Voluntary corporate environmental initiatives and shareholder wealth

Researchers debate whether environmental investments reduce firm value or actually improve financial performance. We provide some compelling evidence on shareholder wealth effects of membership in voluntary environmental programs (VEPs). Companies announcing membership in EPA's Climate Leaders, a program targeting reductions in greenhouse gas emissions, experience significantly negative abnormal stock returns. The price decline is larger in firms with poor corporate governance structures, and for high market-to-book (i.e., high growth) firms. However, firms joining Ceres, a program involving more general environmental commitments, have insignificant announcement returns, as do portfolios of industry rivals. Overall, corporate commitments to reduce greenhouse gas emissions appear to conflict with firm value maximization. This has important implications for policies that rely on voluntary initiatives to address climate change. Further, we find that firms facing climate-related shareholder resolutions or firms with weak corporate governance standards – giving managers the discretion to make such voluntary environmentally responsible investment decisions – are more likely to join Climate Leaders; decisions that may result in lower firm value.     

Strategic environmental disclosure: Evidence from the DOE's voluntary greenhouse gas registry

Although mandatory disclosure programs have been studied extensively, strategic voluntary environmental disclosures by firms are not well understood. We study the motivations for and impacts of firms' strategic disclosure of greenhouse gas reductions to the US government. We first model firms' joint abatement and disclosure decisions, incorporating both economic and political incentives. We then use data from the Department of Energy's Voluntary Greenhouse Gas Registry to compare reported reductions to actual emissions. We find that participants in the program engage in highly selective reporting: in the aggregate, they increase emissions over time but report reductions. In contrast, non-participants decrease emissions over time. Participants tend to be large firms facing strong regulatory pressure; pressure from environmental groups reduces the likelihood of participation, suggesting such groups viewed the program as a form of greenwash. Participating in the 1605(b) program had no significant effect on a firm's changes in carbon intensity over time.     

Good news for environmental self-regulation? Finding the right link

We investigate the stock market response to firm disclosure of positive environmental information and the link from that information to environmental outcomes. We classify environmental media releases by informational content and value relevance, and assess the abnormal stock returns of each type of event. While announcements of future environmental activities lead to the largest favorable stock market reactions, there is no guaranteed link from this type of information to environmental outcomes. Further analysis of the abnormal returns shows that the magnitude of the stock market reaction depends on firm financial characteristics across all event types rather than on firm environmental performance. Our results indicate that the ability for voluntary environmental information disclosure to induce environmental self-regulation is limited to the extent that firms are able to follow through with their announcements of planned environmental activities.     

Firm ownership structure impact on corporate social responsibility: evidence from austerity U.K.

Corporate social responsibility (CSR) has become an increasingly important sustainable development issue in U.K. The main contribution of this study is to examine how firm ownership structure impacts good corporate governance and CSR in U.K. during austerity conditions. Following the financial crisis of 2007–2008, the U.K. government introduced austerity conditions which impacted firm CSR activities. From the initial sample of more than 250 firms, 50 consistently remain listed on the FTSE4good index during 2008–2012 and are analysed. The definition of CSR distinguishes voluntary and mandatory CSR construct. Findings indicate Board ownership structure and satisfactory firm performance impact on the level of voluntary CSR. Board ownership results suggest increased institutional and non-CEO shareholdings support a higher level of voluntary CSR engagement, whilst increased CEO shareholdings lead to a lower level of investment in voluntary CSR. In terms of satisfactory firm performance, results suggest positive attainment discrepancy supports a higher level of voluntary CSR, whereas greater potential organisational slack leads to a lower level of voluntary CSR investment. Effective governance and voluntary CSR association is more pronounced under conditions of high attainment discrepancy and low organisational slack. The findings suggest implications for adapting firm decision-making latitude and government policy between austerity and prosperity conditions.     

Heterogeneous firms and the environment: a cap-and-trade program

Currently, cap-and-trade programs are a cornerstone of many countries' climate change policies and proposals. This paper investigates the economic and environmental effects of different climate change policy designs in a general equilibrium setting with heterogeneous firms and monopolistic competition. The analysis predicts that the cap on emissions perfectly defines the environmental quality but has no effect on firms' profits, or decisions to enter or exit the market. In contrast, increasing the share of free allocations of emission allowances, as opposed to auctions, has no effect on environmental quality but reallocates resources among firms toward the most productive ones which has an impact on firms' entry and exit decisions, the mass of firms, and the composition of the market. Firm heterogeneity magnifies these economic effects of changes in the initial allocation of allowances. The paper provides a decomposition of the change in aggregate emissions which takes account of the changes at sector level, across the firms within a sector, and at the firm level.     

Corporate governance and green innovation

We study the relationship between corporate governance and firms׳ environmental innovation. Exploiting changes in antitakeover legislation in the US, we show that worse governed firms generate fewer green patents relative to all their innovations. This negative effect is greater for firms with a smaller share of institutional ownership, with a smaller stock of green patents, and with more binding financial constraints. Investigating regulatory and industry variations, we also find more pronounced effects for firms operating in states with lower pollution abatement costs, and in sectors less dependent on energy inputs. Overall, our results suggest that ineffective corporate governance may constitute a major obstacle to environmental efficiency.     

中国农业领域温室气体主要减排措施研究分析

气候变暖已成不争事实,主要是由于人为温室气体（GHG）排放增加所致,为减缓气候变暖趋势,各领域迫切需要采取减排措施;农业是一个重要的GHG排放源,农业领域采取减排措施对于减少我国GHG排放、保护农村生态环境有重要意义。文章在大量阅读前人研究结果的基础上,总结我国农业领域主要的减排管理措施,主要从农业活动、农村生活和生物质能源利用三方面进行阐述,并简要分析各措施的减排效果和存在问题。分析发现,农业活动的水肥管理是农田温室气体减排的研究热点,但由于地域和管理流程上的差异,对措施的减排效果尚存在争议;农村生活中存在巨大的减排潜力,采取恰当的减排措施不但可以减少GHG排放,还可以改善农村生态状况和环境卫生条件;农村生物质能源有很大发展潜力,合理开发利用,可以有效替代化石能源消耗,缓解能源危机,减少GHG排放,保护生态环境。总之,在农业领域采取积极的减排措施,有助于国家效应对气候变化,降低农业源污染和GHG排放,减轻环境压力,转换农业发展模式,加速农业现代化,促进农业生产的可持续发展和社会主义新农村建设。     

Domestic politics and the formation of international environmental agreements

We investigate the effect of domestic politics on international environmental policy by incorporating into a classic stage game of coalition formation the phenomenon of lobbying by special-interest groups. In doing so, we contribute to the theory of international environmental agreements, which has overwhelmingly assumed that governments make decisions based on a single set of public-interest motivations. Our results suggest that lobbying on emissions may affect the size of the stable coalition in counterintuitive ways. In particular, a powerful business lobby may increase the government's incentives to sign an agreement, by providing it with strong bargaining power with respect to that lobby at the emission stage. This would result in lower total emissions when the number of countries involved is not too large. We also show that things change radically when lobbying bears directly on the membership decisions, suggesting that both the object and timing of lobbying matter for the way in which membership decisions, emissions and welfare are affected.     

施肥对冬小麦土壤温室气体排放的影响

通过对不同施肥处理下冬小麦（Triticum aestivum）农田土壤温室气体排放的测定,研究了巢湖流域圩区农业生态系统春季土壤温室气体的排放特点。结果表明,土壤温室气体通量与温度等因素正相关,与土壤水分质量分数负相关,不同施肥方式对土壤温室气体排放也有重要影响。土壤系统维持持续的CO2气体排放,土壤是CO2气体的净排放源;CH4的情况则较为复杂,在较低温度条件下,土壤可以吸收少量的CH4气体,随着温度的上升开始出现CH4的净排放。与对照相比,优化施肥、减量施肥＋秸秆还田、常规施肥可减少的温室气体排放量折合CO2体积当量分别相当于减排12.0%、20.5%、17.6%,合理的施肥管理可以大幅度减少温室气体的排放。     

中国农业领域温室气体主要减排措施研究分析

气候变暖已成不争事实,主要是由于人为温室气体(GHG)排放增加所致,为减缓气候变暖趋势,各领域迫切需要采取减排措施;农业是一个重要的GHG排放源,农业领域采取减排措施对于减少我国GHG排放、保护农村生态环境有重要意义。文章在大量阅读前人研究结果的基础上,总结我国农业领域主要的减排管理措施,主要从农业活动、农村生活和生物质能源利用三方面进行阐述,并简要分析各措施的减排效果和存在问题。分析发现,农业活动的水肥管理是农田温室气体减排的研究热点,但由于地域和管理流程上的差异,对措施的减排效果尚存在争议;农村生活中存在巨大的减排潜力,采取恰当的减排措施不但可以减少GHG排放,还可以改善农村生态状况和环境卫生条件;农村生物质能源有很大发展潜力,合理开发利用,可以有效替代化石能源消耗,缓解能源危机,减少GHG排放,保护生态环境。总之,在农业领域采取积极的减排措施,有助于国家效应对气候变化,降低农业源污染和GHG排放,减轻环境压力,转换农业发展模式,加速农业现代化,促进农业生产的可持续发展和社会主义新农村建设。     

Emissionen und Minderungspotential von HFKW, FKW und SF6 in Deutschland

The greenhouse gases subject to emission reduction commitments under the UN Climate Convention include the fluorinated compounds sulphur hexafluoride (SF₆), perfluorocarbons (PFCs) and hydrofluorocarbons (HFCs). The present study projects the emissions of these gases in Germany over the 1995–2010 period, with and without additional emission abatement efforts In the business-as-usual scenario, total emissions of the three fluorinated gases rise over the 1995–2010 period from 11,1 to 27.4 million tonnes CO₂ equivalent. This rise is attributable to 72% to HFCs, used above all for refrigeration and stationary air-conditioning, for mobile air-conditioning, for blowing extruded polystyrene (XPS) foam and for one-component polyurethane (PU) foam. Soundproof glazing is the largest SF₆ emission sector. Most PFC emissions come from semiconductor manufacturing and aluminium smelting. The reduction scenario does not achieve a stabilisation of fluorinated gas emissions either. The rate of growth is only slowed, with 11.1 million tonnes CO₂ equivalent in 1995 growing to 14.9 million in 2010. The measures proposed to attenuate emissions growth are: mandatory equipment maintenance in refrigeration and stationary air-conditioning, refrigerant substitution of HFCs by CO₂ in mobile air-conditioning, partial HFC substitution by CO₂ in XPS foam blowing, 95% HFC substitution by flammable hydrocarbons in one-component PU foam. Complete SF₆ phase-out is considered to be feasible in soundproof glazing. The PFC emissions of the semiconductor industry can be cut by 85% by new chamber cleaning technologies.     

On optimal audit mechanisms for environmental taxes

We consider the auditing problem of an environmental enforcement agency with fixed audit resources: How to decide which firms to audit after having observed the firms' taxable emissions reports. The goal of the agency is to implement the socially efficient emissions level. The audit mechanism is the agency's sole choice variable, while other variables such as the tax rate on emissions and the fine for non-compliance are determined by other governmental actors. The fines and budget of the agency are constrained in such a way that the common random audit mechanism fails to implement socially efficient emissions. Assuming perfect information among the firms, we derive an optimal audit mechanism capable of implementing the socially efficient emissions level. The optimal audit mechanism creates a contest exploiting the strategic interdependencies between the firms, where the probability of winning (not being audited) for each firm depends on costly efforts (their taxable emissions reports).     

29 % N2O emission reduction from a modelled low-greenhouse gas cropping system during 2009–2011

Atmospheric concentration of nitrous oxide (N₂O), a greenhouse gas (GHG), is rising largely due to agriculture. At the plot scale, N₂O emissions from crops are known to be controlled by local agricultural practices such as fertilisation, tillage and residue management. However, knowledge of greenhouse gas emissions at the scale of the cropping system is scarce, notably because N₂O monitoring is time consuming. Strategies to reduce impact of farming on climate should therefore be sought at the cropping system level. Agro-ecosystem models are simple alternative means to estimate N₂O emissions. Here, we combined ecosystem modelling and field measurements to assess the effect of agronomic management on N₂O emissions. The model was tested with series of daily to monthly N₂O emission data. It was then used to evaluate the N₂O abatement potential of a low-emission system designed to halve greenhouse gas emissions in comparison with a system with high productivity and environmental performance. We found a 29 % N₂O abatement potential for the low-emission system compared with the high-productivity system. Among N₂O abatement options, reduction in mineral fertiliser inputs was the most effective.     

Stochastic Pollution, Permits, and Merger Incentives

Pollution permit regulations introduce nonlinearities into the objective function of a polluting firm. We develop a microeconomic model to show the effects these nonlinearities might have upon firm decisions when emissions are stochastic. Under perfect competition the fraction of planned pollution covered by permits is shown to be separable from planned production. We also demonstrate that permit management incentives may motivate a merger of otherwise independent firms. Incentives to petition for “bubble” coverage are also considered. The model is studied under risk neutrality and risk aversion. Imperfectly competitive situations in the output and permit markets are also analyzed.     

奶牛粪便翻堆式与槽式堆肥过程气体排放规律及养分损失原位监测

为探究奶牛粪便翻堆式与槽式堆肥过程中温室气体和氨气(NH₃)排放规律及养分损失情况,采用原位监测的方法,通过静态采气箱和气体在线监测设备,分别对奶牛粪便翻堆式和槽式堆体开展为期36 d的气体监测。结果表明,翻堆式堆肥过程中甲烷(CH₄)、氧化亚氮(N2_O)和NH₃排放主要集中于翻堆阶段;槽式堆肥过程中CH₄和NH₃排放主要集中于堆肥前期,N2_O排放则主要集中于堆肥中后期。堆体管理措施及物料特性显著影响堆肥气体的排放。翻堆式堆肥过程中翻堆对气体排放的影响大于堆肥理化因子如温度、含水率以及pH值;而槽式堆肥过程中,降低堆体的平均温度可同时减缓堆肥过程中CH₄、二氧化碳(CO₂)和NH₃的释放。从养分损失来看,翻堆式和槽式堆肥过程中碳素总损失量分别占堆肥物料初始总碳含量(TC)的27.16%和21.53%,其中约80%以上的碳素损失来自CO₂-C。而堆肥过程中氮素总损失量分别占堆肥物料初始总氮含量(TN)的18.67%和13.44%,其中约80%以上的氮素损失来源于NH₃N。该研究表明,在保证堆体物料腐熟的前提下,降低翻堆频率可显著减缓翻堆式堆肥过程中温室气体和NH₃的排放;降低槽式堆肥堆体的温度可显著减少堆肥过程中CH₄、CO₂和NH₃的排放。该研究结果对于减少堆肥过程气态污染物排放和养分损失,提高堆肥效率具有重要的指导意义。     

The real effect of legal institutions: Environmental courts and firm environmental protection expenditure

This paper evaluates the real effects of environmental justice reform on environmental governance at the firm level. Using the establishment of environmental courts in China as a quasi-natural experiment, our difference-in-differences estimation shows that: (1) environmental courts significantly enhance environmental investment by firms, and this relationship is robust to different specifications and alternative measures; (2) three possible channels are the improved levels of justice and enforcement of environmental protection, and the mitigation of local government intervention; (3) our findings are particularly pronounced in subsamples with severe local protectionism, state-owned enterprises (SOEs), and non-SOEs with political connections; (4) at the city-level, environmental courts significantly increase air quality and promote cities to cross the inflection point of the environmental Kuznets curve earlier. Overall, this paper reveals the micro-mechanisms behind the real effects of environmental justice on firm environmental investment, thus providing timely implications for regulators concerned with environmental protection.     

中国燃煤电厂碳排放量计算及分析

人类活动造成的温室气体排放已经对自然生态造成了巨大的影响。如果无法有效解决气候变化问题,到2030年将有超过1亿人因此而失去生命,且全球经济增长将削减3.2%。有效地控制和减少温室气体的排放是人类急需解决的问题。目前中国温室气体排放总量已经超越美国成为全球第一大温室气体排放国,中国的能源结构决定了中国燃煤发电是中国CO2主要排放源之一,因此实现燃煤发电碳减排对降低中国碳排放总量,减少温室气体排放具有重要意义。准确地计算燃煤电厂产生的碳排放量是进行碳排放权交易、低碳火电厂在经济上具有可行性,最终实现燃煤电厂碳减排的前提条件之一。本研究根据世界资源研究所提供的计算工具首先界定了本研究对于碳排放计算的范围,其次阐述了不同电厂应针对其使用的燃煤进行工业分析的精细化程度不同而采用不同的计算方法,最后对两组不同机组类型的中国火电厂进行了碳排放量计算和对比分析。根据以上分析得出了大容量、高参数的燃煤发电机组相比小容量发电机组不仅能提高能源利用效率,同时也能相对减少因生产电能而产生的CO2排放。其次,燃煤电厂CO2排放中煤炭固定燃烧占有绝对比例,脱硫及外购电力所占比例较小,但排放的绝对总量并不小。再次,由于大容量、高参数机组与小容量发电机组相比在生产单位电能所消耗的燃煤量更少、其排放的废弃中的CO2浓度相对较高,应此更适合安装碳捕捉系统,有助于提高捕捉效率,降低捕捉CO2的成本。因此,建议在未来建设碳捕捉系统时应优先选择大容量、高参数机组。本研究的创新点在于在上述研究的基础上考虑单个燃煤电厂的煤质、考虑电厂脱硫、外购电力的因素,根据电厂对煤质不同程度的工业分析采用不同的计算方法,目的在于更?     

Do voluntary pollution reduction programs (VPRs) spur or deter environmental innovation? Evidence from 33/50

We study whether a government-sponsored voluntary pollution reduction program (VPR) promotes or deters the development of new environmental technologies that yield future emission reduction benefits. Using a panel of 127 U.S. manufacturing industries defined by 3-digit SIC classifications over the 1989–2004 period, we estimate impacts of industry-level participation in the 33/50 program, a VPR initiated by government regulators in 1991, on industry-level rates of environmental patenting. We find that higher rates of 33/50 program participation are associated with significant reductions in the number of successful environmental patent applications five to nine years after the program ended.     

低碳经济与农业发展思考

大气中碳浓度的升高是导致全球气候变化的主要原因.以低能耗、低排放、低污染为特征的低碳经济是目前人类应对全球气候变化,减缓温室气体排放的根本出路.农业生产与全球气候变化息息相关,农业是温室气体的第二大重要来源,如何减少农业温室气体排放量并探寻减排方法已经成为当务之急.从低碳经济这一热点问题谈起,论述了农业生产与全球气候变化的关系,以及当前农业面临的问题和挑战,提出了发展低碳农业的对策以及具体措施,旨在为呼应低碳经济,应对全球气候变化提供科学决策,促进现代农业由高碳经济向低碳经济转型,实现农业的可持续发展.     

Vertical fiscal externalities and the environment

We show that imposition of a state-level environmental tax in a federation crowds out pre-existing federal taxes. We explain how this vertical fiscal externality can lead unilateral state-level environmental policy to generate a welfare gain in the implementing state, at the expense of other states, even absent any environmental benefits. Using a computable general equilibrium model of the Canadian federation, we show that vertical fiscal externalities can be the major determinant of the welfare change following environmental policy implementation by a state government. Our numerical simulations indicate that – as a consequence of vertical fiscal externalities – state governments can reduce greenhouse gas emissions by over 20 percent without any net cost to themselves.