Climate Change and Asset Prices: Are Corporate Carbon Disclosure and Performance Priced Appropriately?

This paper empirically assesses the relevance of information on corporate climate change disclosure and performance to asset prices, and discusses whether this information is priced appropriately. Findings indicate that corporate disclosures of quantitative greenhouse gas (GHG) emissions and, to a lesser extent, carbon performance are value relevant. We use hand‐collected information on quantitative GHG emissions for 433 European companies and build portfolios based on GHG disclosure and performance. We regress portfolios on a standard four factor model extended for industry effects over the years 2005 to 2009. Results show that investors achieved abnormal risk‐adjusted returns of up to 13.05% annually by exploiting inefficiently priced positive effects of (complete) GHG emissions disclosure and good corporate climate change performance in terms of GHG efficiency. Results imply that, firstly, information costs involved in carbon disclosure and management do not present a burden on corporate financial resources. Secondly, investors should not neglect carbon disclosure and performance when making investment decisions. Thirdly, during the period analysed, financial markets were inefficient in pricing publicly available information on carbon disclosure and performance. Mandatory and standardised information on carbon performance would consequently not only increase market efficiency but result in better allocation of capital within the real economy.     

城市土地利用碳排放系统动力学仿真研究——以武汉市为例

研究目的:从系统角度分析土地、人口、社会、经济、能源对碳排放的影响作用,并对武汉市2017—2030年不同政策情景下的土地利用碳排放进行模拟,为其低碳发展战略和低碳土地利用规划提供决策依据。研究方法:系统动力学方法。研究结果:(1)建立的城市土地利用碳排放系统动力学模型是有效的;(2)按照目前的发展趋势,武汉市的碳排放总量将保持逐年攀升的趋势;(3)经济的快速发展对武汉市土地利用碳排放量的增加具有显著的影响作用;(4)调整土地利用结构、调整产业结构以及提高能源利用效率都能够有效的减少武汉市土地利用碳排放量,其中调整土地利用结构和调整产业结构的作用效果相对来说更加明显。研究结论:转变经济增长方式、升级产业结构、调整土地利用结构和积极研发先进的低碳科学技术是武汉市低碳发展的重要途径。     

当前中国低碳社区建设的现状及改进路径分析

建设生态文明一直是我国的重要目标，但当前我们面临的生态问题很多，其中碳排放过量就是一个重要方面。为此，在发展低碳经济、推行低碳生产的同时，控制社区碳排放量、建设低碳社区成为我们的任务。它对于建设生态文明、促进人与自然和谐相处具有非常积极的意义。政府对低碳社区建设非常重视，也取得了显著成效，但当前依然存在诸如社区废弃物的低碳处理还处于粗放状态、居民的低碳环保意识有待提高等问题。为此，我们既需要认真总结和借鉴西方发达国家低碳社区的成功经验，又需要根据我们自己的情况进行改进，比如在社区建设低碳节能型建筑、激发社区居民在低碳环保方面的生活自觉，以及在能源的使用上尝试以新换旧等。     

Exploring under-utilised low carbon land resources from multiple perspectives: Case studies on regencies in Kalimantan

Mobilising under-utilised low carbon (ULC) land resources for future agricultural production can help reducing pressure on high carbon stock land from agricultural expansion, particularly for deforestation hotspots like Kalimantan. However, the potential of ULC land is not yet well understood, especially at regency level which is the key authority for land-use planning in Indonesia. Therefore, this study explored ULC land resources for all regencies in Kalimantan. By analysing information from six monitoring domains, a range of indicators were derived to provide insights into the physical area of ULC land from various perspectives. It was found that these indicators show largely different values at regency level. For example, regency Pulang Pisau has a substantial area of ‘temporarily unused agricultural land’ but a very limited area of ‘low carbon land’ – this implies that not all ‘temporarily unused agricultural land’ is ready for future exploitation when assessing from different aspects. As a result of such diverging indicators, using a single indicator to quantify available ULC land resources is risky as it can either be an over- or under-estimation. Thus, ULC land resources were further explored in the present paper by taking four regencies as case studies and comparing all the indicators, supported with relevant literature and evidence collected from narrative interviews. This information was used to estimate ULC land area by possible land-use strategies. For example, Gunung Mas was found to have a large area of low carbon land which is not occupied and might be suitable for oil palm deployment. However, the major limitation is that physical estimates cannot provide a complete picture of ‘real’ land availability without considering a broader range of socio-economic factors (e.g. labour availability). Therefore, physical land area indicators from different domains must be combined with other qualitative and quantitative information especially the socio-economic factors underlying land under-utilisation to obtain better estimates.     

对构建全国碳交易体系的几点思考

面对气候变化的机遇与挑战,中国政府已采取了一系列积极的政策和切实的行动,其中包括将于2017年启动全国性碳交易体系。研究首先对碳交易体系的国外研究作了简要概述,然后梳理了以欧盟碳交易体系为首的10个国外碳交易体系和中国7个省市的碳交易试点的实践。研究最后对全国碳交易体系的建立提出了几点思考,强调了数据的科学监测和林业碳汇在中国碳交易体系中的重要作用。     

塑料在汽车内饰上的应用

随着汽车内饰件轻量化和环保的要求,塑料件的应用越来越广泛。本文主要介绍了塑料在仪表板、门板上的应用及其发展趋势,列举了塑料件的常见缺陷及其解决措施。     

资源环境约束下乌鲁木齐市低碳城市建设路径研究

城市是最大的温室气体排放主体和减排的主要承担者。本文以乌鲁木齐市低碳城市建设为研究对象,通过分析乌鲁木齐建设低碳城市的优劣势,提出低碳城市建设的路径,以期对乌鲁木齐市低碳城市的建设提供参考。     

Can tourism be part of the decarbonized global economy? The costs and risks of alternate carbon reduction policy pathways

Global leaders agree on the need to substantially decarbonize the global economy by 2050. This paper compares potential costs associated with different policy pathways to achieve tourism sector emission reduction ambitions (?50% by 2035) and transform the sector to be part of the mid-century decarbonized economy (?70% by 2050). Investment in emissions abatement within the tourism sector, combined with strategic external carbon offsets, was found to be approximately 5% more cost effective over the period 2015–2050 than exclusive reliance on offsetting. The cost to achieve the ?50% target through abatement and strategic offsetting, while significant, represents less than 0.1% of the estimated global tourism economy in 2020 and 3.6% in 2050. Distributed equally among all tourists (international and domestic), the cost of a low-carbon tourism sector is estimated at US$11 per trip, equivalent to many current travel fees or taxes. Exclusive reliance on offsetting would expose the sector to extensive and continued carbon liability costs beyond mid-century and could be perceived as climate inaction, increasing reputational risks and the potential for less efficient regulatory interventions that could hinder sustainable tourism development. Effective tourism sector leadership is needed to develop a strategic tourism policy framework and emission measurement and reporting system.     

黑龙江省能源碳排放特征及影响因素分析

能源消费是碳排放的主要来源.随着黑龙江省经济的快速发展,能源消费的急剧增长以及以煤为主的能源结构在一定时间内很难改变,因此,碳排放量在短时间内很难下降.本文基于碳排放量的基本等式,采用因素分解法,定量分析了1978-2009 年间,能源结构、能源效率和经济发展等因素的变化对黑龙江省人均碳排放的影响.结果显示经济发展对拉...