Study on the Relationship between Internal Carbon Pricing and Carbon Performance——An Analysis Based on CDP Questionnaire
Internal carbon pricing(ICP),as an emerging financial-based carbon reduction tool,is considered a method to be the most flexible and cost-benefit trade offs to mitigate the climate change.Using a sample of 1,848 firms from 39 countries reporting to the Carbon Disclosure Project(the CDP)during the years,2011 to 2019,this study examines the emission reduction effects of companies'adoption of internal carbon pricing,as well as the linkage mechanism with external carbon emissions trading schemes(ETS).The findings are:1)companies that use internal carbon pricing can reduce their marginal carbon emission intensity by an average of 6.74％compared with companies that do not adopt ICP,and this decline can be as high as 21.52％in the absence of external carbon pricing.2)there is a substitute effect between ICP and ETS for emission reduction,which means that firms not yet covered by ETS can first carry out effective emission reduction activities through internal carbon pricing.Our study explores the theoretical mechanism of ICP to reduce emissions,which enriches the literature of ICP and has a better guiding significance for the realisation of"30 carbon peak 60 carbon neutralization".
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