The Effect of Carbon Pricing on Firm Emissions: Evidence from the Swedish CO2 Tax

• 成果类型: Article
• 署名作者: Martinsson, Gustav; Sajtos, Laszlo; Stromberg, Per; Thomann, Christian
• 署名单位: Stockholm University; Stockholm School of Economics; Royal Institute of Technology
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhad097
• 发表日期: 2024
• 页码: 1848
• 关键词: Financial constraints; climate policy; induced innovation; TRADING SCHEME; power-plants; fossil-fuel; pollution; COSTS; PRODUCTIVITY; INVESTMENT

摘要

Sweden was one of the first countries to introduce a carbon tax back in 1991. We assemble a unique data set tracking CO2 emissions from Swedish manufacturing firms over 26 years to estimate the impact of carbon pricing on firm-level emission intensities. We estimate an emission-to-pricing elasticity of around two, with substantial heterogeneity across subsectors and firms, where higher abatement costs and tighter financial constraints are associated with lower elasticities. A simple calibration suggests that 2015 CO2 emissions from Swedish manufacturing would have been roughly 30% higher without carbon pricing.