This column introduces a novel high-frequency news-based index of US environmental and climate policy uncertainty over the 1990-2019 period and documents the adverse effects of policy uncertainty on low-carbon invest- ments. [...] 1 The EnvPU index, period 2009-2019 ergy policies pledging to reduce emissions to achieve the 2015 Paris Agreement on assess empirically the adverse effects of The EnvPU index captures the monthly Climate Change, thereby leading to in- these regulatory risks on climate-related share of news articles relating to uncer- creased policy uncertainty about future investments. [...] On top of the novel shows that 43 percent of European firms index of US environmental and climate focus on environmental regulations, our and 22 percent of US firms cite uncertainty policy uncertainty: the EnvPU index. [...] Our novel index provides insights into the Environmental policy uncertainty and Conclusions following question: What induces per- low-carbon investments ceptions of increased uncertainty about The historical evolution of the US EnvPU environmental and climate regulations in We then study the relationship between index shows that environmental and cli- the US context? The detailed reading of enviro. [...] The centre is dedicated to the better understanding of the social, legal, economic and political facets of global problems related to the environment, with an emphasis on the international dimension and North-South relations.
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