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Séminaire CIRED : Misato SATO

par Estelle Carciofi - publié le , mis à jour le


Résumé / Abstract


Substantial private investments in low carbon technologies and capital assets are necessary to meet climate change mitigation targets. This paper examines the impact on competitiveness, economic performance and market valuation of « green » firms that engage in the sale of environmental goods and services. We use a global firm level dataset representing approximately 95% of global market capitalisation, that allows us to credibly identify the share of green activity in each sector a firm is operating in. We find that green firms exhibit higher ability to earn income, indicating opportunities to charge higher markups with differentiated goods. Yet, engaging in green activities is also associated with higher asset- and investment requirements, which impose a downward drag on firms’ overall profitability. Although we find no differences on market valuation for green firms relative to other firms, the market values profitability among green firms more than among non-green counterparts by paying a premium on the share price. Our findings suggest that governments can support driving forward a market-led low-carbon transition by for example facilitating cheaper environmental capital expenditures and helping the creation and expansion of markets for green goods and services.

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