The paper presents a capped-call option framework for climate policies, highlighting cap-and-trade regulation, energy-saving technology subsidies, and carbon tariffs. It involves a life insurer providing green finance to a carbon-intensive manufacturer, examining their procurement of carbon allowances and export activities under cap-and-trade and carbon tariff systems, respectively. The main results reveal that manufacturer exports increase manufacturer equity risk, while stricter cap policies partially mitigate this effect, especially with higher carbon tariffs. Conversely, elevated carbon tariffs directly amplify manufacturer equity risk, but this is alleviated somewhat by a stricter cap-and-trade system. Energy-saving technology subsidies reduce manufacturer equity risk. Higher exports are associated with reduced insurer equity, while a stricter cap-and-trade regime enhances insurer equity, particularly with higher carbon tariffs. Carbon tariffs positively impact insurer equity, whereas subsidies for energy-saving technology for manufacturers have a negative effect. In the paper, the integration of both mechanisms within a capped-call option framework can advance sustainability efforts and help mitigate financial risks for the carbon manufacturer and the fund-providing insurer. This alignment corresponds with the objectives of environmental responsibility and economic stability in the face of climate change challenges.

中文翻译：

---

评估可持续保险下气候政策对股权风险的影响：限额与交易监管、节能技术补贴和碳关税


该文件提出了气候政策的上限认购期权框架，强调了上限与交易监管、节能技术补贴和碳关税。它涉及一家人寿保险公司向一家碳密集型制造商提供绿色融资，分别审查他们在限额与交易和碳关税制度下的碳配额采购和出口活动。主要结果表明，制造商出口增加了制造商股权风险，而更严格的上限政策部分缓解了这种影响，特别是在碳关税较高的情况下。相反，碳关税的提高直接放大了制造商的股权风险，但更严格的限额与交易制度可以在一定程度上缓解这种风险。节能技术补贴降低制造商股权风险。出口增加与保险公司资产减少相关，而更严格的限额与交易制度则提高保险公司资产，特别是在碳关税提高的情况下。碳关税对保险公司权益产生积极影响，而对制造商的节能技术补贴则产生负面影响。在本文中，将两种机制整合到上限认购期权框架内可以推进可持续发展工作，并有助于减轻碳制造商和提供资金的保险公司的财务风险。这种一致性符合面对气候变化挑战时的环境责任和经济稳定的目标。