Journal
REVIEW OF ECONOMICS AND STATISTICS
Volume 98, Issue 1, Pages 173-191Publisher
MIT PRESS
DOI: 10.1162/REST_a_00470
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Funding
- ESRC
- Jan Wallander and Tom Hedelius Foundation
- Ciriacy-Wantrup Foundation
- ADEME
- Global Green Growth Institute
- ESRC [PTA-026-27-2756]
- Grantham Foundation for the Protection of the Environment
- ESRC [ES/I015760/1, ES/M010341/1, ES/K006576/1] Funding Source: UKRI
- Economic and Social Research Council [ES/I015760/1, ES/M010341/1, ES/K006576/1] Funding Source: researchfish
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This paper investigates the impact of the European Union Emissions Trading System (EU ETS) on technological change, exploiting installations level inclusion criteria to estimate the System's causal impact on firms' patenting. We find that the EU ETS has increased low-carbon innovation among regulated firms by as much as 10%, while not crowding out patenting for other technologies. We also find evidence that the EU ETS has not affected patenting beyond the set of regulated companies. These results imply that the EU ETS accounts for nearly a 1% increase in European low-carbon patenting compared to a counterfactual scenario.
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