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再生可能ポートフォリオ基準を活用した持続可能な未来へ：スピルオーバー効果の実証的検討

EXPRESS: Harnessing Renewable Portfolio Standards for Sustainable Futures: An Empirical Examination of Spillover Effects (原題)

Chun-Jie Zhao, An-Qi Wu, Ramanath Subramanyam

Production and operations management📚 査読済 / ジャーナル2026-10-23#開示インフラOrigin: US経営インパクト: 調達リスク対象セクター: cross_sector
DOI: 10.1177/10591478261504130
原典: https://doi.org/10.1177/10591478261504130

🤖 gxceed AI 要約

日本語

本論文はCDPの開示データと米国の再生可能ポートフォリオ基準（RPS）を統合し、州政策が企業のGHG排出強度に与える因果効果を検証する。施設レベルのScope1・Scope2データと段階的差分の差分法を用い、規制対象外の企業やサプライチェーンへのスピルオーバーを分析。RPS導入は規制外企業の排出強度と負の関連を示し、初期目標が保守的でマイルストーン型の実施戦略を採る州の企業ほど排出強度が低いことを発見した。

English

This paper integrates CDP disclosure data with US state Renewable Portfolio Standards to estimate causal effects of policy on firm-level GHG emission intensity. Using facility-level Scope 1 and Scope 2 data and a staggered difference-in-differences design, it finds that RPS adoption is associated with lower emission intensity among unregulated firms, revealing policy spillovers beyond regulated entities. Conservative initial targets with progressive, milestone-based implementation yield stronger reductions than aggressive or long-term absolute targets.

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

CDP開示データを政策評価に接続する手法は、SSBJ・有報でのScope1/2開示が進む日本企業にとって、規制が直接及ばない取引先・サプライヤーへの波及効果を測る分析枠組みとして示唆に富む。政策設計と企業開示の整合を考える上での参照点となる。

In the global GX context

The paper speaks directly to the ISSB/TCFD-era question of whether disclosure data can be used to evaluate policy effectiveness and supply-chain spillovers. Its finding that milestone-based, moderate targets outperform aggressive absolute targets offers a design lesson for regulators shaping climate policy and for firms anticipating Scope 3 cascade effects.

👥 読者別の含意

🔬研究者:CDPデータと政策の段階的DIDを組み合わせたスピルオーバー識別手法は、開示データを用いた因果推論の実践例として有用。

🏢実務担当者:規制対象外でも取引先の州政策や顧客の開示要請を通じて排出削減圧力が波及しうる点を、Scope 3管理とサプライヤー対応に織り込むべき。

🏛政策担当者:目標設定は野心的な絶対値より、保守的な初期目標とマイルストーン型の段階的実施の方が規制外企業への波及効果が大きい可能性を示す。

📄 Abstract（原文）

Given the importance of managing industrial energy consumption, setting standards and implementing policies that encourage renewable energy use is crucial for incentivizing sustainable firm practices. Public policy designs must align closely with firms’ environmental policies to help mitigate greenhouse gas (GHG) emissions and support a sustainable future. While research on policy impacts on firm environmental performance and the supply chain's role in sustainability is growing, a critical, understudied effect is the spillover of government rules to supply chain partners and peer firms, especially those outside the direct purview of environmental regulations. This paper presents a novel approach that integrates data from the Carbon Disclosure Project (CDP) and the Renewable Portfolio Standards (RPS). The latter refers to state-driven initiatives that incentivize electricity consumption from eligible renewable resources. We examine the causal effects of state-level policies on firm-level GHG emission intensity, with particular emphasis on the spillover effects of policies on unregulated firms across markets. We break down emission intensity into Scope 1 and Scope 2 and capture facility-level data to analyze spillover effects in granular detail. Using a staggered difference-in-differences methodology, our analysis finds a promising negative association between RPS introduction and GHG emission intensity among unregulated firms across industries. Interestingly, firms headquartered in states with more conservative initial targets during RPS adoption and progressive, milestone-based implementation strategies have significantly lower GHG emission intensity than those headquartered in states with more aggressive initial targets or long-term absolute targets. Our findings have significant implications for developing environmental regulations and public policies aimed at reducing GHG emission intensity.

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