Thema Umweltmärkte

Taxonomy Disclosure in the EU: A Useful Framework, Despite Current Challenges

The EU Taxonomy is a classification system for sustainable economic activities and a framework for various regulatory initiatives. Its primary objectives are to enhance transparency, to reduce greenwashing and ultimately to redirect capital toward more sustainable activities. However, since its introduction, market participants have raised concerns about whether the benefits justify the costs. This ...

Locked in a Fossil-Centric System Paradigm: LNG Expansion Impedes Socio-Ecological Transition Toward a Just and Renewable Energy Future

The expansion of liquefied natural gas (LNG) infrastructure in Europe significantly impedes the necessary socio-ecological transformation (SET) required to shift toward a decentralized, 100% renewable energy system (RES). By reinforcing a fossil-centric system paradigm, LNG infrastructure deepens Europe’s dependence on fossil fuels, thereby delaying climate goals and increasing greenhouse gas emissions. ...

Environmentally-Responsible Households: Irresponsible Corporate Lobbying

How do firms respond to greener household preferences? We construct a novel index of environmental willingness to act on the state-quarter level based on Google Trends search data. Relating the index to firm-level information on the U.S. auto- motive sector from 2006 to 2019, we find ambiguous results. On average, firms innovate more in electric, hydrogen, and hybrid (clean) technologies and reduce ...

Impact of ESG Performance on the Cost of Capital in the Energy, Utilities, and Basic Materials Sectors

This paper explores the presence of an environmental, social, and governance (ESG) premium for firms operating in the energy, utilities, and basic materials sectors. Specifically, we examine the influence of ESG performance on firms’ cost of capital in both debt and equity markets. We apply a measure of the ex ante implied cost of equity and the cost of debt to a global sample of over 24,000 firm-year ...

Utilisation of Reactive Ionic Liquids for Energy Storage and Regulation of the Power Grid

Chlorine is an essential feedstock for polymers and pharmaceuticals, with annual production exceeding 100 Mt. Nearly all Cl2 is obtained by chlor–alkali electrolysis, which consumes about 2.58 MWh of electricity per tonne. Renewable energies such as wind and solar would lower CO2 emissions, but electrolysers would then have to adopt to fluctuating, renewable energies while downstream processes still ...

Energiewende: Beschleunigen statt bremsen

Mitigation versus Competitiveness? Industry Compensation in the European Union Emissions Trading System

Carbon pricing policies are usually combined with compensation for exposed firms to prevent adverse competitiveness effects. In cap-and-trade systems, this carbon cost compensation mostly occurs through free allocation of emission permits. Using an administrative panel of German manufacturing firms, this paper investigates how free allocation in the European Union Emissions Trading System affects firms’ ...

Solar Prosumage Under Different Pricing Regimes: Interactions with the Transmission Grid

Residential electricity consumers equipped with photovoltaic (PV) systems and battery storage, also referred to as solar prosumers, are transforming electricity markets. While previous research has dealt with various aspects of solar prosumage, dedicated analyses of their interactions with the transmission grid under varying tariff designs are sparse. We explore the influence of different pricing regimes ...

Flexible Nuclear Power and Fluctuating Renewables? An Analysis for Decarbonized Multi-Vector Energy Systems

Many governments consider new nuclear power plants to promote decarbonization. On the one hand, dispatchable nuclear plants can complement fluctuating generation from wind and PV. On the other hand, escalating construction costs and times raise economic concerns. This paper investigates the economic threshold at which nuclear plants are an efficient decarbonization option. Building on an extensive ...

Von Verteilungswirkungen und Lobbyismus: Die sozial-ökologische Transformation ist kein Selbstläufer: Editorial