Technological innovation and its impact on carbon emissions: evidence from Korea manufacturing firms participating emission trading scheme

Jung Youn Mo

66 citations0/0 files storedTechnology Analysis and Strategic Management

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Energy, Environment, Economic Growth Climate Change Policy and Economics Environmental Sustainability in Business

Abstract

To cope with the ever-increasing environmental regulations, high-emitting countries have established strategies to reduce greenhouse gases. Among these methods, the emission trading scheme (ETS) has been highlighted as a cost-effective reduction tool based on a market mechanism. In order to operate the ETS efficiently and reduce the marginal abatement cost of firms, it is essential to analyse the main factors affecting carbon emissions and design valid policies for industries. This study investigates the potential factors affecting carbon emissions and examines the relationship between innovation activities such as patents and R&D investment and emissions based on firm-level data participating in the Korean Emission Trading Scheme (KETS). It considers that innovation’s effect on the environmental performance of firms varies by industries because each industry has a different production process and carbon reduction ability. Thus, in this study, the effects of innovations on greenhouse gases are analysed and compared by industry. The results show that innovation activities have a negative relationship with carbon emissions at the 5% significance level. The comparative analysis between industries indicate that the innovation’s effect varies by industry. Process industries are not affected by patents, while in the semiconductor industry, patents play an important role in reducing greenhouse gases.

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References

2003Determinants of environmental innovation in US manufacturing industries 2015Green R&D for eco-innovation and its impact on carbon emissions and firm performance 2003What is driving China’s decline in energy intensity?2014Linking emission trading to environmental innovation: Evidence from the Italian manufacturing industry 2018The effect of innovation on CO2 emissions of OCED countries from 1990 to 2014 2018Does corporate R&D investment affect firm environmental performance? Evidence from G-6 countries 2005Technological innovation in the energy sector: R&D, deployment, and learning-by-doing 2017Does innovation respond to climate change? Empirical evidence from patents and greenhouse gas emissions

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