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The Effect of Carbon Pricing on Firm Emissions: Evidence from the Swedish CO2 Tax
Resource type
Authors/contributors
- Martinsson, Gustav (Author)
- Sajtos, László (Author)
- Strömberg, Per (Author)
- Thomann, Christian (Author)
Title
The Effect of Carbon Pricing on Firm Emissions: Evidence from the Swedish CO2 Tax
Abstract
Sweden was one of the first countries to introduce a carbon tax back in 1991. We assemble a unique data set tracking CO2 emissions from Swedish manufacturing firms over 26 years to estimate the impact of carbon pricing on firm-level emission intensities. We estimate an emission-to-pricing elasticity of around two, with substantial heterogeneity across subsectors and firms, where higher abatement costs and tighter financial constraints are associated with lower elasticities. A simple calibration suggests that 2015 CO2 emissions from Swedish manufacturing would have been roughly 30% higher without carbon pricing.
Publication
The Review of Financial Studies
Volume
37
Issue
6
Pages
1848-1886
Date
2024-06-01
Journal Abbr
The Review of Financial Studies
ISSN
0893-9454
Short Title
The Effect of Carbon Pricing on Firm Emissions
Accessed
6/16/24, 9:47 PM
Library Catalog
Silverchair
Citation
Martinsson, G., Sajtos, L., Strömberg, P., & Thomann, C. (2024). The Effect of Carbon Pricing on Firm Emissions: Evidence from the Swedish CO2 Tax. The Review of Financial Studies, 37, 1848–1886.
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