Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 21, 2021 erstellt
Description:
Climate change poses a substantial risk to financial markets and corporations. Companies need to measure the magnitude of the carbon risk they are facing and address possible consequences. Currently, almost all metrics to analyse carbon exposure relate to the carbon emissions of firms (either directly or in terms of a quotient). Thus, the quality of carbon emission measurement and data is an integral part of such a risk analysis. Using a large data set of company-level carbon emissions, we identify several sources of data fault which have to be considered in any data-intensive analysis. We show that year-by-year analysis of the consistency of company emissions is preferable to identify data flaws. Also, we find that economic and carbon data are not perfectly synchronised. Furthermore, all carbon-emission metrics suffer from similar data inconsistencies and so robustness of results is not achieved by using several such metrics. As providers update carbon data on an ad-hoc basis, previous analysis may not be repeated unless the data set on which it was based is saved. Thus, our findings serve as a warning for the reliability of emission data reporting and their unreflected use in empirical analyses