Environmental versus economic performance in the EU ETS from the point of view of policy makers: A statistical analysis based on copulas

Segura, Sara; Agudo, Luis Ferruz; Gargallo, Pilar; Salvador, Manuel

doi:10.1016/j.jclepro.2017.11.218

Cited by 39 publications

(30 citation statements)

References 34 publications

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“…Three limits are identified: (i) it is not an attractive market for its economic added value, (ii) it is not able to maintain the carbon price sufficiently high and (iii) it has no reduced significantly the overall emissions (Gerbeti 2017). In particular, EU ETS had not encouraged green investments (Segura et al 2018) and its ineffectiveness is substantiated in times of economic crisis (Vlachou and Pantelias 2017). Another work defines that EU ETS lacks fairness on both effectiveness and the distribution of the duties involved in climate change (Dirix et al 2015).…”

Section: Literature Reviewmentioning

confidence: 99%

The Profitability of Residential Photovoltaic Systems. A New Scheme of Subsidies Based on the Price of CO2 in a Developed PV Market

D’Adamo

2018

Social Sciences

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Photovoltaic (PV) resource drives the clean global economy of the future. Its sustainability is widely confirmed in literature, however some countries present a growth very low in the last years. A new policy proposal is examined in this work. It aims to stimulate a new diffusion of PV plants in mature markets (e.g., Italy) regarding residential consumers. The subsidy is given to the amount of energy produced by PV plant for a period of 20 years (equal to its lifetime) and its value is calculated according to the scheme of European Emissions Trading System (EU ETS). Discounted Cash Flow (DCF) is used as economic method and two indexes are proposed: Net Present Value (NPV) and Discounted Payback Time (DPBT). The baseline case studies vary in function of two variables; (i) the share of self-consumption (30%, 40% and 50%) and (ii) the price of emissions avoided (10, 35 and 70 € per ton of CO2eq). Results confirms the environmental advantages of PV sources as alternative to the use of fossil fuels (685 gCO2eq/kWh) and economic opportunities are verified in several scenarios (from 48 €/kW to 1357 €/kW). In particular, the profitability of PV systems is greater with a subsidized rate of fiscal deduction of 50% in comparison to subsidies with a value of carbon dioxide lower than 18.50 €/tCO2eq.

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Section: Literature Reviewmentioning

confidence: 99%

The Profitability of Residential Photovoltaic Systems. A New Scheme of Subsidies Based on the Price of CO2 in a Developed PV Market

D’Adamo

2018

Social Sciences

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“…Second, BCELF cannot fully solve all problems of existing ETSs [40,42,76]. For example, the merge of ETS across different industries remains a challenge due to different standards and the carbon emission allowances.…”

Section: Discussionmentioning

confidence: 99%

“…Since the "Kyoto Protocol" came into effect [39], the carbon emission trading market has become a commodity trading market with great potential. While the social and economic effects of the ETS are topics still being discussed [40][41][42], multiple ETS have been emerging around the world. The European Union Emissions Trading System, also known as the European Union Emissions Trading Scheme (EU ETS), is the first large greenhouse gas emissions trading scheme in the world [43].…”

Section: Improvement Of Environmental Sustainability In Fashion Apparmentioning

confidence: 99%

Blockchain Enhanced Emission Trading Framework in Fashion Apparel Manufacturing Industry

2018

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Motivated by the recent blockchain technology originally built for bitcoin transactions, various industries are exploring the opportunities to redefine their existing operational systems. In this study, an innovative environmentally sustainable solution is proposed for the fashion apparel manufacturing industry (FAMI), which is energized by blockchain. Incorporating the Emission Trading Scheme (ETS), and a novel "emission link" system, the proposed framework exposes carbon emission to the public and establishes a feature to reduce the emissions for all key steps of clothing making. Fully compatible with Industry 4.0, blockchain provides decentralization, transparency, automation, and immutability characteristics to the proposed framework. Specifically, the blockchain supported ETS framework, the carbon emissions of clothing manufacturing life cycle, and the emission link powered procedures are introduced in detail. A case study is provided to demonstrate the carbon emission evaluation procedure. Finally, a multi-criteria evaluation is performed to demonstrate the benefits and drawbacks of the proposed system.

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“…To that end, researchers have employed multi-factor asset pricing models such as the Fama-French three-factor model [20] and the Carhart four-factor model [21] as well as the more recent Fama-French five-factor model [4]. These are of the works of Goldreyer and Diltz [22], Cummings [23], Bello [24], Bauer et al [25], Gregory and Whittaker [26], Jones et al [27], Cortez et al [28], Humphrey and Lee [29], Capelle and Monjon [30], Nofsinger and Varma [31], Lean et al [32], Leite and Cortez [33], Jin and Han [34] Joliet and Titova [3], Segura et al [15], Boermans and Galema [35], Martí-Ballester [36] and Martí-Ballester [37], among others.…”

Section: Literature Reviewmentioning

confidence: 93%

“…In short, the SRI consists of incorporating not only financial aspects such as return, risk and liquidity into the asset selection process, but also other aspects related to the company's good practices in environmental, social or corporate governance matters (ESG). Therefore, the SRI concept is a broad investment idea that encompasses other more specific approaches such as the so-called green investment that only considers the environmental objectives of sustainable investors [13][14][15] or impact investment that considers social aspects [16].…”

Section: Literature Reviewmentioning

confidence: 99%

Sustainable Development Goals and Investment Strategies: The Profitability of Using Five-Factor Fama-French Alphas

Miralles‐Quirós

Nogueira

2020

Sustainability

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This study focuses on assets related to Sustainable Development Goals (SDGs), which are the most recent aspect of the Socially Responsible Investment framework and have caught the attention of investors due to their investment opportunities as well as the global challenges that can be achieved. The profitability of developing an investment strategy is shown based on the value of the alphas obtained from the estimation of the Fama-French five-factor model when compared to an equally weighted portfolio, even when transaction costs are taken into consideration. In addition, it is proven that investors should focus their investments on two main SDGs: Good health and well-being (Goal 3) and Industry, innovation and infrastructure (Goal 9).

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Environmental versus economic performance in the EU ETS from the point of view of policy makers: A statistical analysis based on copulas

Cited by 39 publications

References 34 publications

The Profitability of Residential Photovoltaic Systems. A New Scheme of Subsidies Based on the Price of CO2 in a Developed PV Market

The Profitability of Residential Photovoltaic Systems. A New Scheme of Subsidies Based on the Price of CO2 in a Developed PV Market

Blockchain Enhanced Emission Trading Framework in Fashion Apparel Manufacturing Industry

Sustainable Development Goals and Investment Strategies: The Profitability of Using Five-Factor Fama-French Alphas

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