We examine in this paper sustainability-linked bonds (SLBs) whose issuance now totals more than USD 200 bn. There is a structural design flaw in the SLB mechanism: setting a significant coupon step-up does not suit the issuer’s nor the investors’ interests, considering conditionality. This creates a no win situation for the issuer and investors alike and explains the “benign”...
The paper examines the relevant cost benefit framework for state agencies investigating the potential of local projects to mitigate climate change. We propose a new metric that incorporates into the analytical framework the dynamic interactions between the project and its continuation.
Les secteurs considérés comme fortement exposés à la concurrence internationale dans le cadre du système européen d'échange de quotas d'émission (EU-ETS) bénéficient toujours d'une allocation de quotas gratuits (EUA). Nous étudions ici un des principaux secteurs bénéficiaires : la sidérurgie. Nos résultats suggèrent que l'EU-ETS n'a pas réussi à fournir des incitations à la décarbonation dans ce secteur.
Ivar Ekeland, Wolfram Schlenker, Peter Tankov, Brian Wright
Dans cet article, nous apportons une modification simple au modèle de Hotelling, en introduisant un élément aléatoire dans le problème : on ne sait pas où sont les gisements, mais on connaît la probabilité d'en découvrir un dans un endroit donné. L'analyse mathématique démontre qu'il n'y a pas de signal-prix.
This article identifies supply and demand shocks in the oil and gas market using monthly data (from January 2008 to December 2021) and explores their impact on clean energy stock returns in Europe. Our results show that a negative gas supply shock positively affects clean energy stocks, while a negative shock in global oil supply does not have...
In this paper, we show that the adoption by the regulator of measures such as the automatic tariff adjustment mechanism or cost reflectivity allows the mitigation of currency and inflation risks on the evolution of installed capacity in the 54 African countries over the period 1990-2019.
This paper studies energy demand determinants and energy poverty in Morocco and assess to which extent the adoption of PV panels could help achieve a just energy transition.
The objective of this paper is to analyze the link between electrification and deforestation in Cote d'Ivoire. Our results show a positive link. Indeed, deforestation continues to gain ground in the country alongside the vast national electrification access programs ongoing since 2011.
Several researchers argue that the root cause of today’s ecological disaster is not the anthropos, but the way we have been organizing the global economy through capitalism. It follows that we would be living in the Capitalocene rather than the Anthropocene. In this article, we demonstrate that the Capitalocene concept suffers from four intrinsic flaws
