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External carbon costs and internal carbon pricing
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dc.contributor.author | Trinks, Arjan | |
dc.contributor.author | Mulder, Machiel | |
dc.contributor.author | Scholtens, Bert | |
dc.date.accessioned | 2022-09-01T14:30:13Z | |
dc.date.available | 2022-09-01T14:30:13Z | |
dc.date.issued | 2022-10 | |
dc.identifier | 281111394 | |
dc.identifier | 58ae26af-8609-49c2-a228-fb4133d16145 | |
dc.identifier | 85136586123 | |
dc.identifier | 000862173600001 | |
dc.identifier.citation | Trinks , A , Mulder , M & Scholtens , B 2022 , ' External carbon costs and internal carbon pricing ' , Renewable and Sustainable Energy Reviews , vol. 168 , 112780 . https://doi.org/10.1016/j.rser.2022.112780 | en |
dc.identifier.issn | 1364-0321 | |
dc.identifier.other | RIS: urn:3C04E38A570B70F8B23E98B6F069BCC3 | |
dc.identifier.other | ORCID: /0000-0001-5774-5191/work/118411773 | |
dc.identifier.uri | https://hdl.handle.net/10023/25934 | |
dc.description.abstract | The use of internal carbon prices (ICPs) is a practice by which companies voluntarily attach a hypothetical cost to their carbon emissions to help prioritize low-carbon investment projects. We find that ICP use is driven by external carbon constraints and by firms' exposure to formal carbon pricing systems, next to various firm and society characteristics. The size of the gap between countries' actual and intended emissions alone, without a translation into stringent climate policies, does not play a role. These findings inform policymakers and investors about when and why firms account for future carbon constraints internally. A key societal risk is that corporate investments are not sufficiently directed at a future low-carbon economy. Stringent climate policies that provide predictable pathways appear to help firms mitigate the misalignment of their investments by using ICPs and thereby contribute to a less erratic and less expensive transition of the energy system. | |
dc.format.extent | 12 | |
dc.format.extent | 1431877 | |
dc.language.iso | eng | |
dc.relation.ispartof | Renewable and Sustainable Energy Reviews | en |
dc.subject | Internal carbon pricing | en |
dc.subject | External carbon costs | en |
dc.subject | Climate policy stringency | en |
dc.subject | Country characteristics | en |
dc.subject | Firm characteristics | en |
dc.subject | GE Environmental Sciences | en |
dc.subject | E-DAS | en |
dc.subject | SDG 8 - Decent Work and Economic Growth | en |
dc.subject | SDG 12 - Responsible Consumption and Production | en |
dc.subject | SDG 13 - Climate Action | en |
dc.subject.lcc | GE | en |
dc.title | External carbon costs and internal carbon pricing | en |
dc.type | Journal article | en |
dc.contributor.institution | University of St Andrews. Centre for Energy Ethics | en |
dc.contributor.institution | University of St Andrews. Centre for Responsible Banking and Finance | en |
dc.contributor.institution | University of St Andrews. School of Management | en |
dc.identifier.doi | https://doi.org/10.1016/j.rser.2022.112780 | |
dc.description.status | Peer reviewed | en |
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