Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/59723
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dc.contributor.authorCalel, Raphaelen_US
dc.contributor.authorDechezleprêtre, Antoineen_US
dc.date.accessioned2012-05-18en_US
dc.date.accessioned2012-07-13T14:52:43Z-
dc.date.available2012-07-13T14:52:43Z-
dc.date.issued2012en_US
dc.identifier.urihttp://hdl.handle.net/10419/59723-
dc.description.abstractThe European Union Emissions Trading Scheme (EU ETS) has aimed to encourage the development of low-carbon technologies by putting a price on carbon emissions. Using a newly constructed data set that links 8.5 million European companies with their patenting history and their regulatory status under EU ETS, we investigate the hypothesis that the EU ETS has encouraged development of low-carbon technologies. Exploratory data analysis reveals a rapid increase in low-carbon patenting activities at the EPO since 2005, especially among EU ETS regulated companies during the Scheme's second phase. Naive estimates obtained by comparing EU ETS and non-EU ETS firms suggest that the Scheme may be responsible for up to 30% of the increase in low-carbon patenting of regulated companies. However, more refined estimates that combine matching methods with difference-in-differences provide evidence that the EU ETS has not impacted the direction of technological change. This finding appears to be robust to a number of stability and sensitivity checks. While we cannot completely rule out the possibility that the EU ETS has impacted only large companies for which suitable unregulated comparators cannot be found, our findings suggest that the EU ETS so far has had at best a very limited impact on low-carbon technological change.en_US
dc.language.isoengen_US
dc.publisher|aFondazione Eni Enrico Mattei (FEEM) |cMilanoen_US
dc.relation.ispartofseries|aNota di lavoro, Fondazione Eni Enrico Mattei: Climate Change and Sustainable Development |x22.2012en_US
dc.subject.jelQ54en_US
dc.subject.jelQ58en_US
dc.subject.ddc330en_US
dc.subject.keywordDirected Technological Changeen_US
dc.subject.keywordEU Emissions Trading Schemeen_US
dc.subject.keywordPolicy Evaluationen_US
dc.titleEnvironmental policy and directed technological change: Evidence from the European carbon marketen_US
dc.typeWorking Paperen_US
dc.identifier.ppn715903500en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US

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