Utilizamos algoritmos de aprendizaje automático para construir un nuevo índice de incertidumbre en la política medioambiental y climática de Estados Unidos (EnvPU) basado en noticias y disponible mensualmente durante el periodo 1990-2019. Descubrimos que nuestro índice EnvPU se dispara durante las disputas sobre el gasto medioambiental del cierre del gobierno de 1995-1996, a principios de la década de 2010 debido al fracaso del proyecto de ley nacional de límites y comercio climático y durante la presidencia de Trump.

We examine how elevated levels of environmental policy uncertainty relate to investments in the low-carbon economy. In firm-level estimations, we find that a rise in the EnvPU index is associated with a reduced probability for cleantech startups to receive venture capital (VC) funding. In financial markets, a rise in our EnvPU index is associated with higher stock volatility for firms with above-average green revenue shares. At the macro level, shocks in our index lead to declines in the number of cleantech VC deals and higher volatility of the main benchmark clean energy exchange-traded fund. Overall, our results are consistent with the notion that policy uncertainty has adverse effects on investments for the lowcarbon economy.

Para leer más ingrese a:

https://www.brattle.com/insights-events/news/does-environmental-policy-uncertainty-hinder-investments-towards-a-low-carbon-economy/

https://www.nber.org/system/files/working_papers/w30361/w30361.pdf