray micro-computed tomography (MicroCT) imaging. The first slice was cut from the original clean core. After performing a coreflood experiment with carbonated water through the rest of the core, two other pieces were cut from the inlet and outlet of the core. To represent the extreme dissolution conditions (lowest pH) during CO2 injection, a batch of North Sea brine fully saturated with CO2 was prepared and injected through the core at typical reservoir conditions (50°C and 2.6×107 Pa). \u0000 \u0000Three 3D models are reconstructed from images of the prepared rock slices to represent the pore structure of the rock before injection and the inlet and outlet of the core subjected to CW injection. Avizo (a commercial softw","PeriodicalId":135089,"journal":{"name":"SRPN: Carbon Reduction (Topic)","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130798736","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Climate-related Risks and Central Banks’ Collateral Policy: A Methodological Experiment","authors":"Antoine Oustry, Bünyamin Erkan, Romain Svartzman, Pierre-François Weber","doi":"10.2139/ssrn.3771299","DOIUrl":"https://doi.org/10.2139/ssrn.3771299","url":null,"abstract":"Central banks increasingly acknowledge that climate change is a source of financial risks, which is likely to also impact their conduct of monetary policy. Against this backdrop, the aim of this paper is to explore one potential approach to factoring climate-related transition risks into a central bank’s collateral framework. Given the radical uncertainty associated with measuring such risks, this approach relies on so-called climate “alignment” methodologies, which enable to assess the consistency of eligible and pledged marketable assets with specific climate targets. Moreover, this paper proposes a “climate-hedging portfolio approach”: instead of seeking to “align” the collateral on an asset-by-asset basis, central banks could aim for “alignment”, in aggregate, of the collateral pools pledged by their counterparties with a given climate target. The rationale for this choice is that assessing climate-related risk at the pool level avoids the Eurosystem having to decide on which assets/issuers in the pools should be excluded or capped, and is therefore more compatible with a market neutrality approach. The numerical experiment using Eurosystem marketable criteria data suggests that, in aggregate, neither the Eurosystem eligible collateral universe nor the collateral pledged is “aligned” with the climate targets of the European Union. From this perspective, the Eurosystem marketable collateral can be considered to be exposed to climate-related transition risks. We discuss the potential practical implications of aiming to “align” collateral pools, and suggest avenues for further work","PeriodicalId":135089,"journal":{"name":"SRPN: Carbon Reduction (Topic)","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114948704","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Impact of a Climate Network: The Role of Intermediaries in Local Level Climate Action","authors":"Santtu Karhinen, Juha Peltomaa, Venla Riekkinen, Laura Saikku","doi":"10.2139/ssrn.3703510","DOIUrl":"https://doi.org/10.2139/ssrn.3703510","url":null,"abstract":"Abstract Local governments have set highly ambitious greenhouse gas emission reduction targets on a strategic level, in some cases influenced by intermediary networks. Yet, the quantitative impacts of climate strategies or the sharing of best practices on emissions still remain largely unknown. The aim of this study was to examine the impact of an intermediary network on municipal greenhouse gas emissions. This was done through an econometric analysis of the emissions of municipalities that are members of the Finnish Hinku (Towards Carbon Neutral Municipalities) network, and through comprehensive qualitative interviews conducted in 40 of those municipalities. Our quantitative results show that Hinku network membership has successfully led to the lowering of greenhouse gas emission levels in participating municipalities. The qualitative interviews suggest that this is due to systematic local level climate work, enhanced by network membership. The network functions as an intermediary in two ways: by providing expertise and enabling peer-support. In addition, it has also succeeded in legitimising local level climate action. Ambitious local level climate action can also affect the ambition of national climate policy, which in turn may reflect on the amount resources allocated to local climate action.","PeriodicalId":135089,"journal":{"name":"SRPN: Carbon Reduction (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121757307","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Transport Infrastructure and CO 2 Emissions in the OECD Over the Long Run","authors":"Sefa Awaworyi Churchill, J. Inekwe, Kris Ivanovski, R. Smyth","doi":"10.2139/ssrn.3673256","DOIUrl":"https://doi.org/10.2139/ssrn.3673256","url":null,"abstract":"We examine the effect of transport infrastructure on carbon dioxide (CO2) emissions in OECD countries over a period of almost 150 years. To do so, we employ both parametric and non-parametric panel data techniques. With the parametric estimates, we find mixed evidence of a statistically significant positive relationship between transport infrastructure and CO2 emissions, which is dependent on the specific long-run estimator used. Our non-parametric estimates suggest that the common trend function for CO2 emissions is rising for most of the period and that there is a time-varying relationship between transport infrastructure and CO2 emissions. The computed time-varying coefficient function of transport infrastructure has been positive since 1940, and the observed effect is most pronounced between 1940 and 1960.","PeriodicalId":135089,"journal":{"name":"SRPN: Carbon Reduction (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114077277","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Border Carbon Adjustments in a Post-Paris World: Same Old, Same Old, but Different?","authors":"Harro van Asselt, M. Mehling","doi":"10.2139/ssrn.3595988","DOIUrl":"https://doi.org/10.2139/ssrn.3595988","url":null,"abstract":"With the adoption of the Paris Agreement in 2015, nations ushered in a new era of international climate change cooperation. To meet the Agreement’s goals, countries need to adopt increasingly ambitious national emissions control pledges. While the Agreement covers all countries, ambition levels and the implementation of policy measures will likely vary. Any unevenness in ambition or implementation will increase pressure on policy makers to prevent loss of competitiveness, relocation of carbon-intensive production to other countries (carbon leakage), and free rider behavior. Addressing these issues will likely require measures providing some form of remedy for producers subject to carbon constraints. This paper focuses on one such proposal: border carbon adjustments, which are charges levied on the greenhouse gases emitted during the production of a good. In recent years, policy makers have increasingly pushed for the development of a carbon charge imposed at the border. However, if border adjustments are implemented, policy makers need to address concerns about violating international trade law. This paper outlines how such a design could be developed. First, we introduce the concept of border carbon adjustments and explain how they have featured in policy discussions thus far. We then examine the compatibility of border carbon adjustments with World Trade Organization (WTO) law. Finally, we outline several design principles that could guide the adoption and implementation of such measures.","PeriodicalId":135089,"journal":{"name":"SRPN: Carbon Reduction (Topic)","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131946497","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"More Birds than Stones – A Framework for Second-Best Energy and Climate Policy Adjustments","authors":"C. Fischer, Michael Hübler, Oliver Schenker","doi":"10.2139/ssrn.3561030","DOIUrl":"https://doi.org/10.2139/ssrn.3561030","url":null,"abstract":"Tinbergen's seminal work showed that we need as many policy instruments as there are market failures to address. In practice, however, regulatory power is often constrained, making it difficult or impossible to implement the first-best policy portfolio. We analyze analytically and numerically how available policy instruments should be adjusted vis-a-vis the first-best to account for under-internalized secondary market failures. As a concrete example, consider the power sector: alongside the external costs of emissions, evidence suggests that consumers undervalue energy efficiency investments, and knowledge spillovers hamper R&D and learning-by-doing in low-carbon technologies. By exploring the potential and limits of policy instrument substitution, we provide guidance for policymakers on how to adjust first-best policies in second-best situations. We calibrate the theoretical model to the European electricity sector and find that, compared with the first-best policy portfolio, relying on CO2 pricing alone increases the policy cost of the EU CO2 emissions target by about 30%. Uninternalized R&D spillovers contribute the most to this increase, and are the most difficult to address indirectly, even with learning subsidies. By contrast, almost 40% of the additional cost created by the absence of optimal energy efficiency subsidies can be recuperated by a second-best electricity tax.","PeriodicalId":135089,"journal":{"name":"SRPN: Carbon Reduction (Topic)","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124613757","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"CETA and Air Pollution","authors":"Dhimitri Qirjo, Razvan Pascalau, Dmitriy Krichevskiy","doi":"10.2139/ssrn.3583045","DOIUrl":"https://doi.org/10.2139/ssrn.3583045","url":null,"abstract":"The study empirically investigates and shows that on average, the implementation of the Comprehensive Economic and Trade Agreement (CETA) may contribute to the fight against global warming. This study finds that on average, a one percent increase of a percentage point in the bilateral volume of trade as a portion of GDP between Canada and a typical EU member could help reduce annual per capita emissions of GHGs in an average CETA member by about .57 percent. The results also show that the presence of CETA may decrease annual per capita emissions of GHGs in almost all CETA members. There is no statistically significant evidence suggesting an increase of GHGs per capita emissions in any CETA member, regardless of the model or statistical method employed in the paper. These results stand because of the combinations of the factor endowment hypothesis (FEH), the pollution haven hypothesis based on population density variations (PHH2), and the pollution haven hypothesis based on national income differences (PHH1) between each EU member and Canada.","PeriodicalId":135089,"journal":{"name":"SRPN: Carbon Reduction (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128091967","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Fighting Climate Change with Disclosure? The Real Effects of Mandatory Greenhouse Gas Emission Disclosure","authors":"Benedikt Downar, J. Ernstberger, Hannes Rettenbacher, Sebastian Schwenen, A. Zaklan","doi":"10.2139/ssrn.3352390","DOIUrl":"https://doi.org/10.2139/ssrn.3352390","url":null,"abstract":"We examine whether mandatory disclosure of greenhouse gas (GHG) emissions influences companies’ GHG emission levels. We identify the disclosure effect by exploiting a mandate requiring UK-incorporated listed companies to disclose information on GHG emissions in their annual reports. Using a difference-in-differences design, we show that disclosing GHG emissions in annual reports reduces emission levels by about 18% over three years. We find that emission reductions primarily occur for first-time mandatory reporters compared to firms who already voluntarily reported GHG information prior to the mandate. Further, we find that the emission reductions are permanent rather than transitory and we obtain stronger results for firms with larger savings potentials. Our effects are robust to various sample specifications, i.e., analysis at the installation- and firm-level, alternative control groups, and propensity score matching.","PeriodicalId":135089,"journal":{"name":"SRPN: Carbon Reduction (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121749017","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}