Climate Contracting and Carbon Performance: Does Climate Governance Matter?
気候契約と炭素パフォーマンス：気候ガバナンスは重要か？ (AI 翻訳)
Hany Elbardan, Benjamin Awuah, Renata Konadu
🤖 gxceed AI 要約
日本語
本研究は、経営陣の報酬と気候目標を連携させる気候契約が企業の炭素パフォーマンスを改善するかを検証。企業レベルの排出データを用いた分析の結果、気候契約は特にスコープ1排出量において削減効果があり、炭素集約的セクターや排出権取引制度参加企業で顕著。気候ガバナンスの強化が効果を増幅することを明らかにした。
English
This study investigates whether climate-linked executive compensation contracts improve corporate carbon performance. Using firm-level emissions data, we find that climate contracting leads to significant reductions in Scope 1 emissions, particularly in carbon-intensive sectors and firms participating in emissions trading schemes. The effect is amplified by robust climate governance structures, highlighting the importance of board oversight in making climate pay effective.
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
日本では、2023年のSSBJ開示基準の公表やコーポレートガバナンス・コード改訂により、ESG連動報酬の開示が進んでいる。本論文は、気候関連報酬の実効性には具体的な気候指標と取締役会の監督が不可欠であることを実証しており、日本の報酬設計とガバナンス強化に示唆を与える。
In the global GX context
As mandatory ESG-linked pay regulations expand globally (e.g., UK, EU, SEC climate rules), this study provides causal evidence that climate contracting works when tied to specific Scope 1 targets and supported by strong board-level climate committees. It emphasizes that generic ESG targets are less effective, offering actionable insights for policymakers and practitioners.
👥 読者別の含意
🔬研究者:This paper provides causal evidence on the effectiveness of climate-linked executive compensation using actual emissions data, offering insights for further research on incentive design and corporate governance.
🏢実務担当者:Corporate sustainability teams can use these findings to design more effective ESG-linked pay by focusing on direct emissions (Scope 1) and ensuring board-level climate oversight.
🏛政策担当者:Regulators considering mandatory climate-related pay disclosures should note that outcome-specific climate metrics and robust governance structures are key to driving real emissions reductions.
📄 Abstract（原文）
ABSTRACT Research Question/Issue Despite the growing integration of environmental, social, and governance (ESG)‐linked incentives in executive compensation contracts, empirical evidence on their effectiveness in driving substantive ESG outcomes remains inconclusive. This paper examines whether climate contracting leads to substantive improvements in corporate carbon performance and how climate governance moderates this relationship. Research Findings/Insights Using actual firm‐level carbon emissions, our findings reveal that climate contracting is associated with significant improvements in corporate carbon performance. This effect is more pronounced for direct (Scope 1) emissions, in carbon‐intensive sectors, and among firms participating in emissions trading schemes (ETS). Moreover, the positive impact of climate contracting is amplified when supported by robust climate governance structures, underscoring the critical role of board oversight in ensuring the effectiveness of climate‐linked incentives. These findings remain robust across alternative measurement and endogeneity tests. Theoretical/Academic Implications This paper reconciles the efficient contracting and managerial opportunism perspectives by showing that climate contracting can drive real environmental outcomes, particularly when reinforced by effective board‐level climate oversight. Practitioner/Policy Implications Our findings offer practical insights for policymakers, boards, and investors, underscoring that both the design and governance of ESG‐linked pay are critical for driving meaningful environmental outcomes. As global momentum builds around mandatory ESG‐linked pay, this study highlights the value of outcome‐specific climate metrics over broad, generic ESG targets in executive compensation arrangements.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.1111/corg.70045first seen 2026-05-14 23:03:09
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