Wyniki wyszukiwania - Biblioteka Nauki

1

Assesment of the Quality of Reporting Information on CO2 Emission Rights on the Example of Energy Sector Groups Listed on the Warsaw Stock Exchange

100%

Strojek-Filus M. , Sulik-Górecka A.

|

nr nr 2

116-129

EN

Poland is a participant to the European Union Emissions Trading System, which aims at reducing greenhouse gas emissions. Trading CO2 emission rights has become a strategic area from the point of view of managing entities that emit CO2. The aim of the paper is to investigate and identify discrepancies in the presentation and valuation of CO2 emission allowances, CO2 emission provision liabilities in reporting, and to assess the impact of these dis-crepancies on compliance with the true and fair view principle on top of the informative value of the financial statements. An in-depth qualitative analysis was used to examine disclosures of CO2 emission rights in the 2020 consolidated financial statements coming from the largest energy sector groups listed in the WIG Energy Index of the Warsaw Stock Exchange in light of the relevant legal acts and literature. As a result of the research conducted, it was confirmed that groups of companies carry out a range of CO2 emission rights balance classification and valuation. There were also significant discrepancies in the disclosure of information about the creation and valu-ation of provisions for liabilities due to CO2 emissions. The discrepancies observed in the audited entities' balance-sheet presentations and valuation of the acquired CO2 emission allowances and reserves resulting from IAS/IFRS in practice distorts the comparability of data presented in the financial statements. The research also revealed differences in scope of disclosed information, as well as its fragmentary nature. As a result, the comparison of data between groups in the energy sector in terms of their assets is impossible. Our study fills a research gap on the effects of using IFRS for the presentation and valuation of CO2 emission rights in the Polish energy sector and the impact of a differentiated approach to disclosures on the true and fair view conception in financial reporting. (original abstract)

2

Determinanty cen uprawnień do emisji co2 na rynku europejskim w latach 2013-2016

84%

Krawiec W.

|

nr nr 2 (86) Rynek kapitałowy : skuteczne inwestowanie

231-239

XX

Cel - Identyfikacja determinant cen uprawnień do emisji CO2 na rynku europejskim w latach 2013-2016. Metodologia badania - Metoda dedukcji, metoda analizy literatury przedmiotu, metoda statystyczna Wynik - W ostatnich latach czynniki o charakterze instytucjonalnym faktycznie odgrywały znaczącą rolę w kształtowaniu cen uprawnień do emisji CO2. Sytuacja ta zapewne nie ulegnie zmianie do czasu, kiedy rynek uprawnień nie zostanie w pełni uwolniony od wpływu decydentów, którzy obecnie pełnią na tym rynku zarówno funkcję jego regulatora, jak i dostawcy uprawnień. Oryginalność/Wartość - Niniejszy artykuł odnosi się do determinant cen uprawnień do emisji CO2 w latach 2013-2016, a więc w bieżącym okresie rozliczeniowym, i jest punktem wyjścia do dalszych badań o charakterze ilościowym.(abstrakt oryginalny)

EN

Purpose - Identification of determinants of emissions unit allowance prices in the European market in 2013-2016 Design/Methodology/approach - Deductive method, analysis of the literature on the subject, statistical method Findings - Last year's institutional factors were the major determinants of emissions unit allowance prices. Probably, this situation won't change until the carbon market will not be freed from the decision-makers influences, which now are the market regulator and allowances' supplier. Originality/Value - Hereby article refers to determinants of emissions unit allowance prices in current period and is a starting point for further quantitative research.(original abstract)

3

Linking the EU ETS With California's Cap-and-trade Program: a Law and Economics Assessment

84%

Kotzampasakis M. , Woerdman E.

|

nr nr 4

9-45

EN

Aim: This paper aims to evaluate the legal barriers and policy obstacles to linking the European Union Emissions Trading System (EU ETS) with California's Cap-and-Trade Program in the United States, and to identify potential legal solutions to overcome them, by taking a law and economics perspective. Design / research methods: A qualitative law and economics analysis is performed by combining the legal-dogmatic method with insights from economic theory. Primary sources are the respective legal frameworks, ETS regulations, past linking agreements and relevant case law. Secondary sources include the relevant legal and economic literature, as well as policy documents, reports and press releases. Conclusions / findings: An EU-California linkage of emissions trading systems (ETSs) is legally feasible on the basis of an informal agreement, through reciprocal amendments to the respective ETS-regulations. Potential barriers could emerge, in particular from misaligned provisions regarding price containment measures and offsets. A gradual implementation of certain mutually beneficial ETS reforms, possibly in conjunction with initially restricted linkage, can provide momentum for transcending these barriers. Originality / value of the article: To date, no linking has taken place between emissions trading systems from different continents. This paper contributes to the legal-economic literature on linking the EU ETS with California's Cap-and-Trade Program by performing an up-to-date analysis of its associated barriers and by providing concrete legal suggestions to possibly overcome them. Such a transatlantic linkage could enhance the cost-effectiveness of climate policy and contribute to the bottom-up expansion of carbon markets worldwide.(original abstract)

4

Europejski handel emisjami

84%

Żylicz T.

|

nr nr 11

7-8

XX

Europejski handel emisjami został sprowokowany przez Protokół z Kioto. Zaczynał skromnie, jako mechanizm ułatwiający sprostanie wymaganiom redukcji emisji dwutlenku węgla. Ale z czasem stał się ważnym składnikiem europejskiej polityki ochrony środowiska. Pomimo licznych potknięć i błędów, wytyczył ścieżkę dekarbonizacji europejskich gospodarek. Zapewnił również europejskim rządom strumień przychodów budżetowych pochodzących ze sprzedaży pozwoleń. (abstrakt oryginalny)

EN

The European emission trading was implied by the Kyoto Protocol. It was conceived as a mechanism to help countries to abate carbon dioxide emission. Gradually it has become an important element of the European environmental policy. Despite numerous slips and mistakes, it highlighted the need to decarbonise European economies. At the same time it allowed to raise budgetary revenues from selling the permits. (original abstract)

5

ETS jako zachęta

67%

Żylicz T.

|

nr nr 12

12-13

XX

Europejski handel emisjami (ETS) nie jest systemem idealnym. Tym niemniej osiągnięta w 2021 r. bardzo wysoka cena pozwolenia stanowi dla pozaeuropejskich przedsiębiorstw zachętę, żeby zarobić na sprzedaży rezultatów obniżki emisji. Istnieje taka możliwość, ale Porozumienie Paryskie stawia wymagania, aby z niej skorzystać. Wymaga między innymi, aby obniżka w przedsiębiorstwie pochodzącym z kraju, który ma jakiś harmonogram sumarycznej redukcji emisji wykraczała poza to, co on przewiduje. Sam zaś harmonogram powinien być na tyle ambitny, żeby dawał rękojmię ochrony klimatu. Można więc oczekiwać, że przedsiębiorstwa będą wywierały presję na swoje rządy, aby takie harmonogramy przygotowano. (abstrakt oryginalny)

EN

The European emission trading (ETS) is far from perfect. Nevertheless its very high price of permits reached in 2021 provides a strong incentive for non-European firms to try to sell the results of their abatement efforts. There is such a possibility, but the Paris Agreement lists certain conditions necessary to take advantage of it. Among other things, the Agreement requires that the abatement result is additional with respect to what the country (which hosts the abating firm) has declared. Besides its declaration should be ambitious enough so that it can be considered an effective means of climate protection. Thus it is expected that abating firms will press their governments to make adequate declarations. (original abstract)