时间：2025年12月6日（周六）9：00

地点：气候变化与能源经济研究中心会议室

Paper1：申至立 Bitcoin and carbon dioxide emissions: Evidence from daily production decisions

摘要：Environmental externalities from cryptomining may be large, but have not been linked causally to mining incentives. We exploit daily variation in Bitcoin price as a natural experiment for an 86 megawatt waste coal-fired power plant with on-site cryptomining. We find that carbon emissions respond swiftly to mining incentives, with price elasticities of 0.69–0.71 in the short-run and 0.33–0.40 in the longer run. A $1 increase in Bitcoin price leads to $3.11–$6.79 in external damages from carbon emissions alone, well exceeding cryptomining’s value added (using a $190 social cost of carbon, but ignoring increased local air pollution). As cryptomining requires ever more computing power to mine a given number of blocks, our study highlights both the revitalization of US fossil assets and the need for financial industry accounting to incorporate cryptomining externalities.

Paper2：管泓旭Heterogeneous Responses to Carbon Pricing: Firm-Level Evidence from Beijing Emissions Trading Scheme

摘要：Beijing’s emissions trading scheme (ETS) is one of the earliest with sustained high permit prices among seven CO2 ETS pilots in China. Using a fuzzy regression discontinuity design with a unique emissions data set for firms participating in Beijing’s ETS, we study firms’ reactions to carbon pricing. We find that, on average, the ETS reduced firms’ carbon emissions by 39% three years after the policy was introduced, but responses varied: emissions were reduced by about 45% in the industry sector, but there was hardly any change in the service sector. By looking into potential abatement mechanisms of industrial firms, we find that their emissions reduction was realized mainly through reducing coal consumption, without significantly reducing output and energy intensity. The effects on firms in the industry sector are partly amplified by firms subject to overlapping regulations targeting heavily polluting and energy-intensive producers, highlighting heterogeneous responses for firms facing multiple regulatory pressures