This paper studies the conditions under which debt securities that make the cost of debt contingent on the issuer's carbon emissions, similar to sustainability-linked loans and bonds, can be equivalent to a carbon tax. The paper proposes a model in which standard and environmentally-oriented agents can adopt polluting and nonpolluting technologies, with the latter being less profitable than the former. A carbon tax can correct the laissez-faire economy...
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ПОДРОБНАЯ ИНФОРМАЦИЯ
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2023/08/07
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Рабочий документ в рамках исследования вопросов политики
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WPS10539
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1
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2023/08/07
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Disclosed
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Reducing Carbon using Regulatory and Financial Market Tools