Dear all, Our next seminar speaker at CEU is Pat Akey (ESSEC Business School). Seminar title: Do carbon markets undermine private climate initiatives? (joint work with Ian Appel, Aymeric Bellon, and Johannes Klausmann) Abstract: We study the relationship between firms’ emission reductions and their trading of carbon allowances in the secondary market under the European Union Emissions Trading System (EU ETS), the world’s largest cap-and-trade program. Firms that cut emissions surrender fewer allowances, as required, but also sell more allowances on the secondary market. These sales shift the right to pollute to other firms, potentially leaving aggregate emissions unchanged. We find no evidence of reductions outside the EU or of investments in green technologies. Emission cuts are associated with higher ESG scores, creating potential benefits for firms. Our results suggest that secondary market behavior is critical to assessing firms’ aggregate climate impact. You are all cordially invited to his in-person seminar. Time and venue: February 25, Wednesday, 11.15am – 12.30pm, QS B-505, at CEU (51 Quellenstrasse, 1100 Vienna). Speaker’s website: https://sites.google.com/view/patakey/research Registration, till 12pm, the day before the seminar, is required at: https://forms.office.com/pages/responsepage.aspx?id=E1nE2VN24kuSC72wOGOBhDPxLiYqs2FKjgPAVi1DSIpUQUtVN1BQTkxRR0FTQTBESDBBSU1DSDRNUS4u&route=shorturl With questions, please contact the CEU seminar organizer, Timea L. Molnar, at molnartl@ceu.edu.