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The Importance of Climate Risks for Institutional Investors 气候风险对机构投资者的重要性
ChemRN: Energy Policy (Topic) Pub Date : 2019-11-11 DOI: 10.1093/RFS/HHZ137
Philipp Krueger, Z. Sautner, L. Starks
{"title":"The Importance of Climate Risks for Institutional Investors","authors":"Philipp Krueger, Z. Sautner, L. Starks","doi":"10.1093/RFS/HHZ137","DOIUrl":"https://doi.org/10.1093/RFS/HHZ137","url":null,"abstract":"\u0000 According to our survey about climate risk perceptions, institutional investors believe climate risks have financial implications for their portfolio firms and that these risks, particularly regulatory risks, already have begun to materialize. Many of the investors, especially the long-term, larger, and ESG-oriented ones, consider risk management and engagement, rather than divestment, to be the better approach for addressing climate risks. Although surveyed investors believe that some equity valuations do not fully reflect climate risks, their perceived overvaluations are not large.","PeriodicalId":151913,"journal":{"name":"ChemRN: Energy Policy (Topic)","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133471746","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}
引用次数: 690
Efficient Pricing of Electricity Revisited 重新审视电力的有效定价
ChemRN: Energy Policy (Topic) Pub Date : 2019-07-29 DOI: 10.2139/ssrn.3477824
Mathias Mier
{"title":"Efficient Pricing of Electricity Revisited","authors":"Mathias Mier","doi":"10.2139/ssrn.3477824","DOIUrl":"https://doi.org/10.2139/ssrn.3477824","url":null,"abstract":"Increasing shares of renewables challenge the classical way to trade electricity ex-ante: Coal power plants cannot react to the stochastic element of renewables, whereas gas turbines can. We use a theoretical model to analyze incentives of perfectly competitive firms to invest in different types of technologies under ex-ante pricing. Coal power firms recover costs, but renewables and gas turbine firms fail to do so. We identify imperfections that arise from the delay in price setting and market clearing. Do real-time prices induce an efficient outcome? Support is redundant for gas turbine firms, but renewables firms fail to recover costs.","PeriodicalId":151913,"journal":{"name":"ChemRN: Energy Policy (Topic)","volume":"94 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125453557","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}
引用次数: 5
Welfare Ranking of Emissions Taxes, Cap & Trade, and Banking & Borrowing 排放税、限额与交易、银行与借贷的福利排名
ChemRN: Energy Policy (Topic) Pub Date : 2019-02-18 DOI: 10.2139/ssrn.3337134
L. Karp
{"title":"Welfare Ranking of Emissions Taxes, Cap & Trade, and Banking & Borrowing","authors":"L. Karp","doi":"10.2139/ssrn.3337134","DOIUrl":"https://doi.org/10.2139/ssrn.3337134","url":null,"abstract":"Under asymmetric information between firms and a regulator, intertemporal trade of pollution permits can increase welfare relative to both emissions taxes and cap and trade (quotas). In the subgame perfect equilibrium, banking and borrowing dominates taxes and quotas for a large region of parameter space provided that cost shocks are positively correlated and the trading phase is not too long. We show how to determine the optimal length of a trading phase, and explain why it is typically short. In the open loop setting banking and borrowing is likely to be a good alternative for quotas but not for taxes.","PeriodicalId":151913,"journal":{"name":"ChemRN: Energy Policy (Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130395671","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}
引用次数: 2
How to Accelerate Green Technology Diffusion? An Agent-based Approach to Directed Technological Change with Coevolving Absorptive Capacity 如何加快绿色技术的传播?具有共同演化吸收能力的定向技术变革研究
ChemRN: Energy Policy (Topic) Pub Date : 2019-01-02 DOI: 10.2139/ssrn.3312654
Kerstin Hötte
{"title":"How to Accelerate Green Technology Diffusion? An Agent-based Approach to Directed Technological Change with Coevolving Absorptive Capacity","authors":"Kerstin Hötte","doi":"10.2139/ssrn.3312654","DOIUrl":"https://doi.org/10.2139/ssrn.3312654","url":null,"abstract":"The window of opportunity for effective climate change mitigation is closing. Hence, it is decisive to unterstand how to accelerate the diffusion of climate friendly technologies. Path dependence of technological change is an explanation for sluggish diffusion even if a technology is superior in the long run. This paper studies the determinants of diffusion, learning and the coevolution of innovation and hetergeneous absorptive capacity. I show how the effectiviness of different market based climate policies depends on the type and strength of diffusion barriers. \u0000 \u0000I introduce a macroeconomic agent-based model that is an eco-technology extended version Eurace@unibi model. Technology is heterogeneous by type (green or brwon). Firms choose between types when acquiring capital goods and build up type-specific technological know-how that is needed to exploit the productive potential of capital. Path dependence is operationalized as accumulated diffusion barriers taking the form of inferior technical performance of supplied green capital and type-specific know-how of adopters. The barriers interrelate with positive feedback loops from market induced innovation dynamics and learning by doing, and analyze how these mechanisms explain path dependence and the emerging macroeconomic patterns of technology diffusion. Environmental taxes can outweigh a lower technical performance and subsidies perform better if lacking capabilities hinder firms to adopt a sufficiently mature technology.","PeriodicalId":151913,"journal":{"name":"ChemRN: Energy Policy (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128689766","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}
引用次数: 5
Stabilization Mechanisms for Nuclear Investments vs. Electricity Market Liberalization: The Case of Contract for Difference. Lessons from the United Kingdom and Romania 核能投资稳定机制与电力市场自由化:差价合约案例。英国和罗马尼亚的经验教训
ChemRN: Energy Policy (Topic) Pub Date : 2018-12-01 DOI: 10.54648/eelr2018028
C. Stănescu
{"title":"Stabilization Mechanisms for Nuclear Investments vs. Electricity Market Liberalization: The Case of Contract for Difference. Lessons from the United Kingdom and Romania","authors":"C. Stănescu","doi":"10.54648/eelr2018028","DOIUrl":"https://doi.org/10.54648/eelr2018028","url":null,"abstract":"The article addresses Contracts for Difference (CfD) as state aid and price stabilization mechanisms needed to mitigate the risks stemming from the incompat- ibility of liberalized electricity markets and nuclear energy investments. It starts by defining CfD mechan- ism as state aid required to support nuclear invest- ments. It continues by analyzing the issue of state aid in relation to the nuclear sector, with focus on the ``market failure'' argument as it transpires from both the European Commission's assessment of the state aid scheme and the decision of the Grand Chamber of the Court of Justice of the European Union. Attention is dedicated to the uses of the same support scheme in two similar nuclear projects in Hinkley Point (United Kingdom) and CernavodaÆ (Romania). The article concludes that given the systemic differences between the two national energy markets, CfD might not be a suitable solution for both national energy markets.","PeriodicalId":151913,"journal":{"name":"ChemRN: Energy Policy (Topic)","volume":"120 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133939262","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}
引用次数: 0
The Past, Present and Future of Renewable Portfolio Standards 可再生能源投资组合标准的过去、现在和未来
ChemRN: Energy Policy (Topic) Pub Date : 2018-11-25 DOI: 10.2139/ssrn.3295323
J. Einloth
{"title":"The Past, Present and Future of Renewable Portfolio Standards","authors":"J. Einloth","doi":"10.2139/ssrn.3295323","DOIUrl":"https://doi.org/10.2139/ssrn.3295323","url":null,"abstract":"We use data from two decades of experience with renewable portfolio standards (RPS) in the United States to identify economic incentives which affect states' decisions to adopt RPS, how renewable goals are set, and how states increase these goals over time. We find that income, economic sensitivity to electricity price, and the prevalence of merchant generators influence RPS policy. We also find that the development of in-state renewable resources is an important objective of RPS policy. These factors have led to a divergence in RPS policy among states, with some states pursuing ambitious goals at increasing marginal cost. This suggests that voluntary state support for renewables is not a sustainable approach to increasing the national production of renewables energy.","PeriodicalId":151913,"journal":{"name":"ChemRN: Energy Policy (Topic)","volume":"100 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115803054","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}
引用次数: 1
Innovation, Entrepreneurship and Economy for Sustainable Development 创新、创业和经济促进可持续发展
ChemRN: Energy Policy (Topic) Pub Date : 2018-10-14 DOI: 10.2139/ssrn.3266042
N. Islam
{"title":"Innovation, Entrepreneurship and Economy for Sustainable Development","authors":"N. Islam","doi":"10.2139/ssrn.3266042","DOIUrl":"https://doi.org/10.2139/ssrn.3266042","url":null,"abstract":"The economic growth of a country often depends on the factors like availability of natural resources, rate of capital formation, favorable capital-output ratio, technological progress, dynamic entrepreneurship, rate of growth of population, conditions of social overheads such as, education, health, and various non-economic factors. In 1960s, Cattell and Butchir found that 7% world populations living in USA and they enjoy 43% world’s wealth while 55% populations live in Asia enjoy only 16% resources of the world. At present, just 5% of the world's population live in USA consumes 23% of its energy. That's really extravagant. Imagine if you waste five times more gasoline or five times more food or produced five times more garbage, your neighbors wouldn't be very happy! Yet, that's what we're doing. This difference is mainly because of the ownership of natural resources. However, these resources are not unique for certain countries only but its existence cannot expedite the economic growth without the development of entrepreneurship.","PeriodicalId":151913,"journal":{"name":"ChemRN: Energy Policy (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129172396","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}
引用次数: 0
Analysis of the Evolution of the Adhesion of Firms to the Corporate Sustainability Index (ISE) 企业对企业可持续发展指数(ISE)的附着力演化分析
ChemRN: Energy Policy (Topic) Pub Date : 2018-08-25 DOI: 10.2139/ssrn.3238956
V. Crisóstomo, Lorena Albuquerque da Silva Gomes, C. Braga
{"title":"Analysis of the Evolution of the Adhesion of Firms to the Corporate Sustainability Index (ISE)","authors":"V. Crisóstomo, Lorena Albuquerque da Silva Gomes, C. Braga","doi":"10.2139/ssrn.3238956","DOIUrl":"https://doi.org/10.2139/ssrn.3238956","url":null,"abstract":"Under the frameworks of the Voluntary Disclosure and Stakeholder Theoriesy this work aims to analyze the evolution, the adherence and the continuity of firms in the Corporate Sustainability Index (ISE) of B3. Methodology is based on content analyses of the ISE questionnaire, descriptive analysis, and tests for the difference in proportions. The analysis was based on all 72 firms that have already composed the ISE portfolio. Results show a growing interest of firms to integrate the ISE index given the annual increase in the number of companies. The findings indicate a significant proportion of firms that remain in ISE portfolio in consecutive years. Similarly, the proportion of firms that allow making public the content of their questionnaire is also significant. In addition, it is important to highlight the dimensions of the ISE questionnaire which inquires about firm policies beyond the typical social dimension of Corporate Social Responsibility, i.e. the social dimension. In fact, the ISE index comprises strongly the Corporate Governance and Economic dimensions of CSR.","PeriodicalId":151913,"journal":{"name":"ChemRN: Energy Policy (Topic)","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129710451","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}
引用次数: 1
Putting Public Trust Doctrine to Work: A Study of Judicial Intervention in Environmental Justice 公共信托原则的运用:环境司法干预研究
ChemRN: Energy Policy (Topic) Pub Date : 2018-06-27 DOI: 10.2139/ssrn.3203467
Muhammad Munir
{"title":"Putting Public Trust Doctrine to Work: A Study of Judicial Intervention in Environmental Justice","authors":"Muhammad Munir","doi":"10.2139/ssrn.3203467","DOIUrl":"https://doi.org/10.2139/ssrn.3203467","url":null,"abstract":"This article analyses the judicial intervention in enforcing the Public Trust Doctrine (‘PTD’) in Pakistan. According to the PTD, a government is responsible to protect certain natural resources like clean air, water, rivers, public parks, and forests. The government acts as a trustee to protect these unique natural resources. This article critically examines the application of the PTD by the superior judiciary in Pakistan. It does so by tracing out the theoretical framework, origin, and background of the PTD. The article analyses the development, application, and geological scope of this doctrine in Pakistan by critically examining the leading case law. It is argued that the superior judiciary in Pakistan has applied this doctrine in two ways — directly and impliedly. It has done so by relying on Indian and American case law and leading international environmental treaties. This article examines two widely applicable tests namely, the ‘Legislative Test Approach’ and the ‘Substantive Test Approach’ to assess the scope of the PTD. Finally, the article traces the limitations of the PTD. It concludes with the suggestion that policy makers should treat environmental rights as fundamental human rights by including it in Part II, Chapter I of the Constitution of Islamic Republic of Pakistan 1973.","PeriodicalId":151913,"journal":{"name":"ChemRN: Energy Policy (Topic)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127899622","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}
引用次数: 0
Natural Gas Deregulation in the US: 1970-2000 美国天然气放松管制:1970-2000
ChemRN: Energy Policy (Topic) Pub Date : 2018-05-21 DOI: 10.2139/ssrn.3182854
S. Isser
{"title":"Natural Gas Deregulation in the US: 1970-2000","authors":"S. Isser","doi":"10.2139/ssrn.3182854","DOIUrl":"https://doi.org/10.2139/ssrn.3182854","url":null,"abstract":"This paper traces the process of deregulation in the US natural gas market in the 1970s and 1980s and the restructuring of the gas market in the 1990s. I review the politics behind deregulation and the actions of the FPC and FERC to first regulate the market and then implement the Natural Gas Policy Act of 1978. The interplay between the Courts and the regulatory agencies is examined, and the impact of regulatory and legal decisions on natural gas markets are detailed.","PeriodicalId":151913,"journal":{"name":"ChemRN: Energy Policy (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124479888","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}
引用次数: 0
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