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  • 1. Coria, Jessica
    et al.
    Jaraite, Jurate
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Carbon pricing: transaction costs of emissions trading vs. carbon taxes2015Report (Other academic)
    Abstract [en]

    In this paper we empirically compare the transaction costs from monitoring, reporting and verification (MRV) of two environmental regulations directed to cost-efficiently reduce greenhouse gas emissions: a carbon dioxide (CO2) tax and a tradable emissions system. We do this in the case of Sweden, where a set of firms are covered by both types of regulations, i.e., the Swedish CO2 tax and the European Union’s Emissions Trading System (EU ETS). This provides us with an excellent case study as it allows us to disentangle the costs of each regulation from other firm-specific variables that might affect the overall cost of MRV procedures. Our results indicate that the MRV costs of CO2 taxation do not depend on firms’ emissions, while they do in the case of the EU ETS. For firms of equivalent emissions’ size, the MRV costs are lower for CO2 taxation than for the EU ETS, which confirms the general view that regulating emissions upstream by means of a CO2 tax yields lower transaction costs vis-á-vis downstream regulation by means of emission trading.

  • 2.
    Coria, Jessica
    et al.
    University of Gothenburg.
    Jaraite, Jurate
    Umeå University, Faculty of Social Sciences, Centre for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Transaction Costs of Upstream Versus Downstream Pricing of CO2 Emissions2019In: Environmental and Resource Economics, ISSN 0924-6460, E-ISSN 1573-1502, Vol. 72, no 4, p. 965-1001Article in journal (Refereed)
    Abstract [en]

    To the best of our knowledge, this is the first paper comparing empirically the transaction costs of the monitoring, reporting and verification (MRV) required by two environmental regulations aimed to cost-efficiently reduce greenhouse gas emissions: a carbon dioxide (CO2) tax and an emissions trading system. We do this in the case of Sweden, where a set of firms are covered by both types of regulations—the Swedish CO2 tax and the European Union’s Emissions Trading System (EU ETS). Our results indicate that there is a significant degree of heterogeneity in the transaction costs of the firms in our sample. Moreover, for some of the firms, the transaction costs are high when compared with the actual cost of the CO2 tax and the price of the EU ETS. Furthermore, we find that the MRV costs are lower for CO2 taxation than for the EU ETS, which confirms the general view that regulating emissions upstream via a CO2 tax yields lower transaction costs vis-á-vis downstream regulation via emissions trading.

  • 3.
    Jaraite, Jurate
    et al.
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Andrius, Kazukauskas
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Firm trading behaviour and transaction costs in theEuropean Union’s emission trading system: An Empirical AssessmentManuscript (preprint) (Other academic)
  • 4.
    Jaraite, Jurate
    et al.
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Andrius, Kazukauskas
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    The profitability of electricity generating firms and policies promoting renewable energy2013In: Energy Economics, ISSN 0140-9883, E-ISSN 1873-6181, Vol. 40, p. 858-865Article in journal (Refereed)
    Abstract [en]

    Using a cross-country firm-level dataset this study empirically analyses how the implemented renewable electricity promotion systems Tradable Green Certificates vs. Feed-in-Tariffs affected the profitability of the electricity production sector in Europe during the 2002-2010 period. In particular, it tests the hypothesis that due to market imperfections, namely because of higher investment risk, higher capital constraints and higher transaction costs, TGC schemes will be associated with excess profits for renewable electricity generating firms. The results somewhat support this hypothesis, showing that electricity generating firms, operating in EU countries that implemented TGC, were more profitable compared to FIT firms. 

  • 5.
    Jaraite, Jurate
    et al.
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Andrius, Kazukauskas
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Tommy, Lundgren
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE).
    Determinants of environmental expenditure andInvestment: Evidence from SwedenManuscript (preprint) (Other academic)
  • 6.
    Jaraite, Jurate
    et al.
    UCD Urban Institute Ireland, University College Dublin.
    Convery, Frank
    University College Dublin.
    Di Maria, Corrado
    Queen's University Belfast.
    Transaction costs for firms in the EU ETS: lessons from Ireland2010In: Climate Policy, ISSN 1469-3062, E-ISSN 1752-7457, Vol. 10, no 2, p. 190-215Article in journal (Refereed)
    Abstract [en]

    Until now, there has been little empirical evidence that EU Emissions Trading Scheme (ETS) transaction costs are incurred at firm level. The transaction costs (internal costs, capital costs, consultancy and trading costs) incurred by Irish firms under the EU ETS during its pilot phase (2005–2007) were measured and analysed. Evidence for the sources of transaction costs, their magnitude and the distribution of costs shows that these were mainly administrative in nature. Considerable variation in costs was found due to economies of scale, as the costs per tonne of CO2 were lower for participants with larger allocations. For the largest firms—accounting for over half the emissions—average transaction costs were €0.05 per tonne. However, for small firms, average transaction costs were €2.02—over 18% of the current allowance price. This supports the concerns that transaction costs are excessive for smaller participants. The immediate policy implication is that additional attention will be needed to address different sizes of firms, number of installations per firm, and the size of the initial allocations.

  • 7.
    Jaraite, Jurate
    et al.
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Di Maria, Corrado
    Did the EU ETS Make a Difference?: An Empirical Assessment Using Lithuanian Firm-Level Data2016In: Energy Journal, ISSN 0195-6574, E-ISSN 1944-9089, Vol. 37, no 1, p. 1-23Article in journal (Refereed)
    Abstract [en]

    We use a panel dataset of about 5,000 Lithuanian firms between 2003 and 2010, to assess the impact of the EU ETS on the environmental and economic perfor­mance of participating firms. Using a matching methodology, we are able to estimate the causal impact of EU ETS participation on C02 emissions, C02 in­tensity, investment behaviour and profitability of participating firms. Our results show that ETS participation did not lead to a reduction in C02 emissions, while we identify a slight improvement in C02 intensity. ETS participants are shown to have retired part of their less efficient capital stock, and to have made modest additional investments from 2010. We also show that the EU ETS did not rep­resent a drag on the profitability of participating firms.

  • 8.
    Jaraite, Jurate
    et al.
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Di Maria, Corrado
    University of Birmingham, Department of Economics.
    Efficiency, productivity and environmental policy: A case study of power generation in the EU2012In: Energy Economics, ISSN 0140-9883, E-ISSN 1873-6181, Vol. 34, no 5, p. 1557-1568Article in journal (Refereed)
    Abstract [en]

    This study uses the EU public power generating sector as a case study to investigate the environmental efficiency and productivity enhancing performance of the European Union's CO2 Emissions Trading Scheme (EU ETS) in its first phase. Using Data Envelopment Analysis methods, we measure the environmental efficiency and the productivity growth registered in public power generation across the EU over the 1996–2007 period. In the second stage of our analysis we attempt to explain changes in productivity and efficiency over time using econometric techniques. Our analysis suggests two conclusions: carbon pricing led to an increase in environmental efficiency and to a shift outwards of the technological frontier; and, the overly generous allocation of emission permits had a negative impact on both measures. These results are shown to be robust to changes in controls and specifications.

  • 9.
    Jaraite, Jurate
    et al.
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE).
    Di Maria, Corrado
    Queen's University Belfast, Management School.
    Efficiency, productivity and environmental policy: a case study of power generation in the EUManuscript (preprint) (Other academic)
  • 10.
    Jaraite, Jurate
    et al.
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Karimu, Amin
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Andrius, Kazukauskas
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Kazukauskas, Paulius
    Renewable energy policy, economic growth and employment in EU countries: gain without pain?2015Report (Other academic)
    Abstract [en]

    Given the intensifying debates whether governments should use industrial policies to promote particular renewable energy technologies, the main objective of this study is to investigate the long-run effects of renewable energy support policies on economic growth and employment in 15 European Union (EU) member states for the 1990-2012 time period by using panel-data time-series econometric techniques. The first hypothesis is that the EU’s renewable energy support policies lead to technological advancement, followed by economy growth, in the long-run. The second hypothesis states that these policies at least generate an increase in output and employment in the short-run. In summary, our results provide some evidence in support of the second hypothesis, but, in contrary to the similar studies, our findings do not support the first hypothesis that these policies promote growth in the long-run.

  • 11.
    Jaraite, Jurate
    et al.
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Karimu, Amin
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Kazukauskas, Andrius
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Policy-induced expansion of solar and wind power capacity: economic growth and employment in EU countries2017In: Energy Journal, ISSN 0195-6574, E-ISSN 1944-9089, Vol. 38, no 5, p. 197-222Article in journal (Refereed)
    Abstract [en]

    Given the intensifying debates on whether governments should promote particular renewable energy technologies, the main objective of this study is to investigate the long-and short-run effects of policy-induced expansion of renewable solar and wind technologies on economic growth and employment in 15 European Union (EU) member states during 1990-2013 by using panel-data time-series econometric techniques. Instead of relying on renewable energy consumption or generation as commonly done in the literature, we focus on the capacity for solar and wind power generation, which is largely a consequence of the EU's renewable energy policies. In summary, we find that, to date, renewable energy policy-induced wind and solar power capacity promotes growth and/or employment in the short run, but these capacity increases do not stimulate economic growth in the long run in the EU-15 region. In fact, our results tend to support the opposite relationship: increases in wind and solar power capacity are associated with negative economic growth, at least at the total economy level.

  • 12.
    Jaraite, Jurate
    et al.
    Umeå University, Faculty of Social Sciences, Department of Economics.
    Kazukauskas, Andrius
    Umeå University, Faculty of Social Sciences, Department of Economics.
    The effect of EU cross-compliance on farm environmental performance: a quasi-experimental approach2011Other (Other academic)
  • 13.
    Jaraite, Jurate
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics. Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE).
    Kazukauskas, Andrius
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics. Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE).
    The Effect of Mandatory Agro-Environmental Policy on Farm Fertiliser and Pesticide Expenditure2012In: Journal of Agricultural Economics, ISSN 0021-857X, E-ISSN 1477-9552, Vol. 63, no 3, p. 656-676Article in journal (Refereed)
    Abstract [en]

    EU farmers are subject to mandatory cross-compliance measures, requiring them to meet environmental conditions to be eligible for public support. These obligations reinforce incentives for farmers to change their behaviour towards the environment. We apply quasi-experimental methods to measure the causal relationship between cross-compliance and some specific farm environmental performance. We find that cross-compliance reduced farm fertiliser and pesticide expenditure. This result also holds for farmers who participated in other voluntary agro-environmental schemes. However, the results do not support our expectations that farmers who relied on larger shares of public payments had a stronger motivation to improve their environmental performance.

  • 14.
    Jaraite, Jurate
    et al.
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE).
    Kazukauskas, Andrius
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE).
    Lundgren, Tommy
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE).
    The effects of climate policy on environmental expenditure and investments: evidence from Sweden2014In: Journal of Environmental Economics and Policy, ISSN 2160-6544, E-ISSN 2160-6552, Vol. 3, no 2, p. 148-166Article in journal (Refereed)
    Abstract [en]

    This study provides new evidence on the determinants of environmental expenditure and investment. In particular, it investigates how environmental expenditure and investment of Swedish industrial firms responded to climate policies, such as the European Union's Emission Trading System (EU ETS) and the Swedish CO2 tax, directed to mitigate air pollution. Overall, an important conclusion of this analysis is that climate policies, both on the national and international levels, were highly relevant motivations for firm environmental expenditure. However, the findings do not support the expectations that the EU ETS and the Swedish CO2 tax encouraged investment in air pollution abatement.

  • 15.
    Jaraite-Kazukauske, Jurate
    et al.
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Kazukauskas, Andrius
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Do transaction costs influence firm trading behaviourin the European emissions trading system?2015In: Environmental and Resource Economics, ISSN 0924-6460, E-ISSN 1573-1502, Vol. 62, no 3, p. 583-613Article in journal (Refereed)
    Abstract [en]

    This study is one of the first to empirically investigate firm trading behaviour and the importance of permit trading transaction costs, such as information costs and search costs, in the first phase of the European Union’s Emissions Trading System (EU ETS). The signs and significance of our constructed transaction costs proxy variables indicate for a presence of these costs in the initial years of the EU ETS. In particular, this paper shows that ETS firms with the smaller number of installations and with less trading experience were less likely to participate in the European emissions trading market and traded the lower quantities of permits. Furthermore, these firms chose to trade permits indirectly via third parties. This study also supports the concerns that transaction costs could be excessive for smaller participants and firms operating in the new EU member states.

  • 16.
    Kazukauskas, Andrius
    et al.
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Broberg, Thomas
    Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Jaraite, Jurate
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics. Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE).
    The peer comparison in real time: a field experiment of water and electricity consumption2017Report (Other academic)
    Abstract [en]

    A large body of literature shows that the provision of social comparisons can cause households to reduce residential energy and water use. In this paper, we carry out a field experiment that contributes to this literature in two important ways. First, we study a social comparison treatment that is continuous and communicated via pre-installed in-home displays, which are salient and updated in real time. Second, we estimate the effects of provision of social comparisons on two distinguished resources – electricity and water – in the same experimental setting. We find that, on average, our social comparison reduces daily residential energy consumption by 6.7 percent but has no effect on overall residential water use. The electricity savings are impersistent and occur in the evening hours, which only slightly overlap with peak hours. We argue that electricity conservation due to social comparisons is driven by short-run changes in households’ electricity saving behavior

  • 17.
    Kazukauskas, Andrius
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    Jaraite, Jurate
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
    The Profitability of Power Generating Firms and Policies Promoting Renewable Energy2012In: 2012 9TH INTERNATIONAL CONFERENCE ON THE EUROPEAN ENERGY MARKET (EEM), 2012Conference paper (Refereed)
    Abstract [en]

    With policies to promote power generation from renewable energy sources (RES) becoming important part of climate and energy policy worldwide, there is now considerable interest in understanding how these different market-based mechanisms affect power generating firms in practice. The existing theory provides conflicting guidance regarding profitability of Tradable Green Certificates (TGC) over Feed-in-Tariff (FIT) based policies. Thus, the main goal of this study is to empirically assess the performance of power generating firms operating in the TGC scheme environment relative to the performance of power generating firms operating under alternatives RES support mechanisms. The main finding of this study is that, in Europe, TGC schemes are associated with higher returns for power generating firms. This supports the hypothesis that higher investment uncertainty induced by the TGC policy nature coupled with some market imperfections lead to higher profits for electricity producers operating in TGC schemes.

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