Khanchel Imen, Lassoued Naima, Khiari Cyrine
Higher School of Business, Manouba University, Manouba, Tunisia.
LARIME LR11ES02, ESSECT, University of Tunis, Tunis, Tunisia.
Heliyon. 2024 Jun 7;10(12):e32487. doi: 10.1016/j.heliyon.2024.e32487. eCollection 2024 Jun 30.
This study explores the implications and effectiveness of pollution control bonds (PCBs) in reducing carbon risk, focusing on a sample of 242 U S. electric utility firms from 2012 to 2022. The research investigates the association of PCB issuances with (i) absolute (unscaled) carbon emissions levels and their three scopes; and (ii) carbon emissions intensity and its three scopes. Using quantile regressions covering the 5th, 25th, 50th, 75th, and 90th quantiles, along with the Propensity Score Matching (PSM) methodology (where the treatment group includes firms using PCBs and the control group comprises firms that do not opt for PCBs), the findings show a significant reduction in carbon emissions due to PCB issuance. Substantial differences were observed between the treatment group and the control group across various quantiles of carbon emissions, particularly for companies with medium to high carbon footprints, both in terms of overall CO2 emissions and scope 2 CO2 emissions. Moreover, disparities between the two groups were notable across all quantiles of scope 1 CO2 emissions. Additionally, among the companies using PCBs, those with lower risk profiles exhibited a smaller carbon footprint, measured by scope 3 CO2 emissions, in comparison to their counterparts. Furthermore, the study highlights a more pronounced impact of PCBs issuance during the second phase of the Kyoto Protocol and the commitment period of the Paris Agreement. The results remain robust when alternative measures of carbon risk are applied. These findings carry significant implications for municipal and financing authorities, as well as investors within the U.S. electric utility industry. This research contributes novel insights to the field of electric utility management.
本研究探讨了污染控制债券（PCBs）在降低碳风险方面的影响和有效性，重点关注2012年至2022年期间242家美国电力公司的样本。该研究调查了污染控制债券发行与（i）绝对（未缩放）碳排放水平及其三个范围；以及（ii）碳排放强度及其三个范围之间的关联。使用涵盖第5、25、50、75和90百分位数的分位数回归，以及倾向得分匹配（PSM）方法（其中处理组包括使用污染控制债券的公司，对照组包括未选择污染控制债券的公司），研究结果表明，污染控制债券的发行显著降低了碳排放。在碳排放的各个分位数上，处理组和对照组之间存在显著差异，特别是对于碳足迹从中等到高的公司，无论是在总体二氧化碳排放还是范围二二氧化碳排放方面。此外，在范围一二氧化碳排放的所有分位数上，两组之间的差异都很明显。此外，在使用污染控制债券的公司中，风险状况较低的公司与同行相比，其范围三二氧化碳排放量所衡量的碳足迹较小。此外，该研究强调了在《京都议定书》第二阶段和《巴黎协定》承诺期内污染控制债券发行的影响更为显著。当应用替代碳风险衡量指标时，结果仍然稳健。这些发现对美国电力行业的市政当局、融资机构以及投资者具有重大意义。本研究为电力行业管理领域提供了新的见解。
