Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/234463 
Year of Publication: 
2021
Series/Report no.: 
ifo Beiträge zur Wirtschaftsforschung No. 95
Publisher: 
ifo Institut - Leibniz-Institut für Wirtschaftsforschung an der Universität München, München
Abstract: 
With the Paris Agreement of 2016, 189 nations signed a legally binding document to keep global warming below 2 C, and to pursue efforts to limit the temperature increase to 1.5 C. It was recognized that this would reduce climate change impacts substantially. All signatories submitted "Intended Nationally Determined Contributions" (INDCs) where they specified their national emission reduction goals and pathways to achieve them. However, the INDCs submitted for the Paris Agreement "imply a median warming of 2.6-3.1 degrees Celsius by 2100" (Rogelj et al. 2016). A temperature increase by 2 C would already carry a very high risk for systems such as the Arctic sea ice and coral reefs. For a warming of 3 C above pre-industrial levels though, we are expected to face extensive losses of biodiversity and ecosystems; accelerated economic damages; and a high risk for abrupt and irreversible changes ("tipping points"), such as the melting of the Greenland ice sheet and the accompanying sea level rise (IPCC 2014b).
Subjects: 
Stranded assets
climate policy
expectations
utilities
event study
green innovation
patents
panel analysis
green finance
climate risk
intangible assets
institutional investors
renewable energy
crowding-out
regional economics
input-output ana
JEL: 
C67
G14
G23
O34
Q35
Q38
Q43
Q55
R15
ISBN: 
978-3-95942-096-9
Document Type: 
Research Report

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