Шляхи впливу екологічних ризиків на фінансову діяльність компанії
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Date
2015
Journal Title
Journal ISSN
Volume Title
Publisher
Український інститут розвитку фондового ринку
Abstract
Environmental risks are among the most important in terms of the probability
of their occurrence and impact on the financial activities of the companies.
Importance of environmental impact assessment is widely recognized because
of enhanced intensity of natural resource use. As the market forces are not
always able to counteract the negative effects of these influence, a wide range
of mechanisms at the national and international levels has been developed.
The aim of these mechanisms and instruments is to take into account the
environmental risks and establish incentives for sustainable development of the
main pollutants at the national, regional and international levels. In general,
we talk about administrative and financial instruments. These mechanisms and
instruments provide different ways to affect the Company’s financial performance,
creating incentives to improve the performance in all areas related to corporate
responsibility.
Financial performance of the companies is directly associated with the income
and expenditure. Nowadays, there are three common ways, in which environmental
risks can affect company’s financial performance: fiscal, market and the path of
limits, penalties.
The aim of this paper is to describe the ways in which environmental
risks can affect the company’s financial performance. Using the financial
statements of the german energy company «RWE» and «Lufthansa» company
key aspects of this influence are explored. This paper is also focused on the
most important instruments, used by the European energy companies to fulfil
all the necessary commitments and limitations in the area of environmental
protection.
All this demonstrates the importance of greenhouse gas emission reduction
projects and generation of certificates. Otherwise, the company will be forced to
buy them at the market price, which is almost twice as high as the price of their
own certificates.
Description
Keywords
environmental risks, financial performance, financial statements, ecological taxes, Kyoto Protocol, Clean Development Mechanism, Joint Implementation Projects, European Union Allowances
Citation
Гарлицька Д. Шляхи впливу екологічних ризиків на фінансову діяльність компанії / Діана Гарлицька, Олександра Литньова, Олександр Сущенко // Ринок цінних паперів України. – 2015. – № 3–4. – С. 59–66.