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公司的(减排)承诺(WP2022)

2022-09-13 15:12 作者:小志小视界  | 我要投稿

题目:Firm Commitments

摘要:A growing fraction of publicly traded companies globally have voluntarily made commitments to attain reductions in their carbon emissions by a certain date. We explore two major commitment movements, the carbon disclosure project, and the science-based target initiative. We find that: (1) while the companies that make commitments subsequently further reduce their emissions, the effect of these initiatives on overall emissions of publicly traded companies (including those that do not commit) has been small; (2) the companies that commit, and those that make the most ambitious commitments, tend to be companies with lower emissions; (3) firm commitments are less prevalent in countries where governments have made national commitments. Overall, the movements to get companies to commit have been successful in drawing in the willing but have found greater resistance from the companies that need to reduce their emissions the most.

1.Main Story & Results

背景:全球越来越多的上市公司自愿承诺在特定日期之前实现碳排放量的减少。

问题:本文主要探究公司的承诺是否切实影响企业的碳排放行为,以及为何会选择做出承诺。

发现:基于公司承诺加入或响应碳披露项目(CDP)和基于科学的目标倡议(SBTi),研究发现:虽然做出承诺的公司随后进一步减少排放,但这些举措对上市公司(包括未承诺的公司)整体排放的影响很小;做出承诺的公司以及做出最雄心勃勃的承诺的公司往往是排放量较低的公司; (3) 在政府做出承诺的国家,坚定的承诺不太普遍。

 

Our first finding is that there is a weak negative relation between the growth in total corporate carbon emissions and the increase in the number of firms making commitments (see Figure 1).

Our second main finding is that the companies that choose to make a commitment are the ones with lower carbon emissions to begin with.


2.重要的Test

(1)What drives a company to commit(Extensive margin)

In this section, we explore several such characteristics to explain two types of choices: the extensive-margin choice(是否承诺), which is a binary decision whether to commit or not, and the intensive-margin choice(承诺强度) that reflects the intensity of the firm’s commitment. Throughout this analysis our focus in on the fundamental link between a firm’s commitment decision and the level of its scope 1 emissions.

1

Variation 变动的来源

the possibility that firms located in industries with low emissions are unlikely to bother with any commitments to begin with (Column 4)

This result indicates that, within a given industry, it is companies with lower emissions that are more likely to make commitments(Column 5)

companies that reduce their emissions subsequently are more likely to make commitments, perhaps because it is easier for them to do so.(Column 6)

 

(2)Intensive margin

Once a company makes a commitment, how strong is this commitment and what drives a company to make a weaker or stronger commitment?

Table 5. In columns 1-2, we study the predictors of emission abatement. We observe a strong negative relationship between the level of emissions and the abatement rate, that is, firms that have higher emissions reduce their emissions at a slower annual rate(减排)

In columns 3-4, we look at the maximum number of years for which firms make commitments

Finally, when we look at the effect of emissions on the maximum emission reduction the firm commits to, we find that the effect is negative, suggesting that firms with higher emissions tend to commit to milder emission reduction

In sum, our results indicate that the level of emissions plays an important role in the strength of firm commitment. Hence, the decision to commit is not only a simple yes or no, but also a more nuanced choice that reflects the perceived likelihood of making such commitments.

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