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Charting a 'Green Path' for Recovery from COVID-19

机译:从Covid-19恢复绘制一个“绿色路径”

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Should the economic recovery from the 2019 novel coronavirus disease (COVID-19) be green? The current crisis is so severe that we should not take the answer for granted. It requires serious thought and we start by reviewing some arguments for and against a green approach. A crucial element is of course to see how different industries fare in the current crisis. Our empirical contribution is to examine daily stock returns for firms from the STOXX Europe 600 index. We find that firms with higher carbon intensities experienced significantly large decreases in stock values particularly those within the crude petroleum extraction, air transport and coke and refined petroleum industries. Our tentative conclusion is that efforts to revitalize the economy should avoid subsidizing stranded assets and instead target the industries of the future. However, identifying these will not necessarily be easy. We find, for example, that having an official ESG "climate change policy" has no effect on firm performance during the pandemic. We suggest possible ways of designing a new form of more informative index.
机译:2019年新型冠状病毒病(Covid-19)的经济复苏是否应该是绿色的?目前的危机是如此严重的是,我们不应该将答案视为理所当然。它需要认真的思考,我们首先审查一些论点,并反对绿色方法。重要的元素当然是为了了解当前危机中不同的产业票价。我们的实证贡献是检查来自STOXX Europe 600指数的公司的日常股票回报。我们发现,具有较高碳强度的公司在粗石油萃取,空运和焦炭和精制石油工业中,股票价值的股票价值明显大幅下降。我们的暂定结论是振兴经济的努力应避免补贴滞留资产,而是针对未来的产业。但是,识别这些不一定很容易。例如,我们发现,拥有官方ESG“气候变化政策”在大流行期间对公司性能没有影响。我们建议设计新形式的更具信息性指数的方法。

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