보고서(전자자료)
Firm Selection and Growth in Carbon Offset Markets: Evidence from the Clean Development Mechanism
- 카테고리
- 국외자료
- 개인저자
- Qiaoyi Chen, Nicholas Ryan, Daniel Xu
- 발행기관
- NBER
- 발행년월
- 2025.04
- 페이지수
- 97p
- URL
요약
We study carbon offsets sold by firms in China under the Clean Development Mechanism (CDM). We find that offset-selling firms, meant to cut carbon emissions, instead increase them by 49% after starting an offset project. In a model of firm investment decisions and offset review, we estimate that CDM firms increase emissions due to both the selection of higher-growth firms into projects (35 pp) and because offset projects themselves boost firm growth and therefore emissions (14 pp). The CDM reduces global surplus by causing damages from increased emissions four times greater than private gains from trade in the offset market.