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来源类型 | Article |
规范类型 | 其他 |
DOI | 10.3390/ijfs7020022 |
Flobsion—Flexible Option with Benefit Sharing. | |
Lubowski R | |
发表日期 | 2019 |
出处 | International Journal of Financial Studies 7 (2): p. 22 |
出版年 | 2019 |
语种 | 英语 |
摘要 | Global environmental goals and the Paris agreement declared the need to avoid dangerous climate change by reducing emissions of greenhouse gases with an ultimate goal to transform today’s policies and reach climate neutrality before the end of the century. In the medium to long-term, climate policies imply rising CO 2 price and consequent financial risk for carbon-intensive producers. In this context, there is a need for tools to buffer CO 2 prices within the period of transition to greener technologies when the emission offsetting markets expose high volatility. Contracts for optional future purchase of carbon credits could provide emitters with a cost-efficient solution to address existing regulatory risks. At the same time, this would help to create much needed financing for the projects generating carbon credits in the future. This work presents the concept of a flobsion—a flexible option with benefit sharing—and demonstrates its advantages in terms of risk reduction for both seller and buyer as compared to both a “do nothing” strategy (offsetting at future market price) and a traditional option with a fixed strike price. The results are supported analytically and numerically, employing as a benchmark the dataset on historical CO 2 prices from the European Emission Trading Scheme. Flobsion has the potential to extend the traditional option in financial applications beyond compliance markets. |
主题 | Ecosystems Services and Management (ESM) |
关键词 | CO2 emissions offsetting options financial risk benefit sharing climate policy |
URL | http://pure.iiasa.ac.at/id/eprint/15872/ |
来源智库 | International Institute for Applied Systems Analysis (Austria) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/131609 |
推荐引用方式 GB/T 7714 | Lubowski R. Flobsion—Flexible Option with Benefit Sharing.. 2019. |
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ijfs-07-00022%20%281(295KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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