A global study of climate uncertainty and carbon assurance
研究了气候不确定性如何影响企业自愿进行碳鉴证，发现四种微观气候不确定性维度均与碳鉴证正相关，且受国家ESG报告要求和行业调节。
Measurement, verification, and reporting of carbon emissions is essential for climate management. However, research on carbon assurance is limited. To address this gap, we investigate the association between climate uncertainty and voluntary carbon assurance. We conceptualize and operationalize four dimensions of micro-level climate uncertainty: innovation, management and performance, supply chain, and managerial perception uncertainty. We find that all four proxies of climate uncertainty are positively associated with the adoption of voluntary carbon assurance and the positive associations are moderated by a country-level environmental, social, and governance reporting mandate and the industry. Finally, we document that voluntary carbon assurance impacts the valuation of certain dimensions of climate uncertainty. Overall, our study is among the first to document empirical evidence of the nature, characteristics, and dimensions of climate uncertainty and its impact on firms’ carbon assurance. The knowledge will help companies strengthen their capacity to manage the green transition toward carbon neutrality.