Emissions Compliances and Carbon Prices under the EU ETS: A Country Specific Analysis of Industrial Sectors

Alberola, Émilie; Chevallier, Julien; Chèze, Benoît

doi:10.1016/j.jpolmod.2008.12.004

Cited by 101 publications

(45 citation statements)

References 10 publications

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“…Kemp (2010) and Kemp and Pontoglio (2011) comment on ETS innovation e¤ects in their EI related work. These studies refer to the lack of empirical work and …rm level data on innovation and policy although some micro studies have emerged which try to rebalance the prevalence of macro based simulation studies focusing on carbon pricing and its economic and environmental e¤ects (Alberola et al, 2009(Alberola et al, , 2008Tole, 2011). Taschini (2011) provides a theoretical study on the technological features of ETS developments, but it relies on simulation analysis.…”

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confidence: 99%

Brown Sunsets and Green Dawns in the Industrial Sector: Environmental Innovations, Firm Behavior and the European Emission Trading

2012

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SummaryWe study the driving forces behind the adoption of environmental innovations (EI) in the Italian industry over 2006-2008 through analyses of the new wave of Community Innovation Survey (CIS) data that covered for the first time environmental innovation adoptions. We investigate whether the first phase of EU ETS has exerted some effects on environmental innovations by using a very large sample of italian manufcturing firms. Estimates show that external forces and complementarity with other management practices are particularly relevant to increase the adoption of relatively new and radical technologies: relationships with other firms and institutions, local public funding, group membership are the key factors. The role of ETS on EI seems instead to be weak: it drives innovation if we compare ETS and non ETS firms, but the stringency itself does not matter, due to sector idiosyncratic factors and to the fact that stability of policy also matters. We study the driving forces behind the adoption of environmental innovations (EI) in the Italian industry over 2006-2008 through analyses of the new wave of Community Innovation Survey (CIS) data that covered for the …rst time environmental innovation adoptions. We investigate whether the …rst phase of EU ETS has exerted some e¤ects on environmental innovations by using a bery large sample of italian manufcturing …rms. Estimates show that external forces and complementarity with other management practices are particularly relevant to increase the adoption of relatively new and radical technologies: relationships with other …rms and institutions, local public funding, group membership are the key factors. The role of ETS on EI seems instead to be weak: it drives KeywordsThe authors would like to thank seminar participants at the International Workshop on Evaluating Innovation Policy: Methods and Applications (EUNIP, 5-6/5/2011, Florence), at the SIEP (Società Italiana di Economia Pubblica, Pavia, 19-20/9/2011), the SIE (Società Italiana degli Economisti, Rome, 14-15/10/2011) and the 2011 Conference of the European Association for Evolutionary Political Economy (EAEPE, Vienna, 27-30/10/2011). The usual disclaimer applies. Corresponding author: Simone Borghesi, Faculty of Political Science, Department of Law, Economics and Government, University of Siena, via Mattioli 10, 53100 Siena, Italy. E-mail: simone.borghesi@unisi.it. 1 innovation if we compare ETS and non ETS …rms, but the stringency itself does not matter, due to sector idiosincratic factors and to the fact that stability of policy also matters.

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Brown Sunsets and Green Dawns in the Industrial Sector: Environmental Innovations, Firm Behavior and the European Emission Trading

2012

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“…According to the "macroeconomic approach" defined in Section 3.2, the results confirm that significant influences exist between CO 2 futures prices and macroeconomic activity (Alberola et al (2008(Alberola et al ( , 2009), Bredin and Muckley (2011), Mansanet-Bataller et al (2011), Chevallier (2011b). What is new is that these relationships are studied in a nonlinear framework, as advised by Chevallier (2011e).…”

Section: Diagnostic Testsmentioning

confidence: 63%

“…Taken together, these results yield to new insights into the relationship between the CO 2 price and the macroeconomy compared to the linear regression framework (Alberola et al (2008(Alberola et al ( , 2009 …”

Section: Diagnostic Testsmentioning

confidence: 79%

“…These first stylized analyses are due to Alberola et al (2008Alberola et al ( , 2009, who provide the first rigorous econometric exercises aimed at disentangling the potential impacts ranging from production to environmental conditions on carbon prices. By instrumenting industrial production indices at the EU ETS sector-level, the authors show empirically that fluctuations in the level of economic activity are a key determinant of the level of carbon price returns in the combustion, paper and iron sectors (which account for nearly eighty percent of allowances allocated), and in four countries (Germany, Spain, Poland, UK).…”

Section: Previous Studiesmentioning

confidence: 99%

“…The "macroeconomic" approach: in this category, we will find the early work by Alberola et al (2008Alberola et al ( , 2009, as well as a series of new studies.…”

Section: Previous Studiesmentioning

confidence: 99%

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Understanding the Link Between Aggregated Industrial Production and the Carbon Price

Chevallier

2014

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:This chapter assesses the extent to which economic activity and the carbon price are linked. Carbon price drivers can be mainly related to energy and institutional variables. However, the influence of the macroeconomic environment shall not be undermined. Various approaches exist in the literature, which favor financial market variables over macroeconomic variables. Following a review of the state of the EU ETS, the main channel of transmission between the variation of macroeconomic activity and the carbon price is recalled, by using the aggregated industrial production as a proxy. An original empirical application unfolds, by studying the carbon-macroeconomy relationship in the threshold VAR model during [2005][2006][2007][2008][2009][2010][2011][2012][2013]. Further research is called upon in nonlinear econometrics.

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Do Regulations Affect Carbon Market Returns and Volatility?

Veld‐Merkoulova

Viteva²

2015

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Emissions Compliances and Carbon Prices under the EU ETS: A Country Specific Analysis of Industrial Sectors

Cited by 101 publications

References 10 publications

Brown Sunsets and Green Dawns in the Industrial Sector: Environmental Innovations, Firm Behavior and the European Emission Trading

Brown Sunsets and Green Dawns in the Industrial Sector: Environmental Innovations, Firm Behavior and the European Emission Trading

Understanding the Link Between Aggregated Industrial Production and the Carbon Price

Do Regulations Affect Carbon Market Returns and Volatility?

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