Using Credit Default Swap spreads, we construct a forward-looking, market-implied carbon risk factor and show that carbon risk affects firms’ credit spread. The effect is larger for European than North American firms and varies substantially across industries, suggesting the market recognises...

This study investigates the effect of manufacturing activities and economic openness on CO2 emissions in Ghana for the period 1975 to 2014 using WDI data of the subsector. We conducted the Bayer and Hanck combined cointegration test to examine the short run and long run relationship. The ARDL...

Rapid Arctic environmental change affects the entire Earth system as thawing permafrost ecosystems release greenhouse gases to the atmosphere. Understanding how much permafrost carbon will be released, over what time frame, and what the relative emissions of carbon dioxide and methane will be is...

Economists have for decades recommended that carbon dioxide and other greenhouse gases be taxed—or otherwise priced—to provide incentives for their reduction. The United States does not have a federal carbon tax; however, many state and federal programs to reduce carbon emissions effectively...

We review the state of knowledge concerning international CO emission transfers associated particularly with trade in energy-intensive goods and concerns about carbon leakage arising from climate policies. The historical increase in aggregate emission transfers from developing to developed...

The Program for Reduction of Greenhouse Gas Emissions in Agriculture (ABC Program) represents a novel initiative of the Brazilian government and has strong potential to increase soil carbon sequestration in livestock production, but its impact has not been empirically evaluated. The objective of...

Mergers between state-owned enterprises(SOEs) and private enterprises(PEs) have attracted increasing attention, especially in low-carbon industries, as a way to realize mixed ownership reform. This paper examines the impact of these horizontal mergers on carbon emissions, profits, social...

Beliefs about future allowance prices in cap-and-trade schemes are heterogeneous and not necessarily fully informed. This paper shows how carbon-market design affects the impact of noise traders on equilibrium prices. Price-based flexibility mechanisms encourage arbitrage by rational traders and...

The effects of climate change on natural systems will be substantial, widespread, and likely irreversible. Warmer temperatures and changing precipitation patterns have already contributed to forest dieback and pushed some species toward extinction. Natural systems contribute to human welfare...

Carbon pricing initiatives, designed to increase the relative prices of greenhouse gas-intensive goods and services, could not only push up CPI inflation but also affect its volatility. Existing empirical literature has only found that carbon pricing schemes are generally associated to a...