배출권거래제가 온실가스 감축투자에 미치는 영향

Abstract

In order for the government policy to induce greenhouse gas (GHG) reduction investment and transition to a low-energy consumption, low-carbon economic structure through the Emissions Trading Scheme (ETS) to be effective, it is necessary to determine whether the implementation of the ETS has increased GHG reduction investment. This study analyzes whether the effect of ETS on a coporate’s GHG reduction investment is differentiated in each plan period. Also, this study analyzes whether in a firm's characteristic according to response strategies, the effect of ETS on its GHG reduction investment is differentiated in each plan period. First, no impact of ETS on a coporate’s GHG reduction equipment investment is found in both the first and second plan periods. Second, a ETS firm with high carbon intensity shows increase in its GHG reduction investment during the second plan period. Third​, in a ETS firm with high energy efficiency, its GHG reduction investment do not increase during the first and second plan periods. In summary, rather than the effect of ETS implementation on a firm’s GHG reduction investment, the incentives for its GHG reduction investment differ depending on its characteristic of responding to the ETS. In particular, the increase in GHG reduction investments among high-carbon-intensive ETS companies can be interpreted as a result of their compliance with government policies aimed at reducing GHG emissions through the ETS while pursuing sustainable growth. The results of this study have significant implications for companies' GHG reduction investment strategies in response to the government's ETS and for relevant organizations seeking to continuously encourage such investments.