검색 상세

Carbon Labeling and Investment Opportunities in the Move to a Low Carbon Economy

초록/요약

With growing awareness on worsening climate change due to increased greenhouse gas emissions, companies, policy makers and consumers are beginning to react. The steps being taken in the move to a low carbon economy vary due to the different opinions that exist on which solution is best. A multitude of research both scientific and experimental has ballooned since the late 1990s. If successfully adopted these practices may offer investment opportunities to those companies that stay up-to-date on the transition to a low carbon economy. This paper focuses on the Carbon Trust’s Carbon Footprint project, which has been adopted by 20 companies in the UK since March of 2007. Where available and relevant, data on stock price and revenue movements as well as cost cutting benefits will be discussed. Finally, conclusions on the overall benefits to company value from participating in the project will be made. The data collected, in the form of multiple choice questionnaires, includes information on various benefits inherited upon participating in the project. Additionally, a financial event study was conducted. The results of these data will determine whether or not carbon labeling increases company value.

more

목차

Chapter Ⅰ - Introduction = 4
Chapter Ⅱ - Carbon Labeling = 5
A.Carbon Trust’s Carbon Footprint = 5
B.Current Trends in Global Consumption of Fossil Fuels = 6
C.Investment Trends in Clean Technology (CT) = 6
D.UK Trends in CT, Emissions Regulations and Consumer Sentiment = 8
Chapter Ⅲ - Method = 13
A.Sample = 13
B.Measurement = 17
Chapter Ⅳ - Empirical Results = 17
A.Stock Price Movements = 17
B.Weakness of Event Study = 21
Chapter Ⅴ - Questionnaire Results = 21
A.Revenue Movements = 21
B.Carbon Labeling as a Marketing Tool = 23
C.Pressure from Environmental Groups = 24
D.Increasing Company Reputation = 24
E.Cost Reduction = 25
Chapter Ⅵ - Conclusion = 27
References = 29
Tables
1.Investors Guide to Climate Change Briefing Pack, The Carbon Trust January Published 2005 = 8
2.Participating companies (Industry and product description) = 14
3.Announcement date and major company statistics = 16
4.Cumulative Abnormal Returns (CAR) of 5 listed companies participating in the Carbon Trust’s Carbon Labeling Project = 19
5.Climate Change and Stockholder Value, The Carbon Trust 2006 = 26
Figures
1.The Carbon Trust’s Carbon Footprint Logo = 5
2.Rate of World Energy usage in terawatts (TW), 1965-2005, Source: US Department of Energy 2006 = 6
3.Investments into Clean Technology 2003~2006, Source Library House = 7
4.Results of Europe’s Emission Targets, Source: European Environment Agency 2003 = 9
5.Relationship Between Press Releases and the Value of the Organic Food Market, Source: The Tipping Point, Malcolm Gladwell 2000 = 9
6.The UK results from the 1st Annual World Environment Review, 2007 = 10
7.Growth in UK Press Mentions of Climate Change, Source: Carbon Trust 2004 = 11
8.EPA and DOE’s Energy Star label = 11
9.ISO’s Green Seal label = 12
10.The USDA’s Organic Foods Production Act Carbon Rating Label = 12
11.The European Union’s Energy Label = 12
12.The UK Energy Savings Trust’s Energy Saving Label = 13
13.Company expectations that stocks will be affected upon the announcement of carbon labeling = 18
14.Company sentiment on when stocks will respond to carbon labeled products = 19
15.Abnormal stock movements 30 days after the announcement that significant products would bear the carbon footprint = 20
16.Returns of the FTSE and a portfolio of equal weight on the 5 labeled companies of the London Stock Exchange (ABF, MARSHALLS, DANONE, TESCO and WALKERS) between April 30th and Sept 8th of 2008 = 21
17.Company sentiment on whether or not the carbon footprint would have an effect on revenue = 22
18.Targeting environmentally conscious consumers as a motivator for participating in the carbon footprint project = 23
19.Increasing company reputation as a motivator for participating in the carbon footprint project = 24
20.Brand value at risk from climate change, The Carbon Trust, Published February 2005 = 25
21.Cost reduction as a motivator for participating in the carbon footprint project = 26

more
반출 Meta View 목록