上市公司营业收入与碳排放脱钩关系研究

Research on the Relationship Between Business Revenue and Carbon Emission Decoupling in Listed Companies

上市公司碳排放量占总碳排放量50%以上,在实现“双碳”目标的进程中,实现碳排放和营业收入增长脱钩的必要性日益凸显。本文基于脱钩理论,以2020年、2021年碳排放量均排名前100的上市公司为研究对象,综合分析了不同行业上市公司碳排放量与营业收入增长的脱钩程度,并估算了各上市公司实现强脱钩、弱脱钩的碳减排目标量。研究表明:一是电力、水泥和钢铁三大行业是上市公司碳排放的主要来源,其上市公司数量占所统计数量的69%,其碳排放量占统计值的65%以上;二是营业收入与碳排放、碳排放强度之间整体处于脱钩状态,营业收入与碳排放、碳排放强度的脱钩比例分别为82.6%、90.7%,其中强脱钩分别为31.4%和84.9%;三是未实现营业收入与碳排放脱钩的企业面临较大的减排压力,其中37%、11%以上的企业较现状需分别减少10%、2%以上方能强脱钩、弱脱钩;而仅有5.8%的上市公司的碳排放强度需减小10%以上才能实现强脱钩和弱脱钩。本研究可为上市公司碳排放管理提供理论依据和参考。

In order to achieve the goals of carbon peak and carbon neutrality in China,the importance of listed companies decoupling carbon emissions from the growth of business revenue is becoming increasingly apparent,since the listed companies account for more than 50%of the total carbon emissions.Thus,this study focuses on the top 100 listed companies in terms of carbon emissions for both 2020 and 2021 as the study objects.Base one the decoupling theory,the decoupling degree between carbon emissions and business revenue growth across different industries for listed companies were comprehensive analyzed,also the carbon reduction targets for each listed company to achieve strong and weak decoupling were estimated.The results indicate that:First,the three major industries of electricity,cement,and steel are the main sources of carbon emissions for listed companies,which the companies and in these industries accounts for 69%,and their carbon emissions account for over 65%.Second,The relationship between business revenue and carbon emissions generally shows a trend of decoupling,as well as carbon intensity.The decoupling ratio between business revenue and carbon emissions(carbon intensity)is 82.6%(90.7%),and the strong decoupling ratio is 31.4%(84.9).Third,Companies that have not achieved decoupling between business revenue and carbon emissions are facing greater pressure to reduce emissions,around 37%(11%)companies would need to reduce their emissions by at least 10%(2%)to achieve strong(weak)decoupling,and 5.8%companies would need to reduce their carbon intensity by more than 10%to achieve strong or weak decoupling.This study can provide a theoretical basis for carbon emissions management of listed companies.This study offers insights and guidance on how to effectively manage and reduce carbon emissions in listed companies.