Environmental Finance and Investments
The current economic and environmental situation poses fundamental questions that this book aims to answer: Under which conditions could a market-based approach contribute to a decrease in emissions? How are abatement and investment strategies&n
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Marc Chesney r Jonathan Gheyssens Luca Taschini
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Environmental Finance and Investments
Marc Chesney Jonathan Gheyssens Department of Banking and Finance University of Zurich Zurich, Switzerland
Luca Taschini Grantham Research Institute London School of Economics and Political Science London, UK
ISSN 2192-4333 ISSN 2192-4341 (electronic) Springer Texts in Business and Economics ISBN 978-3-642-36622-2 ISBN 978-3-642-36623-9 (eBook) DOI 10.1007/978-3-642-36623-9 Springer Heidelberg New York Dordrecht London Library of Congress Control Number: 2013940419 © Springer-Verlag Berlin Heidelberg 2013 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Contents
1
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
The Issue of Climate Change . . . . . . . . . . . . . . . . . . . 2.1 The Causes of Climate Change . . . . . . . . . . . . . . . . 2.1.1 The Carbon-Temperature Conundrum . . . . . . . . . 2.1.2 Global Warming Scenarios and Mitigation Strategies . 2.1.3 The Environmental and Economic Impacts . . . . . .
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5 5 5 9 12
3
The Rise of the Emission Markets . . . . . . . . . . . . . . . . . . . 3.1 The CO2 Emission Market: History and Institutions . . . . . . . 3.1
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