Arbeitspapier
Financing the low-carbon transition in Europe
Using evidence from the EU emissions trading system, we collect verified emissions of close to 4000 highly polluting and mostly non-listed firms responsible for 26% of EU's emissions. Over the period 2013-2019, we find a non-linear relationship between leverage and emissions. A firm with higher leverage has lower emissions in subsequent years. However, when leverage exceeds 50%, a further increase is associated with higher emissions. Our difference-in-differences approach sheds light on the existence of a group of firms that are too indebted to successfully accomplish the low-carbon transition, even when they face a steep increase in the cost of their emissions.
- ISBN
-
978-92-899-6076-2
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 2813
- Klassifikation
-
Wirtschaft
Financial Econometrics
Central Banks and Their Policies
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Valuation of Environmental Effects
Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
Environmental Economics: Government Policy
- Thema
-
low-carbon transition
climate change
debt finance
transition finance
EU ETS
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Carradori, Olimpia
Giuzio, Margherita
Kapadia, Sujit
Salakhova, Dilyara
Vozian, Katia
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2023
- DOI
-
doi:10.2866/354356
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Carradori, Olimpia
- Giuzio, Margherita
- Kapadia, Sujit
- Salakhova, Dilyara
- Vozian, Katia
- European Central Bank (ECB)
Entstanden
- 2023
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