气候变化领域集成服务门户(CCPortal): Carbon price floors and low-carbon investment: A survey of German firms

CCPortal

DOI	10.1016/j.enpol.2022.113187
	Carbon price floors and low-carbon investment: A survey of German firms
	Ohlendorf, Nils; Flachsland, Christian; Nemet, Gregory F.; Steckel, Jan Christoph
发表日期	2022
ISSN	0301-4215
EISSN	1873-6777
卷号	169 页码:15
英文摘要	Introducing a price floor in emissions trading schemes (ETS) theoretically stabilizes expectations on future carbon prices and thus fosters low-carbon investment. Yet, ex post evidence on high carbon prices is scant and the relevance of carbon pricing for investment decisions is frequently contested. We provide empirical ex ante evidence on how a price floor in the EU ETS would impact the size and portfolio of energy firms' investments. Analyzing survey responses of high-level managers in 113 German energy and industry companies, we find that the level of the price floor is crucial. A low price floor trajectory only provides insurance against downward price fluctuations and would leave investments largely unchanged except for industries receiving electricity price compensation, which reduce their investments. A high floor, significantly increasing the price level beyond current expectations, leads to higher investment by the majority of firms, especially by green firms, while investment in fossil energy would partially be abolished. Our studies implies that price floors can be important design components of ETS. However, policymakers need to ensure that they are at sufficiently high levels to affect investment decisions in a meaningful way.
英文关键词	Carbon pricing; EU ETS; Investment decisions
学科领域	Economics; Energy & Fuels; Environmental Sciences; Environmental Studies
语种	英语
WOS研究方向	Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology
WOS记录号	WOS:000848156600006
来源期刊	ENERGY POLICY
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/272116
作者单位	Technical University of Berlin; University of Wisconsin System; University of Wisconsin Madison; Brandenburg University of Technology Cottbus
推荐引用方式 GB/T 7714	Ohlendorf, Nils,Flachsland, Christian,Nemet, Gregory F.,et al. Carbon price floors and low-carbon investment: A survey of German firms[J],2022,169:15.
APA	Ohlendorf, Nils,Flachsland, Christian,Nemet, Gregory F.,&Steckel, Jan Christoph.(2022).Carbon price floors and low-carbon investment: A survey of German firms.ENERGY POLICY,169,15.
MLA	Ohlendorf, Nils,et al."Carbon price floors and low-carbon investment: A survey of German firms".ENERGY POLICY 169(2022):15.