EXPRESS: Carbon Neutrality and Shareholder Value: Examining the Role of CO <sub>2</sub> Abatement Technologies
カーボンニュートラルと株主価値：CO2削減技術の役割の検証 (AI 翻訳)
Gabriele Mauro, Jury Gualandris, Evelyne Vanpoucke
🤖 gxceed AI 要約
日本語
米国企業のカーボンニュートラル宣言を対象としたイベントスタディにより、CO2削減技術が株主価値に与える影響を分析。製品・生産技術（インセッティング）は価値を創造する一方、CCSは価値を毀損、カーボンクレジットは単独では価値を毀損するが他の技術と組み合わせると中立的であることを示した。
English
This study conducts event studies on US firms' carbon neutrality announcements from 2014-2024 to examine the shareholder value effects of different CO2 abatement technologies. It finds that product and production technologies (insetting) create shareholder value, while CCS destroys value; carbon credits are neutral except when announced alone, where they destroy value.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本の企業はSBTiやSSBJの開示基準に沿ってカーボンニュートラルを推進している。本研究成果は、技術選択が株価に与える影響を示唆し、Scope 1/2削減とオフセットのバランスを考える上での経営判断や投資家対応に役立つ。
In the global GX context
This paper provides empirical evidence on the financial implications of corporate carbon abatement technology choices, contributing to global debates on offsetting vs. insetting under TCFD/ISSB frameworks. It cautions against over-reliance on carbon credits and highlights the value of product/process innovation.
👥 読者別の含意
🔬研究者:Event study methodology and technology-level analysis advance sustainable operations and climate finance literature.
🏢実務担当者:Prioritize product and production redesign over pure offsetting for long-term shareholder value creation.
🏛政策担当者:Encouraging insetting over offsetting may align climate goals with firm value; regulate carbon credit claims to prevent standalone use.
📄 Abstract（原文）
To address climate change, firms that pursue carbon neutrality might adopt various CO 2 abatement technologies, including purchasing carbon credits; investing in third-party CO 2 capture and storage; or redesigning products, processes, buildings, and energy sources to abate CO 2 emissions. Existing research yields mixed evidence of the effects of such actions, especially technological choices, on shareholder value though. Building on the Natural Resource-Based View, this article seeks to establish the relationship of different CO 2 abatement technologies with shareholder value, using multiple event studies of firm-level carbon neutrality announcements and technology-level CO 2 abatement announcements issued in the United States between 2014 and 2024. Of the various CO 2 prevention (insetting) technologies, product and production technologies effectively create shareholder value, by establishing a difficult-to-imitate source of competitive differentiation, whereas investments in green transportation, renewable energy, and buildings exert neutral effects on shareholder value. Among the various CO 2 control (offsetting) technologies, investments in CO 2 capture and storage technologies destroy shareholder value. Although purchasing carbon credits has a neutral effect in general, they can destroy shareholder value when announced in isolation, unbundled from other abatement technologies. These nuanced findings indicate that CO 2 control technologies do not undermine shareholder value, as long as they offer an inexpensive means to adjust investments in offsets over time, to complement the insetting efforts. This research thus expands sustainable operations literature by clarifying the relationship between CO 2 abatement technologies and shareholder value, while also providing initial cues of some underlying mechanisms. These insights in turn can inform managers and policymakers seeking to decrease risk while also accelerating climate transitions.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1177/10591478261470127first seen 2026-07-09 05:13:47
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。