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Carbon financial risk in the international greenhouse gas market.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Carbon financial risk in the international greenhouse gas market.
Author:	Hultman, Nathan Eric.
Description:	228 p.
Notes:	Chair: Daniel M. Kammen.
Notes:	Source: Dissertation Abstracts International, Volume: 64-09, Section: B, page: 4263.
Contained By:	Dissertation Abstracts International64-09B.
Subject:	Political Science, International Law and Relations.
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3105245
ISBN:	0496528122

Carbon financial risk in the international greenhouse gas market.
Hultman, Nathan Eric.

Carbon financial risk in the international greenhouse gas market. [electronic resource] - 228 p.

Chair: Daniel M. Kammen.

Thesis (Ph.D.)--University of California, Berkeley, 2003.

Climate change is a long-term problem with scientifically well-known drivers and significant if imprecisely known risks. Moreover, the steps to address climate change meaningfully involve a fundamental re-working of the energy basis of the global economic system. Much of the challenge in climate policy, therefore, lies in its ability to encourage the world's primary economic actors---corporations---to find ways to reduce emissions while maintaining their interest and support for regulation. The causes of corporate behavior are admittedly complex and hard to discern; yet if one accepts that corporations exist primarily to make money, then it follows that maintaining this "interest" is necessarily a question of potential financial gain.

ISBN: 0496528122Subjects--Topical Terms:

212542
Political Science, International Law and Relations.

Carbon financial risk in the international greenhouse gas market.
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520 # $a Climate change is a long-term problem with scientifically well-known drivers and significant if imprecisely known risks. Moreover, the steps to address climate change meaningfully involve a fundamental re-working of the energy basis of the global economic system. Much of the challenge in climate policy, therefore, lies in its ability to encourage the world's primary economic actors---corporations---to find ways to reduce emissions while maintaining their interest and support for regulation. The causes of corporate behavior are admittedly complex and hard to discern; yet if one accepts that corporations exist primarily to make money, then it follows that maintaining this "interest" is necessarily a question of potential financial gain.
520 # $a In addition to this analysis, I situate the developing carbon market in its historical policy context and discuss the possible misalignments of carbon commodities with international environmental and local social interests. In providing a quantitative common language for scientific and corporate uncertainties, the concept of carbon financial risk provides an opportunity for aligning climate science, social benefits, and corporate investment decisions, thereby providing insight into essential element of successful climate policy.
520 # $a International climate policy provides many indications that the world will soon see multiple carbon trading markets which are mostly but not completely compatible. These carbon markets provide one window on the process by which corporations could modify, their decisions to incorporate the carbon revenues or debts which arise in parallel with their money-making enterprise. Within this context of the developing international market for greenhouse gas emissions, I examine in this dissertation how corporations would apply finance theory in their investment decisions for carbon abatement projects. Using high-resolution data on ecosystem scale carbon fluxes, I show how to determine much financial risk of carbon is diversifiable. I also discuss alternative methods for hedging the non-diversifiable risks in carbon abatement projects.
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650 # 0 $a Environmental Sciences. $3 212393
650 # 0 $a Economics, Finance. $3 212585
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