Search

Copyright of China Pulp & Paper is the property of China Pulp & Paper Magazines Publisher and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Vestnik KazUTB is the property of Kazakh University of Technology & Business and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The existence of structural change features can lead to the failure of traditional econometric methods. This research uses the Bai-Perron test to diagnose the structural change point of the price series in China's pilot carbon market. It uses an impulse response function to analyze the interaction between carbon prices and energy prices, stock price indices, power industry index, and similar asset prices. The results show structural change points in all five carbon markets during the operation period, and the timing of these structural change points relates to an economic situation and compliance period. In addition, the impact mechanisms of the stock price index, similar asset price, and power industry index on the price of China's pilot carbon market change significantly before and after the structural change points, but the impact of energy price does not change except for the Hubei carbon market. [ABSTRACT FROM AUTHOR]

The trading market of carbon emission permits is not only an effective tool for tackling climate change, but it also reinforces the connection between carbon and energy markets by risk transmission. This paper investigates the volatility spillover effects and dynamic correlation between fossil energy, clean energy and the European Union carbon markets by applying the asymmetric BEKK- and DCC-GARCH models in a time-frequency framework and designs the portfolio strategies. Empirical results display that fossil energy market has a significantly positive impact on the clean energy market at most scales, but the feedback transmission is relatively weak. Two indirect volatility spillover effects exist between the three markets, which are 'fossil energy→carbon→clean energy' and 'clean energy→carbon→fossil energy', suggesting that the carbon market plays a vital role in bridging the clean and fossil energy markets. Significant time-varying asymmetric effects are identified between the three markets, and the carbon market is confirmed to offer the least expensive hedge to an investment in oil. Our findings can provide meaningful implications for policymakers to design market mechanism and investors to adjust hedging strategies and diversify their portfolios. [ABSTRACT FROM AUTHOR]

As China's carbon market continues to develop, its close connection with the financial and energy markets is becoming increasingly apparent. A systematic study of the spillover effects between markets is important, as it can help prevent excessive fluctuations in carbon prices. With this in mind, this study proposes a time‐varying parameter vector autoregression with Lanne–Nyberg decomposition extended joint connectedness approach to analyze quantitatively the spillover effects in the "carbon–energy–financial" system. Empirical results show that a bidirectional spillover effect exists among markets. Not only does the carbon market have the most pronounced return (volatility) linkages with the natural gas (clean energy) market, but the information connected with the energy markets is also more closely linked than with the financial markets. We also find that market fluctuations, caused by the China–US trade conflict and the COVID‐19 pandemic, have increased spillovers in the system. [ABSTRACT FROM AUTHOR]

The working paper suggested a new framework for boosting effective carbon rates and reducing the inconsistency of climate policy. [ABSTRACT FROM AUTHOR]

China has always tried to maintain multilateralism and advocated working together to deal with global climate change through multilateral mechanisms. Although China’s announcement to peak its carbon emissions by 2030 comes as no surprise, its commitment to carbon neutrality does. As the period between its carbon peaking and carbon neutrality is far shorter than that in the developed countries, China’s economic and energy structures need to be adjusted toward the low-carbon and carbon-free end with unprecedented efforts. To that end, China should define the responsibilities of local authorities and industrial entities to promote the orderly accomplishment of carbon peaking in all regions and industries. To supply the huge investments needed to achieve the goals of carbon peaking and carbon neutrality, China has an urgent need to accelerate the development of green finance and a national carbon emissions trading market, guide the rational allocation of resources, and channel resources to eco-friendly projects for green and low-carbon development. At the same time, China and the international community should strengthen dialogue and coordination, promote international cooperation on the way to carbon neutrality, formulate widely acceptable policy guidelines as soon as possible, and avoid unilateral measures that may cause conflicts. [ABSTRACT FROM AUTHOR]

The article discusses the importance of integrated transport and logistics systems for sustainable global trade. It highlights recent disruptions to global supply chains caused by events such as the COVID-19 pandemic and trade wars, which have led to the need for supply chain reconfiguration and increased resilience. The article also emphasizes the role of decarbonization and digitalization in shaping the functions and roles of international transportation and logistics. It presents three research papers that explore various challenges and opportunities in transport and logistics integration, including inland terminal location selection, international logistics policies, and the optimization of air-rail freight transportation. The article concludes by suggesting future research directions, including the incorporation of decarbonization indicators and the use of IoT and big data for real-time modeling of greenhouse gas emissions. [Extracted from the article]

In their paper "VAT threshold and small business behavior: evidence from Thai tax returns", Athiphat Muthitacharoen, Wonma Wanichthaworn and Trongwut Burong show that the growth of small firms in a country like Thailand, characterized by high VAT informality (defined as the presence of non-VAT registered firms), is constrained by the existence of a size-dependent VAT registration threshold. This special issue of I International Tax and Public Finance i contains selected papers presented at the 76th Annual Congress of the International Institute of Public Finance (IIPF), which was hosted by the University of Iceland on August 19-21, 2020. If the green firm does not relocate, both the green firm and the brown firm provide better environmental quality products. In particular, their results clearly reveal a bunching response of firms to the threshold and that non-VAT-registered firms have a significantly lower growth rate than a propensity score-matched group of firms that voluntarily registered. [Extracted from the article]

Supply chain carbon abatement is an important way to promote low-carbon transformation of the social economy and address global climate change. This paper analyzes the issue of supply chain carbon abatement under different power structures, as well as the effect of consumers' low-carbon preference and carbon tax rate on the optimal decisions. This paper constructs five different models, namely ML-NO model, ML-CS model, RL-NO model, RL-CS model and VI model. The research finds that VI model is the most ideal model for promoting supply chain carbon abatement. The optimal abatement efforts, market demand, and total profits in the VI model are all the largest among the five models. Whether the supply chain leader is the manufacturer or the retailer, cost sharing contract can enhance optimal abatement efforts, market demand, and profits of both parties. In any model, the leader in Supply chain earns higher profits than the follower. When consumers' low-carbon preference increases, the optimal abatement efforts, market demand, and profits of both parties will all increase, and the growth rate is gradually accelerating. For the manufacturer with high carbon emissions, when the carbon tax rate increases, the optimal abatement efforts first increase and then decrease. For the manufacturer with low carbon emissions, when the carbon tax rate increases, the optimal abatement efforts will also increase. [ABSTRACT FROM AUTHOR]

Economists have adopted the Pigouvian approach to climate policy, which sets the carbon price to the social cost of carbon. We adjust this carbon price for macroeconomic uncertainty and disasters by deriving the risk-adjusted discount rate. We highlight ethics- versus market-based calibrations and discuss the effects of a falling term structure of the discount rate. Given the wide range of estimates used for marginal damages and the discount rate, it is unsurprising that negotiators and policy makers have rejected the Pigouvian approach and adopted a more pragmatic approach based on a temperature cap. The corresponding cap on cumulative emissions is lower if risk tolerance and temperature sensitivity are more uncertain. The carbon price then grows much faster than under the Pigouvian approach and discuss how this rate of growth is adjusted by economic and abatement cost risks. We then analyse how policy uncertainty and technological breakthrough can lead to the risk of stranded assets. Finally, we discuss various obstacles to successful carbon pricing. [ABSTRACT FROM AUTHOR]

This article discusses the importance of climate risk and environmental accounting in corporate reporting. It highlights the increasing concern over climate risk and its impact on companies' operations and performance. Stakeholders from various spheres are advocating for a transition to a low-emissions economy, pressuring organizations to disclose their climate-related risks and governance systems. Legislative developments, such as the Paris Agreement and the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations, have further intensified the pressure on firms to integrate climate risk management into their accounting processes. The article features a collection of papers that explore different aspects of corporate reporting and how firms have responded to recent legislative and policy developments regarding climate risk disclosures. [Extracted from the article]

Accounting and finance are intricately intertwined with the global quest for environmental sustainability by applying accounting and finance tools for carbon reduction initiatives. Clean energy financial investment is one of the many alternative tools through which accounting contributes to carbon reduction. Accordingly, this paper analysed the impact of separate and integrated clean energy investment alternatives on carbon reduction. Data on clean energy financial investment and carbon emission per capita were collected from the International Energy Agency (IEA) and Our World in Data archives, respectively. Data was analysed by using multiple pooled OLS to evaluate the impact of individual clean energy financial investments on carbon reduction and the impact of integrating the various clean energy financial investment alternatives on carbon reduction separately. Findings show that individual clean energy financial investments may not separately offer desired carbon reduction, hence, albeit some negative coefficients, individual clean investments showed no significant impact on carbon reduction. However, furthering the test by pooling all the clean energy financial investment alternatives shows a significant negative effect of clean energy financial investment on carbon reduction at a P-value of 0.05. This shows that an integration of different alternatives of clean energy financial investment may offer an enhanced reduction of carbon emission, which outweighs the effect of relying on a single clean energy investment alternative. The findings offer significant insight for policy makers' future strategies towards a combination of multiple clean energy financial investments. Furthermore, the findings from this paper are a further testament that accounting and finance are connected with the global quest for environmental sustainability through the application of accounting and financial investment tools in conducting clean energy financial investment. [ABSTRACT FROM AUTHOR]

Purpose: The research objective of this paper is to investigate the direct and indirect impacts of green finance on agricultural carbon total factor productivity (ACTFP) within the framework of the carbon peaking and carbon neutrality (dual carbon) goals, while also identifying the driving factors through an exponential decomposition of ACTFP, aiming to provide policy recommendations to enhance financial support for low-carbon agricultural development. Design/methodology/approach: In this paper, the Global Malmquist Luenberger (GML) Index method was employed to analyze and decompose the ACTFP, while the direct and spillover effects of China's green finance pilot policy (GFPP) on ACTFP were assessed using the difference-in-differences (DID) method and the spatial differences-in-differences (SDID) method, respectively. Findings: After the implementation of the GFPP, the ACTFP in the pilot area has experienced significant improvement, with the enhancement of technical efficiency serving as the main driving force. In addition, the GFPP exhibits a positive low-carbon spatial spillover effect, indicating it benefits ACTFP in both the pilot and adjacent areas. Originality/value: Within the framework of the dual carbon goals, the paper highlights agriculture as a significant carbon emitter. ACTFP is assessed by considering the agricultural carbon emission factor as the sole non-desired output, and the impact of the GFPP on ACTFP is investigated through the DID method, thereby providing substantial validation of the hypotheses inferred from the mathematical model. Subsequently, the spillover effects of GFPP on ACTFP are analyzed in conjunction with the spatial econometric model. [ABSTRACT FROM AUTHOR]

In response to the optimal operation of ocean container ships, this paper presents a two-level planning model that takes into account carbon tax policies. This model translates the CO2 emissions of ships into carbon tax costs and aims to minimize the overall operation costs of the ships. In top-level planning, the model considers factors such as speed, cargo load, and energy consumption to establish an objective function and optimization strategy. In bottom-level planning, the model involves ship stability and imposes corresponding constraints. By integrating the two levels of planning, a ship operation optimization model that considers multiple factors is obtained. With practical ocean container ships as cases, through numerical examples and sensitivity analysis, the constraint, stability, and structural feasibility of the constructed model are confirmed. The research results of this paper provide a decision-making basis for optimizing the operation of oceanic container ships. [ABSTRACT FROM AUTHOR]

Accurately identifying changes in carbon trading prices can provide reasonable reference indicators for a government's macrocontrol and can also help companies more effectively avoid risks brought by carbon emissions and increase the income of carbon assets. Based on the Prophet model, LSTM neural network model, and backpropagation (BP), this paper proposes a method to predict carbon trading prices using the ensemble learning model and uses the Hubei carbon trading market data to predict carbon trading prices. Results show that in terms of accuracy, the Prophet-LSTM-BP ensemble learning model achieves better predictive ability than existing models; its RMSE, MAE, and MAPE are 1.479, 0.951, and 2.135, respectively, which are markedly smaller than the Prophet model's 5.631, 4.471, and 9.661, and the LSTM model's 3.352, 3.105, and 6.880, respectively. Compared with the traditional time series ARIMA model, the MAPE of ARIMA reaches 12.933, which is nearly 1.5 times that of the Prophet model, nearly 2 times that of the LSTM model, and nearly 7 times that of the ensemble learning model. In terms of applicability, when the model is applied to the national carbon trading market, the difference in MAPE compared with the Hubei carbon trading market is only 0.6%, and the other parameters are not more than 16%. The model improves the relevant research on carbon trading price predicting, and concurrently, this method provides ideas for carbon trading price predicting in other carbon trading markets and promotes the sustainable development of the national carbon trading market. [ABSTRACT FROM AUTHOR]

Climate policies could improve air quality, thereby generating health benefits and thus increasing labour input for economic growth. Nevertheless, health benefits are usually overlooked in evaluation frameworks of climate policies. In this paper, a dynamic recursive computable general equilibrium (CGE) model is adopted to define how climate policies are related to air pollution, namely PM 2.5 concentrations. Health benefits of climate policies are divided into reduction of PM 2.5 -related morbidity and mortality. The CGE model results show that both carbon tax and emission trading scheme (ETS) decrease morbidity and mortality; therefore, under climate policies, PM 2.5 -related labour loss decreases, and thus increasing labour input triggers an economic boom. Carbon tax generates more health benefits in short term, while health benefits of ETS policy will gradually increase in long term. Hence, we conclude that regarding health benefits, a long-term ETS policy is preferable to a long-term carbon tax. This finding implies that the recently established nationwide ETS market in China is meaningful, as it will generate more health benefits in future. Nevertheless, the quantified health benefits in this paper still cannot compensate GDP loss induced by climate policy implementations, implying that it is a challenging task to unbiasedly model health benefits of climate policies. Hence, we have recommended that the scopes and contents of health benefits should be expanded in evaluations of climate policies. [ABSTRACT FROM AUTHOR]

With increasing pressure to cut carbon emissions and develop sustainability plans, companies need carbon credits to offset emissions that cannot be eliminated from their operations, new global carbon exchange to launch in Singapore by 2021 end, the high-quality credit can bridge this gap and play an important role in the overall climate change mitigation strategy. The purpose of this research is to use the production data (including carbon emissions) of paper-making companies in Taiwan to establish a circular economy mathematical programming model and the concept based on the activity cost method (ABC) to explore the impact of different carbon emissions costs (such carbon tax, carbon cap-and-trade, etc.) on the company's production structure and profitability impact. The research results show that different carbon emission cost models have different effects on the company's optimal product-mix and profitability. The managerial implication is to combine the extensive application of the carbon emission credit mechanism, which can offset the carbon emissions in the production process and have a significant impact on the company's sustainable competitiveness. In addition, this study can also enable decision makers to understand the impact of different carbon emission cost models on the profitability of the company's product mix, which can be used as a reference for production planning decisions. [ABSTRACT FROM AUTHOR]

China is planning to introduce carbon tax policy to control the carbon emissions of the country better and achieve the "3060 goals", but there is still widespread discussion about how to introduce it and how to combine it with cap and trade. China has already established a national carbon emission trading market; however, there is also disagreement on whether to impose the carbon tax on companies and projects that have been included in scope of cap and trade. This paper adopts the research method of experimental economics to study the effect on social economy and social emission reduction under cap and trade, carbon tax, and carbon tax-carbon trading policies, and analyzes average prices of carbon market under cap and trade and carbon tax-carbon trading policies. The study finds that under the carbon tax-carbon trading policy, carbon emissions cannot be reduced significantly; but the profits of manufacturers will be reduced significantly; meanwhile, this reduction effect is even more severe for high consumption manufacturers; and it will be resulting in a lower average carbon market price under the carbon tax-carbon trading policies than under the cap and trade policy. This paper will provide theoretical suggestions for introducing carbon tax policy into China in the future and make policy recommendations for the better development of China's carbon market. [ABSTRACT FROM AUTHOR]

This paper examines the impact of green finance and carbon emission performance, as well as the mechanisms, using data from 30 Chinese provinces for the time frame of 2008–2018. The findings show that (1) the level of green finance development significantly enhances carbon emission performance, where industrial structure, foreign direct investment, and population density are all important control variables affecting carbon emission performance. (2) Energy consumption structure, green industry, and green patented technology are all mediating variables for the level of green finance development to enhance carbon emission performance. Meanwhile, the effects of green finance development on carbon emission performance are nonlinear under varying economic growth, industrial structure, and urbanization levels. (3) After addressing the spatial autocorrelation of carbon emission performance, the level of green finance development still significantly enhances carbon emission performance. (4) The level of green finance development in China's eastern provinces, pilot provinces of carbon emission trading, and provinces with abundant coal resources can more significantly enhance carbon emission performance. On this basis, this paper makes specific suggestions for green finance to enhance carbon emission performance. [ABSTRACT FROM AUTHOR]

I comment on Sunstein's paper proposing 'Hayekian behavioural economics'. In essence, Sunstein is merely renaming a familiar approach to normative economics, initiated in Sunstein and Thaler's seminal 2003 paper. I argue that this approach cannot fairly be described as in the spirit of Hayek's work. Sunstein's approach is based on a 'constructivist' conception of rationality that Hayek consistently criticized. Although both Hayek and Sunstein address 'knowledge problems', the two problems are fundamentally different. I develop what I claim are truly Hayekian critiques of Sunstein's claim that fuel economy mandates can be more Hayekian than carbon taxes. [ABSTRACT FROM AUTHOR]

Employing a unique approach to household utility maximization, this paper explores the implications of vehicle carbon taxation and subsidies in the context of household choice for urban transportation mode where there exist two private characteristics of travel: comfort and time efficiency, and a third public negative characteristic, carbon emissions. Two policies to reduce carbon emissions are examined in this framework; (1) subsidizing public transportation and imposing a tax on vehicle emissions, (2) increasing the cost of private vehicle travel, and providing a rebate of the tax collected to the consumer. The results suggest that the latter policy may have little impact on carbon emissions and could possibly lead to an increase in emissions. [ABSTRACT FROM AUTHOR]

Carbon emissions are a major contributor to global warming and climate change. The government has adopted carbon tax (CT) and cap-and-trade policies to reduce carbon emissions from carbon companies. This paper develops a production–inventory model for scarce perishable goods under different carbon policies and outside green technology. This study covers the contribution of energy-efficient green technology in a multi-stage supply chain to control carbon emissions in producing and transporting goods from the manufacturer to the dealer. However, it discusses a different combination of carbon policies chosen for manufacturers and retailers in their countries. According to the findings, changes in carbon pricing, CT, and exchange rates under various policy combinations have varying effects on the entire supply chain, each member's interests, and the social benefits of reducing carbon emissions. It seeks to provide useful information to decision-makers in businesses or supply chains, especially multinational corporations, to make decisions related to fixed rate CT and cap partial deficit cases, long cycle time, reasonable profit with small value, and long term and low cost of green technology investment. The main objective is to find the best material sourcing, production, and distribution strategy for manufacturers and the best replenishment strategy for retailers to maximize the overall joint profitability of the supply chain. In summary, sensitivity analysis has provided an optimal solution management implication based on certain key parameters and CT size. [ABSTRACT FROM AUTHOR]

This paper examines investment responses to emission taxes and the role of tax incidence in passing on tax burdens. Using private firms from Spain and the introduction of an emission tax in 2013 in the Autonomous Community Valenciana, we show that investments decline in response to the emission tax. Importantly, this investment decline does not depend on the level of pollution but on economic factors related to tax incidence. Investments in firms operating in highly competitive markets, firms with low pricing power, and firms with low financial flexibility are the most affected by environmental taxes. We generalize the investment findings using the introduction of carbon taxes in France and Ireland in a stacked difference-in-differences design. Overall, our results indicate that emission taxes affect not only polluters but also other firms and stakeholders such as suppliers, customers, and consumers depending on the relative elasticities of supply and demand. [ABSTRACT FROM AUTHOR]

This paper sheds some light on the consequences of a carbon tax increase to achieve the national goal for carbon emissions. By use of a spatial computable general equilibrium model, STRAGO, the main purpose of the paper is to illustrate the effects on sectors in the economy and regions in Sweden from a climate scenario, by estimating expected substitution effects from a predetermined reduction in emissions. The climate scenario implies a gradual increase in the current carbon tax until the goal for the reduction in emissions has been reached. Doubling the carbon tax rate is expected to reduce the total consumption of fossil fuels by 18%, and in terms of reduced emissions and total welfare, the results are of the same order of magnitude as in previous Swedish studies. At the regional level, the effect on production is largest in Region West, as the production of petroleum and a large part of manufacturing is concentrated to this region. In terms of regional welfare, the northern regions, Upper-north in particular, lose more than central regions, which reflects differences in both industrial structure and carbon intensity, due to different transportation expenditures. The impact on welfare in northern regions is however mitigated by the substitution from fossil fuels to biofuels, as production of biofuels is concentrated to these regions. [ABSTRACT FROM AUTHOR]

Climate change will have a significant impact on the financial system, and it is crucial to evaluate the impact of climate risk on the financial system. In view of this, this paper evaluates the impact of climate transition risks on the financial system from the perspective of carbon tax. Based on the micro data of bank and enterprise loans, this paper uses a bottom-up approach to study the systemic risk of the banking sector caused by the carbon tax. Based on the actual data of China's banking sector in 2017, we find that there is an exponential relationship between the carbon tax and systemic risk, and there is a threshold for both the whole banking sector and different types of banks. When the carbon tax is higher than the threshold, systemic risk will increase significantly with the increase of the carbon tax level. At the same time, the results show that the systemic risk caused by the carbon tax has obvious sector heterogeneity and regional heterogeneity. Therefore, in the process of implementing carbon tax policies, the differences between sectors and regions should be taken into account, so as to effectively prevent and control systemic risks in the banking sector while improving the efficiency of carbon tax policies. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to investigate the effect of current carbon tax (CT) policy on organizations involved in a sharing network relation. Design/methodology/approach: For finding the CT and economic value of the industries connected in a sharing network model a multi-objective multi-integer linear model has been formulated. The data set of the case organization is used for computation. The formulated mathematical model is computed with the aid of GAMS optimization program. Findings: This research paper demonstrates the effectiveness of the sharing network strategy in increasing the economic value and decreasing the CT for industries involved in sharing network. The CT value INR 3,012.694 for the industries in Scenario II which incorporates the sharing network is less than the CT INR 3,580.167 for industries in Scenario I without sharing network. Research limitations/implications: The data used for the computation is based on a particular sharing network under investigation. The formulated mathematical model can be checked with similar sharing networks by varying the parameters. Practical implications: This work can aid in gaining complete knowledge on the sharing network strategy which can uplift the resources and the monetary value of the non-efficient industries moving them towards sustainable and greener supply chain practices. Social implications: The presented work can impact various industries in developing countries providing them with a strategy to enhance their resources and economic value by maintaining an amicable relation. Originality/value: This work uniquely was able to validate economic feasibility and CT in accordance with the carbon footprint involved in sharing network. This sharing network also incorporates the concepts of circular economy and reverse logistics for showcasing a better strategy. [ABSTRACT FROM AUTHOR]

Purpose: The research investigates valuers' understanding of the value of sustainability in property and its' consideration in valuation practice in Australia. This paper explores valuers' perceptions of the relationships between sustainability and market values, sustainability and valuation variables, and the value influence of industry sustainability certification schemes. Further, this paper tracks prevalence of certified buildings in Australian commercial markets and the evolution of valuers' knowledge of sustainability certifications used in Australia. Design/methodology/approach: This paper reports on the next rendition of a longitudinal study examining valuers' practice in Australia. This research explores the evolution of Australian valuers' perception and knowledge of sustainability in valuation practice. The survey data has been periodically collected from practising valuers from 2007 to 2021. The survey questions investigate valuers' knowledge development, understanding, reporting and consideration of the relationship between sustainability and market value. Findings: The results have identified the evolution of the influence of normative research on valuers' perceptions of the relationship between sustainability and value; with a clearer understanding emerging over time of where the value relationships are identified in valuation variables. Greater alignment between empirical Australian studies and valuers' perceptions of the influence of sustainability ratings on value, demonstrate the value connection for higher rated buildings under NABERS (energy rating) and Green Star. Whilst only 41% of the study's participants are including sustainability in their valuation reports, they include a higher level of commentary on building descriptions and initiatives, building ratings, and reporting of owner and tenant objectives, than in previous studies. Knowledge development relating to sustainability certification tool, NABERS was identified. This is likely linked to the introduction of mandatory disclosure legislation. This has also led to increased awareness and valuers' knowledge of the differences between the two key rating tools used in Australia. Research limitations/implications: The research has several limitations: firstly, recruitment of valuers and the number of valuers' responses has varied over time; secondly, due to collection methods respondents have a greater likelihood of having an interest in and knowledge of sustainability creating potential for positive bias; thirdly, respondents may have responded to the survey in different years, but due to anonymity there has been no ability to track this. The results provide insights into the Australian valuation profession but may not be fully representative of the profession overall in Australia. Practical implications: The broader agenda of net zero, climate change, mitigation and carbon requirements, whether driven by market forces or government legislation, are generating changes in property markets as investors' reconsider their positions and model the implications of carbon emissions on their bottom lines. Introductions of policy and legislation over time in the Australian context have led to changes in valuation practice and increasing consideration of energy efficiency and ratings in the valuation of assets. However, further guidance and research still is required in Australia to assist in the knowledge development of valuers, and their ability to consider the emerging effects of sustainability, net zero and other market driven objectives including legislation, and how these may affect or influence their evaluation of market evidence and thus property values. Originality/value: The research has tracked valuers' understanding, knowledge, and consideration of sustainability and energy efficiency in valuation practice since 2007. In that time the research has found that, as the market has evolved and more rated buildings are built (or retrofitted), so too has valuers' knowledge and consideration in valuation practices evolved. Valuers are more engaged with industry rating tools such as NABERS. This suggests that the Australian mandatory disclosure policies have contributed to changes in the market, which are then interpreted by valuers and reflected in their perceptions and consideration of energy ratings in valuation practice. [ABSTRACT FROM AUTHOR]

The response of energy firms to green credit policy is of great significance, which is related to the emission reduction effect of green finance and transformation of energy firms. This paper analyzes the impact of green credit policy on the growth of energy firms based on the data of Chinese listed companies from 2009 to 2019. The empirical results show that green credit policy has significantly promoted the growth of energy firms. Further research shows that green credit policy promoted the growth of energy firms by reducing financing costs and promoting green innovation. Besides, the owned firms, big-scale firms and firms in central and eastern China are more susceptible to the impacts of the green credit policy. This study is relevant to the implementation of green credit policies and the promotion of the development and transformation of energy firms. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to examine the impact of carbon emissions (carbon dioxide [CO2]) reduction on tax evasion behaviour. Design/methodology/approach: This study uses data from 200 countries from 2000 to 2017. The empirical analysis is based on various methodological tools, including ordinary least-squares model, fixed- and random-effects models. In addition, GMM and linear mixed model has been used for robustness purposes. Findings: The results show that carbon emissions reduction significantly affects tax evasion behaviour; when carbon emissions decrease, tax evasion behaviour increases. This indicates that the reduction of CO2 emissions is linked to significant costs, placing a financial burden on companies and leading them to evade taxes to counterbalance these costs. Practical implications: This study has important implications, as it highlights that the efforts made by countries to minimize CO2 emissions are associated with high costs and may lead to increased tax evasion, potentially contributing to countries' budget deficits. The results provide valuable insights for policymakers and stakeholders to implement effective environmental and fiscal regulations that contribute to a sustainable and eco-friendly future. These regulations can help maintain a balance between improving economic growth and ensuring the protection of the environment. Originality/value: To the best of the authors' knowledge, this is the first paper to test the impact of carbon emissions on tax evasion using macro-level data. [ABSTRACT FROM AUTHOR]

Closed-loop supply chain is an important path to realize the sustainable development of supply chain, and cap-and-trade and carbon tax policies further promote closed-loop supply chain to invest in low-carbon technologies. This paper combines Economic Production Quantity with Economic Order Quantity models and designs multiple carbon policies. Abatement rate and collection rate are the key variables used to explore the mechanism of the interaction between carbon tax and cap-and-trade, inventory dynamics of closed-loop supply chain and impact of multiple carbon policies on closed-loop supply chain. Construct and analyze benchmark model, investment model under multiple carbon policies, remanufacturing model under multiple carbon policies and mixed strategies model under multiple carbon policies, and the results show that there is a non-linear complementary relationship between carbon price and carbon tax, and both remanufacturing and low-carbon investment can optimize cost and carbon emissions when carbon price is distributed at a certain interval. Furthermore, mixed strategies combining remanufacturing and low-carbon investment can optimize cost and carbon emissions simultaneously. The main contribution of this paper is to build a low-carbon circular system, which can help balance cost and carbon emissions of closed-loop supply chain. [ABSTRACT FROM AUTHOR]

This paper describes the development of and gaps in knowledge in research on carbon accounting based on a systematic review of 117 papers published in influential accounting journals between 2005 and 2018. The review shows the literature has developed into four major streams of carbon accounting: carbon disclosure, management, performance and assurance, and that carbon accounting is emerging as a distinct discipline. Finally, our paper highlights future research opportunities to improve carbon accounting, so it can play an even more important role to help business achieve the climate goals of the Paris Agreement. [ABSTRACT FROM AUTHOR]

The primary focus of this paper is to examine the link between environmental R&D formation and the strategic use or non‐use of a government's ability to precommit to an emissions tax rate. The existing literature implicitly omits this important matter. This paper comprehensively evaluates various regulatory contexts separated by the timing of emissions taxation and by environmental R&D formations in a Cournot duopoly. The following three points are revealed. First, an equilibrium occurs in which the government does not strategically use its emissions tax rate precommitment ability to enhance social efficiency. Second, if the efficiency of environmental R&D costs is high and if environmental damage is serious, then the government should precommit to an emissions tax rate and allow for the cartelization of the two firms' environmental R&D. However, if the environmental R&D cost efficiency and environmental damage are both low, then the government should adopt a time‐consistent emissions tax and allow for the cartelization of the two firms' environmental R&D. Third, when the two firms can form an environmental research joint venture (ERJV), ERJV cartelization should be invariably allowed, even if the government is a strategic non‐user of its precommitment ability. [ABSTRACT FROM AUTHOR]

In this work, we propose a new model to evaluate the impact of potential governmental policy as a green transition to decarbonise road freight transport. Contrary to the classical literature on the topic, our approach employs a bilevel structure optimization scheme. More precisely, a single-leader-multi-follower (SLMF) model is developed, where the state represents the leader and the freight companies act as the followers. A carbon tax is the selected public policy to foster the shift to less polluting freight technologies. The model responds to an exogenously determined demand that must be satisfied by a fleet that remains constant in size through time. The aim is thus to determine to what extent the tax policy will generate an evolution of the fleets of the different companies towards greener vehicles. An additional scientific contribution of the paper is that the SLMF model is solved thanks to a new numerical approach based on the so-called SOS1 technique. The implementation is applied in the case of the Ecuadorian freight transport and the results highlight an interesting evolution of the fleets. [ABSTRACT FROM AUTHOR]

Background: To curb human-made carbon-dioxide emissions, the European Union will introduce carbon pricing for buildings and transport in 2027. Central and East European (CEE) countries are pressured to embark on ambitious decarbonization pathways leading to carbon-neutral economies by 2050. This paper is the first to investigate the public acceptance of and the willingness to pay (WTP) for a carbon tax in a CEE country, Hungary. It analyzes the support-increasing effects of five revenue-recycling mechanisms (tax cuts, green spending, support for poor households, funding for health care and education, and debt reduction), a wider range than covered in previous studies. A national face-to-face survey of 3013 adults on public attitudes to climate change, conducted in summer 2022, is the main method of data collection. This is combined with secondary analysis of related statistics and documentary analysis of relevant materials. Results: The results show low public acceptance, with only a modest increase from 20.3% to 27.3% due to revenue recycling. This is accompanied by low WTP values and WTP increases. All these are lower than those found in Western surveys. A novel empirical result is the relative popularity of public health care and education in revenue recycling, though differences in revenue-recycling preferences are apparent between those who accept a carbon tax even without a redistribution mechanism and those who are willing to pay only if redistribution is included. Green spending also performed relatively well, while supporting the poor fared less well, albeit with relatively high WTP values. Reducing taxes and public debt were the least likely to instigate carbon-tax acceptance. Conclusions: The results highlight the importance of carefully assessing the distributional impact of implementing carbon pricing mechanisms and thoroughly integrating social considerations into climate policy. Based on this, as well as the analysis of the social conditions and political economy of climate policy development in Hungary, policies—such as a gradually increasing carbon tax, social cushioning, legal earmarking of carbon-tax revenues, and policy bundling—are proposed to make carbon pricing socially tolerable and politically acceptable. The findings and conclusions might also be relevant for other parts of the CEE region. [ABSTRACT FROM AUTHOR]

This paper assesses the feasibility of India achieving its stated objective of getting to net zero carbon emissions by 2070 and outlines a possible strategy for the next 10 years consistent with this goal. It recommends a combination of price-based measures and several sector-specific interventions. The ideal price-based measure would be a carbon tax. This may not be feasible for various reasons, but in its absence a well-designed emissions trading system, as described in the paper, could make a major contribution in reducing emissions. On sectoral interventions, the critical areas over the next 10 years would be (i) accelerated expansion of various forms of renewable energy capacity, which will require several policy changes, (ii) electrification of transport, and (iii) a shift from private to public transport in urban areas and from road to rail for freight. Action will also be necessary in other sectors such as industry, agriculture, and buildings, but a detailed strategy for these may take more time to put in place. Since responsibility for action in all these areas is spread across different ministries in the central government and, in many cases, state governments, evolving an internally consistent and cost-effective strategy will present a major challenge. There is a case for setting up a high-level commission chaired by the Prime Minister to approve a national strategy. The paper estimates that the additional investment needed to make this transition will be about 2 per cent of India's GDP by 2030, much of which will have to come from additional public and private savings. In this context, some form of carbon pricing would help generate additional revenue. [ABSTRACT FROM AUTHOR]

Copyright of Urban Studies (Sage Publications, Ltd.) is the property of Sage Publications, Ltd. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The demand for different energy goods and services is a fundamental component in a country's economic structure for development. Understanding it is vital in designing economic policies, such as taxes, that can improve the welfare of the population. A comprehension of the distributional effects of elasticities and the application of them to simulate household responses to price changes, as well as a calculation of the welfare impacts on poor and rich households in Mexico, should inform policy design. This paper uses the Household Income and Expenditure Survey (ENIGH) from 1996 to 2018 to estimate the demand of Mexican households for fuels, specifically electricity, liquefied petroleum gas, and gasoline. A Quasi Ideal Quadratic Demand System (QUAIDS) is employed to analyse the effects of removing energy subsidies and introducing a carbon tax. The results indicate that welfare losses would be regressive concerning electricity price increases, while changes in gasoline prices would be progressive. Redistributing the tax revenues accrued by removing energy subsidies and imposing the carbon tax would have more progressive effects on the economy of Mexican households, with welfare gains of up to 350% for the poorest households in the case of electricity consumption taxes. [ABSTRACT FROM AUTHOR]

This paper considers a two-echelon supply chain consisting of a manufacturer and a retailer in which the manufacturer faces a random production disruption risk. The manufacturer replenishes the unproduced items to fulfil the retailer's order from the secondary market at a higher price. To attract more customers, this paper considers a customer's demand dependent on product selling price, stock level, and freshness level of the fresh items. Furthermore, this paper considers preservation technology investment (PTI) to mitigate the deterioration rate of the items and carbon tax regulation to curb down carbon emissions revealed from the supply chain activities. The Stackelberg game approach with a leader–follower relationship is used considering the manufacturer as a leader and the retailer as a follower. Several theorems are developed to illustrate the concavity of the profit function and to find out the optimal solutions in which the objective is to maximize the manufacturer's total profit subject to the minimum total cost that the retailer is willing to incur. Several numerical examples are presented to illustrate the proposed models and the obtained results are compared for with and without carbon tax policy. Finally, sensitivity analysis with some key managerial insights is given to demonstrate the model. The results show that a product's freshness level influences consumers' decision to buy more, and that's why the freshness level is an important competitive tool to increase sales as well as the supply chain's total profit. [ABSTRACT FROM AUTHOR]

This paper focuses on sovereign green bonds issued in Europe. By issuing green bonds, European governments commit themselves to realizing environmentally friendly projects and encourage other entities, including private-sector ones, to do the same, thus increasing further domestic investments in addressing climate change. However, considering that governments could pursue their sustainable goals by also issuing conventional bonds, this begs the question of why governments should prefer green bonds. A dataset of European sovereign green bonds was retrieved from the Bloomberg Fixed Income database to answer this question. The data cover all European sovereign green bonds issued until the end of 2023. Quantitative analysis confirms the existence of a small green premium for the issuers, representing an incentive to increase the issuances of sovereign green bonds. Furthermore, the government's carbon emissions reduction, the power sector decarbonization, and good climate policies, measured by the Government Climate Risk Score, contribute to further reducing a country's climate risk and consequently the costs of the issuance, thus triggering a virtuous circle which could, in turn, accelerate the transition to net-zero emissions. Despite these benefits, hurdles still exist, and have curbed the development of the market. Examples include divergence between the use of funds raised through green bonds, which should be earmarked exclusively for climate and environmental projects, and the fungibility requirements for proceeds from sovereign debt and fiscal revenues. [ABSTRACT FROM AUTHOR]

The development path from attaching importance to environmental protection to the theory of ecological conservation, then to piloting ecological civilization demonstration areas, marks that China’s ecological conservation has gradually moved from theoretical construction to practical exploration, based on the new idea that “lucid waters and lush mountains are invaluable assets.” It is still an ordeal for China’s ecological conservation in the context of global warming how to reduce carbon emission intensity while maintaining sustained economic growth. Under the dual constraints of peaking carbon dioxide emissions before 2030 and achieving carbon neutrality before 2060 (“dual carbon” goals), this paper employs the five national ecological civilization pilot demonstration areas (ECDAs) established in 2014 as quasi-natural experiments based on the panel data of 30 Chinese provincial regions from 2003 to 2019. Based on the analysis of the policy implementation background and the theoretical mechanism of its impact on carbon emission intensity, the synthetic control method and difference in differences method are adopted to test the impact of the construction of ECDAs on carbon emission intensity and examine the spatial spillover effect of the pilot policies. The study shows that the construction of ECDAs has significantly reduced carbon emission intensity as a whole, especially in Fujian, Guizhou, and Yunnan Provinces. Moreover, the conclusions successfully pass the robustness test. The mechanism analysis results demonstrate that the construction of ECDAs can lower carbon emission intensity through the positive incentives from boosting technological progress and developing green finance, and the reversal pressure mechanism of optimizing the energy structure and improving the market segmentation. The analysis results of the spatial spillover effect indicate that the construction of ECDAs plays a significant role in reducing carbon emission intensity in the region and its adjacent areas. Therefore, China should introduce ECDAs and the experience gained to more regions. Meanwhile, China should spare no effort to seek multi-dimensional paths to reduce carbon emissions in view of regional differences in green development, and strengthen cross-regional communications and cooperation to realize the goals of carbon emission reduction. [ABSTRACT FROM AUTHOR]

Under the vision of achieving carbon neutrality by 2060, it is urgent to introduce appropriate carbon reduction policy for city road traffic. This paper establishes a three-layer neural network model to predict the carbon emission from private cars based on urban private car trajectory data, simulates and analyzes the carbon emission from private cars, travel cost, personal income, and government revenue under the four policy perspectives, and evaluates and compares the emission reduction effects under four policy perspectives. Next, this paper evaluates the government revenue from the perspective of carbon tax and policy mix and compares the individual consumer utility of two-commodity and three-commodity mix, as well as the total social benefits under the four policy perspectives. The results show that the policy mix has better implementation effect on carbon emission reduction, personal income, and travel cost. The implementation effect of the single carbon tax policy is better in terms of government revenue. The implementation effect of the single carbon trading policy is better in terms of social benefit. In addition, as the carbon tax rate increases, the consumer utility tends to decline. Finally, this paper puts forward specific policy implementation proposals based on the above simulation analysis. [ABSTRACT FROM AUTHOR]