Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/296902 
Authors: 
Year of Publication: 
2022
Series/Report no.: 
Danmarks Nationalbank Working Papers No. 191
Publisher: 
Danmarks Nationalbank, Copenhagen
Abstract: 
I document trends in emissions and emission disclosure for a sample of 141 large firms that were active within the EU Emissions Trading System during its third phase (2013-2019). Using text from annual reports, I document a rising share of emissions-related information. However, my measure of emissions talk is generally not predictive of past or future changes in firm emissions. While scope 1 emissions decreased during the period, the decrease is entirely driven by the utility sector. I also find that, in general, firms that receive a larger share of their emission allowances for free tended to do worse in terms of reducing emissions. Finally, I find no evidence of emissions leakage during the sample period in spite of a shrinking emissions cap and a rise in the price of emission allowances.
Subjects: 
Climate
Financial stability
JEL: 
Q56
Q58
Document Type: 
Working Paper

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