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Limits to Private Climate Change Mitigation

Author

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  • Elmalt, Dalya
  • Kirti, Divya

Abstract

In the absence of sufficient support for carbon taxes, a more sustainable approach to finance—one that incorporates environmental, social, and governance (ESG) considerations—could be part of the way forward to address climate change. However, our analysis suggests that ESG scores tend to reflect what firms say they (will) do, not what they actually do, to contain their carbon footprints and do not capture differences across firms in their contributions to climate change. Continued efforts to build consensus for effective economy-wide policies targeting carbon emissions remain crucial.

Suggested Citation

  • Elmalt, Dalya & Kirti, Divya, 2021. "Limits to Private Climate Change Mitigation," CEPR Discussion Papers 16061, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:16061
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    Cited by:

    1. Hansen, Lars Peter, 2022. "Central banking challenges posed by uncertain climate change and natural disasters," Journal of Monetary Economics, Elsevier, vol. 125(C), pages 1-15.
    2. Alberto Barroso Del Toro & Laura Vivas Crisol & Xavier Tort-Martorell, 2022. "The Sustainability Narrative: A Multi Study Using Event Studies to Analyse the American Energy Companies Shareholder’s Reaction to Sustainability News," IJERPH, MDPI, vol. 19(23), pages 1-17, November.

    More about this item

    Keywords

    Sustainable investing; ESG; Major upstream emitters; Climate change mitigation;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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