Arjan Trinks

Academic papers:

Carbon costs and industrial firm performance: Evidence from international microdata. CPB Discussion Paper, 2023. With Erik Hille.

• Studies the effect of carbon costs for a comprehensive international sample of industrial firms. Finds that firms have hardly been harmed by carbon costs and seem to have adapted rather than relocated their operations in response.

External carbon costs and internal carbon pricing. Renewable and Sustainable Energy Reviews, 2022, vol.168(112780). With Machiel Mulder and Bert Scholtens.

• Explores why firms use internal pricing of carbon emissions, tests the influence of climate policy, institutional, and firm-level factors.

Carbon Intensity and the Cost of Equity Capital. The Energy Journal, 2022, vol.43(2). With Gbenga Ibikunle, Machiel Mulder, and Bert Scholtens.

• Shows that equity markets demand a risk premium for carbon-intensive firms.

An Efficiency Perspective on Carbon Emissions and Financial Performance. Ecological Economics, 2020, vol.175(106632). With Machiel Mulder and Bert Scholtens.

• Studies firms' relative carbon emissions performance using production theory modelling. Finds superior operating performance and lower systematic risk levels in carbon-efficient (best-practice) firms.

Fossil Fuel Divestment and Portfolio Performance. Ecological Economics, 2018, vol.146. With Bert Scholtens, Machiel Mulder, and Lammertjan Dam.

• Shows that excluding fossil fuel assets from a portfolio would not have impaired portfolio performance over a long time horizon.

The Opportunity Cost of Negative Screening in Socially Responsible Investing. Journal of Business Ethics, 2017, vol.140(2). With Bert Scholtens.

• Presents a wide range of socially irresponsible investment categories and studies their risk-return performance. Shows that excluding these categories from investment portfolios would not have reduced portfolio performance.

Policy papers:

Economische beschouwing Fit for 55-pakket. CPB Notitie (in Dutch), 03/2022. With Sander Hoogendoorn, Stan Olijslagers, Vincent Schippers, Nihal Chehber, and Peter Zwaneveld. 

• Economic appraisal of the proposed EU climate package, Fit for 55,  assessing the economic efficiency of the package and discussing possible implications for the Dutch economy and climate policy.

Green innovation policies: a literature and policy review. CPB Background document, 12/2021. With Alexandra Rusu and Esther Mot. 

• Literature review of policy options to promote green innovation. Relates the perspectives of market failures and societal missions. Discusses the green innovation policy in the Netherlands.

'Financiering energietransitie: Beleidsmatige keuzes in kosten, prikkels en verdeling, Interdepartementaal beleidsonderzoek (IBO) (in Dutch), 04/2021. Advisory member of working group. 

• Describes policy options to better price carbon, keep total infrastructure costs low, and ensure societal support for the energy transition by paying attention to costs and 'who pays what'.

CPB-analyse voorstellen Nationaal Groeifonds 2021, CPB Notitie (in Dutch), 03/2021. Member of project group.

• Assessment and cost-benefit analysis of investment proposals for the EUR 20 billion Dutch national growth fund. 

CO2-heffing en verplaatsing. CPB Background Document (in Dutch), 11/2020. With Johannes Bollen, Anja Deelen, and Sander Hoogendoorn.

• Shows the economic and environmental effects of introducing a carbon tax for Dutch industry using a CGE model. 

Kansrijk belastingbeleid: groene belastingen, CPB book chapter (in Dutch), 04/2020. With Eva van der Wal.

• Describes policy options for reforming the Dutch system of energy taxes.

Awards:

FIR-PRI award for Best Published Article in Sustainable Finance, 2019: Fossil Fuel Divestment and Portfolio Performance.

Presentations:

European University Institute - Florence School of Regulation, Italy (EUI conference, policy roundtable on carbon leakage, on invitation, June 2023)

Oslo Metropolitan University Business School, Norway (seminar, October 2022)

Dutch Central Bank, The Netherlands (Dutch Economist Week conference, November 2020;  seminar, on invitation, July 2023)

Columbia University, USA (GRASFI conference,  September 2020)

University of Oxford, UK (GRASFI conference, September 2019)

Vrije Universiteit Amsterdam, The Netherlands (seminar,  February 2019)

Maastricht University, The Netherlands (GRASFI conference, September 2018)

University of Groningen, The Netherlands (IAEE international conference,  June 2018;  seminars 2016-2019)

Paris, France (ISEFI conference, May 2018;  ISEFI conference, May 2019;  FIR-PRI awards presentation, October 2019)

Cass Business School, London, UK ("Asset Management with Climate Risk" practitioner conference, on invitation, January 2018)

Ca' Foscari University of Venice, Italy (seminar, nominated as speaker by the faculty of Groningen, January 2018)

University of Zurich, Switzerland (Oikos Finance Academy, September2017)

University of Edinburgh Business School, Scotland, UK (seminars,  March-May2017)

Norwegian School of Economics, Bergen, Norway (IAEE international conference, June 2016)

Reviewing: 

Energy Economics 

Ecological Economics

Financial Analysts Journal

Climatic Change

Journal of Business Ethics

Journal of Sustainable Finance & Investment

Water Resources and Economics

Climate policy and firm performance (based on Discussion Paper 'Carbon costs and industrial firm performance: Evidence from international microdata'):

• VoxEU article, 9 May 2023. "Carbon costs hardly harm firms"

• Newspapers: NRC, FD,  ND, Telegraaf

• Websites: NU.nl, Nieuws.nl, De Limburger,  MSN.com, VEMW, Change Inc., Klimaatweb, Duurzaam Ondernemen, Executive Finance, Accountant, Tax live, De Ondernemer, Welingelichte kringen, drimble, bespaar direkt, Klimaatveranda, zon coach, ideaa, Boeren Online 

Evaluation of EU climate policy package (based on CPB study 'Economische beschouwing Fit for 55-pakket'):

• Letter of Minister for Climate and Energy to inform government (05/04/2022)

• Websites: BNN VARA vroege vogels, Europa Nu, Accountant

Green innovation policy in the Netherlands (based on CPB study 'Green innovation policies: a literature and policy review'):

• ESB article. "Groene innovatie krijgt meer aandacht in Rutte IV maar hoeveel is onduidelijk"

Effects of a national carbon tax for Dutch industry (based on CPB study 'CO2-heffing en verplaatsing'):

• • • CEPR e-book: Combatting Climate Change: a CEPR Collection - Book chapter covering the research from the VoxEU article of 13 July 2021.

    • VoxEU article, 13 July 2021. "Carbon pricing and relocation: Evidence from Dutch industry"

Fossil fuel divestment (based on paper in Ecological Economics 'Fossil fuel divestment and portfolio performance'):

• • • Edmond de Rothschild - The SRI Chronicles #20, p. 4-5. "Fossil Fuel Divestment and Portfolio Performance: Divesting from fossil fuel company stocks does not seem to impair portfolio performance"

    • Duurzaam-beleggen.nl. FIR-PRI European Research ‘Finance & Sustainability’ Award voor Trinks, Scholtens, Mulder and Dam

    • Frontiers in Ecology & Environment, 16(2), March 2018, p.65. “Fossil-fuel divestment doesn’t hurt stock portfolios”, Dispatches section, 64-69.

    • Volkskrant May 20, 2018. "Dump het aandeel of wees lastig: pensioenfondsen beleggen steeds kritischer"

    • VBDO blog May 22, 2018. "Pensioenfondsen beleggen steeds kritischer"

    • San Francisco Examiner August 9, 2017. "Growing evidence supports fossil fuel divestment of SF pension". The paper on fossil fuel divestment has served as input to board decisions about divestment at San Francisco Employees’ Retirement System (SFERS), being the first US public pension scheme to divest, from fossil fuel assets (reference: Will Lana)

    • Responsible Investor August 8, 2017. "Strong words in the run-up to crunch fossil divestment vote at San Francisco pension fund"

    • The BEAM Magazine February 7, 2018. "Why 2018 is the year that divestment is finally going mainstream"

    • Leeuwarder Courant August 6, 2018. “Pensioenfondsen bouwen op teerzand”

    • Article on CEER LinkedIn "Business and Energy Transition"

    • CEER blog February 27, 2017.  "The financial costs imposed by fossil fuel divestment"

    • Institutional Money No 3, 2016. "Nachhaltigkeit kostet doch Geld"

University of Groningen, The Netherlands

• Finance & Risk Management for IB (2016-2019) - lecturer, Q&A sessions, course organization, preparation of assignments/exams

• Statistics for Business Administration (2016-2017) - tutorials, preparation of assignments/exams