"Accelerating institutional funding of low-carbon investment: The potential for an investment emissions intensity tax"
"Accelerating institutional funding of low-carbon investment: The potential for an investment emissions intensity tax"
复制标题
“加速低碳投资的机构融资：投资排放强度税的潜力”
DOI：
10.1016/j.ecolecon.2023.107755
复制
发表时间：
2023
影响因子：
7
通讯作者：
Donnelly D
中科院分区：
文献类型：
--
作者：
Donnelly D
为了鼓励低碳投资的私人融资的一步变化，我们研究了对机构投资基金征税的潜力（投资排放强度税，IEIT），如果他们的投资组合的排放强度超过指定的阈值。我们研究了IEIT如何影响资产的相对预期收益率，使用一个假设的多元化投资组合，包括领先的市场指数的成分。IEIT对通过资本筹集或企业留存收益融资的企业资本支出的流动施加价格影响，鼓励独立的低碳项目和更节能的工艺嵌入式固定资产替换。IEIT必须是一种前瞻性的税收，具有降低排放强度阈值水平的预先规定的轮廓，以避免潜在的投资离岸，因为它对高排放强度公司的资本成本有重大影响。IEIT要求受监管的投资者将其净零声明与行动相匹配，并在排放交易价格和覆盖率仍然过低或仅凭气候风险披露和投资分类政策无法充分改变投资行为的情况下作为政策支持。
To encourage a step change in private finance for low-carbon investment, we examine the potential of taxing institutional investment funds (investment emissions intensity taxation, IEIT) if the emissions intensity of their portfolios exceeds specified thresholds. We examine how IEIT would impacts assets' relative expected rates of return, using a hypothetical diversified portfolio comprising the constituents of a leading market index. IEIT exerts a price influence on the flow of corporate capital expenditures financed either by capital-raising or by corporate retained earnings, encouraging both standalone low-carbon projects and more energy-efficient replacement of process-embedded fixed assets. IEIT must be a forward-looking tax with a pre-specified profile of reducing emissions intensity threshold levels to avoid potential offshoring of investment due to its significant impact on the cost of capital for high emissions intensity companies. IEIT challenges regulated investors to match their net zero declarations with actions, and acts as a policy backstop if emissions trading prices and coverage remain too low, or in case climate risk disclosure and investment taxonomy policies alone do not shift investment behaviours sufficiently.