Carbon Emissions Trading and Environmental Protection: International Evidence

• 成果类型: Article
• 署名作者: Bai, Jennie; Rub, Hong
• 署名单位: Georgetown University; National Bureau of Economic Research; Nanyang Technological University
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2023.03143
• 发表日期: 2024
• 关键词: emissions trading system; greenhouse gas; renewable energy; climate policy

摘要

We study how the implementation of emissions trading systems (ETSs) impacts emissions reductions and the usage of renewable energy using a panel sample of the largest 100 countries worldwide. Exploiting cross-country variations in ETS implementations, we show that ETS adoption materially reduced greenhouse gas (carbon dioxide) emissions by 12.1% (18.1%). Moreover, ETSs reduced overall emissions by cutting the usage of fossil fuels such as coal by 23.70% while boosting the usage of renewable energy by 61.59%, on average. In contrast, introducing carbon taxes has a less effective impact on emissions reduction. It fails to boost the usage of renewable energy, though elevating tax rates and expanding tax coverage may help enhance the efficacy of carbon taxes.