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기후변화 완화를 위한 ESG평가의 실효성에 대한 연구

The Effectiveness of ESG Evaluation for Climate Change Mitigation

임태균|홍성훈
한국국제회계학회 (Korea International Accounting Association)|2024.02|국제회계연구 (Korea International Accounting Review)|제113호|pp. 31-52|DOI 10.21073/kiar.2024..113.002

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기후변화Climate ChangeESGCarbon Tax탄소세

초록

[연구목적] 본 연구는 지구의 기후변화를 완화하기 위해 기관투자자들이 기업에 대한 투자의사결정을 할 때 환경, 사회 및 지배구조(Environmental, Social, and Governance, 이하 ‘ESG’)를 활용하여 평가하는 것이 기후변화를 완화하기 위한 실효성이 있는지를 검토하고, 기후변화를 완화하기 위한 효율적인 방안이 무엇인지를 살펴본다. [연구방법] 기후모형 및 산업혁명 이전의 기온측정 등 기후관련 선행연구, 정부간 협의체(Intergovernmental Panel on Climate Change) 등의 보고서들을 검토하여 ESG가 기후변화를 완화하기위한 실효성 있는 방안인지를 알아보고, 이산화탄소를 감소시키기 위한 보다 실효성 있는 방안이무엇인지를 탐색한다. [연구결과] 분석결과 기후변화에 대해 일반적으로 인식되고 있는 것과는 다르게 인간의 경제활동에 의한 이산화탄소 배출 보다는 자연적 조건이 기후변화에 더 큰 영향을 미치고 있는 것으로보인다. 또한 인간의 경제활동에 의한 이산화탄소 배출량의 증가로 기후변화가 발생하였다 하더라도 ESG 평가를 기관투자자들이 투자의사결정에 사용하는 것이 기업이 배출하는 이산화탄소량을 감소시키는 효과도 높지 않은 것으로 나타났다. 그럼에도 불구하고 이산화탄소의 감소를 목적으로 ESG 평가를 기관투자자들이 투자의사결정에 반영하도록 하는 것은 소비자 및 유권자의저항 등을 감소시키기 위한 정치 및 경제적 의도가 반영되었기 때문일 수 있으며, ESG 평가만이아니라 소비자 혹은 유권자 등의 저항이 있을지라도 탄소세를 부과하는 것과 ESG 평가를 병행하여 공시하는 것이 기후변화를 완화하기 위한 보다 실효적인 방안으로 판단된다. [연구의 시사점] 본 연구의 결과는 기후변화를 완화하기 위해 우리나라 및 전 세계적으로 부담해야 하는 사회적 비용을 효율적으로 사용할 수 있게 하며, 지구의 기후변화를 완화시켜 인류의지속적 생존에도 도움이 될 수 있다.

Abstract

[Purpose] This study examines the effectiveness of utilizing Environmental, Social, and Governance (ESG) criteria in investment decision－making by institutional investors to mitigate climate change. It explores whether evaluating companies based on ESG factors when making investment decisions contributes to effective climate change mitigation. Additionally, the study investigates efficient strategies for mitigating climate change. [Methodology] This involves reviewing pre－existing climate－related studies, including climate models, temperature measurements before the industrial revolution, and reports from governmental bodies such as the Intergovernmental Panel on Climate Change (IPCC). The goal is to determine whether ESG is an effective approach for mitigating climate change. Additionally, the study explores more effective strategies for reducing carbon dioxide emissions. [Findings] The analysis results suggest that, contrary to the commonly perceived notion, natural conditions may have a greater impact on climate change than carbon dioxide emissions resulting from human economic activities. Additionally, even if climate change has occurred due to an increase in human－ induced carbon dioxide emissions, it appears that the use of ESG evaluations by institutional investors in investment decision－making does not have a significant effect on reducing the amount of carbon dioxide emitted by companies. Nevertheless, the incorporation of ESG evaluations into investment decision－making by institutional investors, with the aim of reducing carbon dioxide emissions, may be driven by political and economic intentions to alleviate resistance from consumers and voters. Despite potential inefficiencies in ESG evaluations, imposing a carbon tax is considered a more effective approach for mitigating climate change, even if there is resistance from consumers or voters. This is because it focuses on reducing carbon emissions and is viewed as a more pragmatic solution. [Implications] The results of this study aim to enab le the efficient allocation of social costs that Korea and the world must bear to mitigate climate change. Ultimately, this could contribute to alleviating climate change on a global scale, thereby aiding in the sustained survival of humanity.

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