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| Type | Scientific Publication In Electronic Form |
| Scope | Discipline-based scholarship |
| Title | Pollution permits and financing costs |
| Organization Unit | |
| Authors |
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| Language |
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| Place of Publication | London |
| Publisher | VoxEU, CEPR Policy Portal |
| Date | 2020 |
| Abstract Text | Effective environmental policy should consider the behaviour of financiers of polluting firms. In 2013 the EU Emissions Trading System implemented a reform, which translated to higher compliance costs for producers. This column discusses that, in contrast with possible program intentions, loan spreads fell on average by 25% starting in 2013, and this dynamic partly undermined the expected reduction in CO2 emissions. It identifies a key role of permits storage in driving the fall in loan spreads for affected firms. |
| Free access at | Official URL |
| Official URL | https://voxeu.org/article/pollution-permits-and-financing-costs |
| Other Identification Number | merlin-id:20402 |
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