Sensibilité du risque de crédit au prix du carbone

Vincent Bouchet and Théo Le Guenedal

Revue économique, 2022, vol. 73, issue 2, 151-172

Abstract: One of the ways for achieving the goals set by the Paris Agreement is to set a price on greenhouse gas emissions. However, a rapid increase in this price may have a financial impact and increase the credit risk of companies. Using medium (2024) and long-term (2060) scenarios, this study analyzes the credit risk sensitivity of 763 international companies. The Energy, Utilities, and Materials sectors are the most affected, with a higher and more heterogeneous risk for the Utilities. However, the risk only becomes significant in the long term. A strengthening of greenhouse gas emission pricing mechanisms therefore seems achievable in the medium term without compromising financial stability.

Keywords: climate change; carbon price; credit risk; scenario analysis (search for similar items in EconPapers)
Date: 2022
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