气候变化领域集成服务门户(CCPortal): Flobsion—flexible option with benefit sharing

CCPortal

DOI	10.3390/ijfs7020022
	Flobsion—flexible option with benefit sharing
	Khabarov N.; Lubowski R.; Krasovskii A.; Obersteiner M.
发表日期	2019
ISSN	22277072
卷号	7 期号:2
英文摘要	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 CO2 price and consequent financial risk for carbon-intensive producers. In this context, there is a need for tools to buffer CO2 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 CO2 prices from the European Emission Trading Scheme. Flobsion has the potential to extend the traditional option in financial applications beyond compliance markets. by the authors. Licensee MDPI, Basel, Switzerland.
英文关键词	Benefit sharing; Climate policy; CO2; Emissions offsetting; Financial risk; Options
来源期刊	International Journal of Financial Studies
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/176264
作者单位	International Institute for Applied Systems Analysis (IIASA), Schlossplatz 1, Laxenburg, A-2361, Austria; Environmental Defense Fund, 1875 Connecticut Ave NW #600, Washington, DC, 20009, United States
推荐引用方式 GB/T 7714	Khabarov N.,Lubowski R.,Krasovskii A.,等. Flobsion—flexible option with benefit sharing[J],2019,7(2).
APA	Khabarov N.,Lubowski R.,Krasovskii A.,&Obersteiner M..(2019).Flobsion—flexible option with benefit sharing.International Journal of Financial Studies,7(2).
MLA	Khabarov N.,et al."Flobsion—flexible option with benefit sharing".International Journal of Financial Studies 7.2(2019).