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<!DOCTYPE html> <HTML lang="en"> <HEAD> <TITLE>Asset pricing and the carbon beta of externalities</TITLE> <meta charset="utf-8"> <meta http-equiv="X-UA-Compatible" content="IE=edge"> <meta name="viewport" content="width=device-width, initial-scale=1.0"> <link rel="stylesheet" href="https://maxcdn.bootstrapcdn.com/bootstrap/4.0.0/css/bootstrap.min.css" integrity="sha384-Gn5384xqQ1aoWXA+058RXPxPg6fy4IWvTNh0E263XmFcJlSAwiGgFAW/dAiS6JXm" crossorigin="anonymous"> <link rel="stylesheet" href="/css/font-awesome.min.css">   <link href="/css/normalnew.css" rel="stylesheet" type="text/css"/> <link href="/css/pushy.css" rel="stylesheet" type="text/css"/> <link rel="icon" type="image.jpg" href="/favicon.ico">  <script type='text/javascript'> var captchaContainer = null; var loadCaptcha = function() { captchaContainer = grecaptcha.render('captcha_container', { 'sitekey' : '6LdQebIaAAAAACSKxvbloyrkQ_q-MqhOAGgD5PQV', 'callback' : function(response) { console.log(response); } }); }; </script> <META NAME="handle" CONTENT="RePEc:eee:jeeman:v:125:y:2024:i:c:s0095069624000433"><META NAME="DOI" CONTENT="10.1016/j.jeem.2024.102969"><META NAME="description" CONTENT="Downloadable (with restrictions)! Climate policy needs to set incentives for investors who face imperfect, distorted markets and large uncertainties about the costs and benefits of abatement. These investors decide on uncertain investments according to their expected return and risk (carbon beta). We study carbon pricing and financial incentives in a consumption-based asset pricing model distorted by technology spillovers and time-inconsistency. We find that both distortions reduce the equilibrium asset return and delay investment in abatement. However, their effect on the carbon beta and the risk premium for abatement can be decreasing (when innovation spillovers are not anticipated) or increasing (when climate policy is not credible). We show that the distortions can be overcome by modified carbon pricing by a regulator, or by financial incentives, implemented in our model by a long-term investment fund. The fund pays a subsidy to reduce technology costs or offers financial contracts to boost investment returns to complement the carbon price. The investment fund can thus pave the way for carbon pricing in later periods by preventing a capital misallocation that would be too expensive to correct, thus improving the feasibility of ambitious carbon pricing."> <META NAME="robots" content="NOARCHIVE"><META NAME="keywords" CONTENT="Carbon budget; CCAPM; Policy instruments; External effect; Overcoming market distortions"> <META NAME="jel_code" CONTENT="Q54; D81; G12"> <META NAME="author" CONTENT="Edenhofer, Ottmar & Lessmann, Kai & Tahri, Ibrahim"> <META NAME="author_shortid" CONTENT="ple867"> <META NAME="title" CONTENT="Asset pricing and the carbon beta of externalities"> <META NAME="download" CONTENT="1"> <META NAME="freedownload" CONTENT="0"> <META NAME="date" CONTENT="2024-02-02"> <META NAME="citation_publication_date" CONTENT="2024"> <META NAME="citation_authors" content="Edenhofer, Ottmar; Lessmann, Kai; Tahri, Ibrahim"> <META NAME="citation_title" content="Asset pricing and the carbon beta of externalities"> <META NAME="citation_abstract" content="Climate policy needs to set incentives for investors who face imperfect, distorted markets and large uncertainties about the costs and benefits of abatement. These investors decide on uncertain investments according to their expected return and risk (carbon beta). We study carbon pricing and financial incentives in a consumption-based asset pricing model distorted by technology spillovers and time-inconsistency. We find that both distortions reduce the equilibrium asset return and delay investment in abatement. However, their effect on the carbon beta and the risk premium for abatement can be decreasing (when innovation spillovers are not anticipated) or increasing (when climate policy is not credible). We show that the distortions can be overcome by modified carbon pricing by a regulator, or by financial incentives, implemented in our model by a long-term investment fund. The fund pays a subsidy to reduce technology costs or offers financial contracts to boost investment returns to complement the carbon price. The investment fund can thus pave the way for carbon pricing in later periods by preventing a capital misallocation that would be too expensive to correct, thus improving the feasibility of ambitious carbon pricing."> <META NAME="citation_publisher" content="Elsevier"> <META NAME="citation_journal_title" content="Journal of Environmental Economics and Management"> <META NAME="citation_keywords" content="Carbon budget; CCAPM; Policy instruments; External effect; Overcoming market distortions"> <META NAME="citation_abstract_html_url" content="https://ideas.repec.org/a/eee/jeeman/v125y2024ics0095069624000433.html"> <META NAME="citation_abstract_pdf_url" content="https://ideas.repec.org/a/eee/jeeman/v125y2024ics0095069624000433.html"> <META NAME="redif-type" content="article"> <META NAME="citation_type" content="redif-article"> <META NAME="citation_year" content="2024"> <META NAME="citation_volume" content="125"> <META NAME="citation_issue" content="C"> <META NAME="twitter:card" content="summary_large_image"> <META NAME="twitter:site" content="@repec_org"> <META NAME="twitter:title" content="Asset pricing and the carbon beta of externalities, by Edenhofer, Ottm"> <META NAME="twitter:description" content="Climate policy needs to set incentives for investors who face imperfect, distorted markets and large uncertainties about the costs and benefits of abatement. These investors decide on uncertain invest"> <META NAME="twitter:image" content="https://ideas.repec.org/cgi-bin/twimage.cgi?a&eee:jeeman:v:125:y:2024:i:c:s0095069624000433"> <META PROPERTY="og:type" content="article"> <META PROPERTY="og:title" content="Asset pricing and the carbon beta of externalities"> <META PROPERTY="og:description" content="Climate policy needs to set incentives for investors who face imperfect, distorted markets and large uncertainties about the costs and benefits of abatement. These investors decide on uncertain invest"> <META PROPERTY="og:url" content="https://ideas.repec.org//a/eee/jeeman/v125y2024ics0095069624000433.html"> <META PROPERTY="og:image" content="https://ideas.repec.org/cgi-bin/twimage.cgi?a&eee:jeeman:v:125:y:2024:i:c:s0095069624000433"> <script type="application/ld+json"> { "@context": "http://schema.org", "@graph": [ { "@id": "#periodical", "@type": "Periodical", "name": "Journal of Environmental Economics and Management", "publisher": "Elsevier", "url": "https://ideas.repec.org/s/eee/jeeman.html", "requiresSubscription": "false" }, { "@id": "#number", "@type": "PublicationIssue", "datePublished": "2024", "issueNumber": "C" }, { "@id": "#volume", "@type": "PublicationVolume", "volumeNumber": "125" }, { "@id": "#article", "@type": "ScholarlyArticle", "name": "Asset pricing and the carbon beta of externalities", "url": "https://ideas.repec.org//a/eee/jeeman/v125y2024ics0095069624000433.html", "description": "Climate policy needs to set incentives for investors who face imperfect, distorted markets and large uncertainties about the costs and benefits of abatement. These investors decide on uncertain investments according to their expected return and risk (carbon beta). We study carbon pricing and financial incentives in a consumption-based asset pricing model distorted by technology spillovers and time-inconsistency. We find that both distortions reduce the equilibrium asset return and delay investment in abatement. However, their effect on the carbon beta and the risk premium for abatement can be decreasing (when innovation spillovers are not anticipated) or increasing (when climate policy is not credible). We show that the distortions can be overcome by modified carbon pricing by a regulator, or by financial incentives, implemented in our model by a long-term investment fund. The fund pays a subsidy to reduce technology costs or offers financial contracts to boost investment returns to complement the carbon price. 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document.getElementById("response").innerHTML = xhttp.responseText; } </script><span id="response"></span> </div> </div> <div id="content-block"> <div id="title"> <h1>Asset pricing and the carbon beta of externalities</h1></div> <div> <ul class="nav nav-pills" id="myTab" role="tablist"> <li class="nav-item"> <a class="nav-link active" id="author-abstract-tab" data-toggle="tab" href="#author-abstract" role="tab" aria-controls="author-abstract" aria-selected="true">Author & abstract</a> </li> <li class="nav-item"> <a class="nav-link download-tab" id="download-tab" data-toggle="tab" href="#download" role="tab" aria-controls="download" aria-selected="false">Download & other version</a> </li> <li class="nav-item"> <a class="nav-link" id="refs-tab" data-toggle="tab" href="#refs" role="tab" aria-controls="refs" aria-selected="false">55 References</a> </li> <li class="nav-item"> <a class="nav-link" id="mrel-tab" data-toggle="tab" href="#mrel" role="tab" aria-controls="mrel" 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<h2 style="clear:left">Abstract</h2><div id="abstract-body">Climate policy needs to set incentives for investors who face imperfect, distorted markets and large uncertainties about the costs and benefits of abatement. These investors decide on uncertain investments according to their expected return and risk (carbon beta). We study carbon pricing and financial incentives in a consumption-based asset pricing model distorted by technology spillovers and time-inconsistency. We find that both distortions reduce the equilibrium asset return and delay investment in abatement. However, their effect on the carbon beta and the risk premium for abatement can be decreasing (when innovation spillovers are not anticipated) or increasing (when climate policy is not credible). We show that the distortions can be overcome by modified carbon pricing by a regulator, or by financial incentives, implemented in our model by a long-term investment fund. The fund pays a subsidy to reduce technology costs or offers financial contracts to boost investment returns to complement the carbon price. The investment fund can thus pave the way for carbon pricing in later periods by preventing a capital misallocation that would be too expensive to correct, thus improving the feasibility of ambitious carbon pricing.</div> <h2>Suggested Citation</h2> <div id="biblio-body"> <LI class="list-group-item downgate"> Edenhofer, Ottmar & Lessmann, Kai & Tahri, Ibrahim, 2024. "<B><A HREF="/a/eee/jeeman/v125y2024ics0095069624000433.html">Asset pricing and the carbon beta of externalities</A></B>," <A HREF="/s/eee/jeeman.html">Journal of Environmental Economics and Management</A>, Elsevier, vol. 125(C). </li> Handle: <i style="word-break:break-all">RePEc:eee:jeeman:v:125:y:2024:i:c:s0095069624000433</i> <br>DOI: 10.1016/j.jeem.2024.102969 <form method="post" action="/cgi-bin/refs.cgi" enctype="multipart/form-data" target="refs" class="form-inline" role="form" style="margin-bottom: 10px;"> <input type="hidden" name="handle" value="RePEc:eee:jeeman:v:125:y:2024:i:c:s0095069624000433"> <div class="pull-left" style="padding-right: 2px;"> <input type="submit" class="btn btn-default fa" name="ref" value="Export reference "> as </div> <div class="col-xs-8" style="padding-left: 0;"> <select name="output" size="1"> <option value="0">HTML</option> <option value="0.5">HTML with abstract</option> <option value="1">plain text</option> <option value="1.5">plain text with abstract</option> <option value="2">BibTeX</option> <option value="3">RIS (EndNote, RefMan, ProCite)</option> <option value="4">ReDIF</option> <option value="6">JSON</option> </select> </div> </form></div> </div> <div class="tab-pane fade" id="download" role="tabpanel" aria-labelledby="download-tab"> <h2>Download full text from publisher</h2><p></p> <FORM METHOD=GET ACTION="/cgi-bin/get_doc.pl" target="_blank"> <INPUT TYPE=HIDDEN NAME="urn" VALUE="RePEc:eee:jeeman:v:125:y:2024:i:c:s0095069624000433"><INPUT TYPE="radio" NAME="url" VALUE="http://www.sciencedirect.com/science/article/pii/S0095069624000433" checked><B>File URL:</B> <span style="word-break:break-all">http://www.sciencedirect.com/science/article/pii/S0095069624000433</span><BR><B>Download Restriction:</B> Full text for ScienceDirect subscribers only<BR> <HR><INPUT TYPE="radio" NAME="url" VALUE="https://libkey.io/10.1016/j.jeem.2024.102969?utm_source=ideas"> <B>File URL:</B> <span style="word-break:break-all">https://libkey.io/10.1016/j.jeem.2024.102969?utm_source=ideas</span><BR> <B>LibKey link</B>: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item<BR> <font size="+2" color="red">---><INPUT TYPE="SUBMIT" class="btn fa" VALUE="Download the selected file " style="color:white;background-color:#2d4e8b;"><---</font></FORM><P>As the access to this document is restricted, you may want to look for a different version below or <A HREF="/cgi-bin/htsearch2?q=%22Asset+pricing+and+the+carbon+beta+of+externalities%22" rel="nofollow">search</A> for a different version of it. <h2>Other versions of this item:</h2> <div class="otherversion"><UL><LI class="list-group-item downfree"> Ottmar Edenhofer & Kai Lessmann & Ibrahim Tahri, 2021. 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Ltd., vol. 5(01), pages 1-30. <LI class="list-group-item downgate"> Hambel, Christoph & Kraft, Holger & Schwartz, Eduardo, 2021. "<B><A HREF="/a/eee/eecrev/v132y2021ics0014292120302725.html">Optimal carbon abatement in a stochastic equilibrium model with climate change</A></B>," <A HREF="/s/eee/eecrev.html">European Economic Review</A>, Elsevier, vol. 132(C). <LI class="list-group-item downgate"> David Popp, 2010. "<B><A HREF="/a/anr/reseco/v2y2010p275-298.html">Innovation and Climate Policy</A></B>," <A HREF="/s/anr/reseco.html">Annual Review of Resource Economics</A>, Annual Reviews, vol. 2(1), pages 275-298, October. <LI class="list-group-item downfree"> Kent D. Daniel & Robert B. Litterman & Gernot Wagner, 2019. 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