Assessing the impact of climate policies on equity risk under sustainable insurance: Cap-and-trade regulation, energy-saving technology subsidies, and carbon tariffs
學年 113
學期 1
出版（發表）日期 2024-09-10
作品名稱 Assessing the impact of climate policies on equity risk under sustainable insurance: Cap-and-trade regulation, energy-saving technology subsidies, and carbon tariffs
作品名稱（其他語言）
著者 Tinghui Lu; Xuelian Li; Jyh-Horng Lin; Ching-Hui Chang; Zhantong Cai
單位
出版者
著錄名稱、卷期、頁數 Energy Economics 139, p.107902
摘要 The paper presents a capped-call option framework for climate policies, highlighting cap-and-trade regulation, energy-saving technology subsidies, and carbon tariffs. It involves a life insurer providing green finance to a carbon-intensive manufacturer, examining their procurement of carbon allowances and export activities under cap-and-trade and carbon tariff systems, respectively. The main results reveal that manufacturer exports increase manufacturer equity risk, while stricter cap policies partially mitigate this effect, especially with higher carbon tariffs. Conversely, elevated carbon tariffs directly amplify manufacturer equity risk, but this is alleviated somewhat by a stricter cap-and-trade system. Energy-saving technology subsidies reduce manufacturer equity risk. Higher exports are associated with reduced insurer equity, while a stricter cap-and-trade regime enhances insurer equity, particularly with higher carbon tariffs. Carbon tariffs positively impact insurer equity, whereas subsidies for energy-saving technology for manufacturers have a negative effect. In the paper, the integration of both mechanisms within a capped-call option framework can advance sustainability efforts and help mitigate f inancial risks for the carbon manufacturer and the fund-providing insurer. This alignment corresponds with the objectives of environmental responsibility and economic stability in the face of climate change challenges.
關鍵字 Cap-and-trade;Carbon tariff;Climate change policy;Energy-saving technology subsidy;Sustainable insurance
語言 en
ISSN
期刊性質 國外
收錄於 SSCI
產學合作
通訊作者
審稿制度 是
國別 NLD
公開徵稿
出版型式 ,電子版
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