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Climate Policy and Financial Markets

Doctoral thesis
Authors Samson Mukanjari
Date of public defense 2020-01-28
ISBN 978-91-88199-44-7
Publisher Göteborgs universitet
Publication year 2020
Published at Department of Economics
Language en
Keywords burden sharing, climate policy, commodity futures, distribution, environmental deregulation, Environmental Protection Agency, EPA, equity, event study, fairness, impulse-indicator saturation, international climate negotiations, Paris Agreement, Trump
Subject categories Economics


Climate change represents a serious, as-yet-unresolved global commons problem. After decades of international climate negotiations, 195 nations adopted the Paris climate agreement in December 2015. The subsequent election of Donald Trump as US president in 2016 was seen as a setback for climate policy. However, evaluating the impacts of both events is difficult because their results in terms of mitigating or exacerbating climate change will not be observed until many decades from now. This thesis examines the effects of these events on financial markets. The first two chapters analyze the reactions of stock and commodity markets in the energy sector to these two events. Chapter 3 studies the fairness in terms of burden sharing for two different ways of strengthening the Paris Agreement: either by carbon pricing or through proportional tightening of the nationally determined contributions, which outline national goals for greenhouse gas emissions reductions.

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