This paper examines the impact of climate policy uncertainty (CPU) on carbon dioxide (CO2) emissions of 1007 listed firms over 2003–2021. As the urgency to combat climate change and implement effective policies may create uncertainty, it focuses on the Unites States, a significant emitter with a complex policy landscape. Using the two‐step system generalized method of moments estimation, the analysis reveals a negative CPU–CO2 emissions relationship, indicating that increased CPU incentivizes firms to adopt sustainable practices, leading to emissions reductions. Capital expenditures have similar effects on emissions, accompanied by increased corporate sustainability engagement. However, no significant relationship is found between research and development (R&D) expenditure and CO2 emissions, nor does CPU significantly moderate the R&D–CO2 emissions nexus. Firms with substantial fixed assets exhibit higher CO2 emissions, while heavy emitters demonstrate limited CPU responsiveness. These findings provide valuable insights for policymakers encouraging corporate participation in emissions reduction efforts.

中文翻译：

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气候政策的不确定性和企业层面的二氧化碳排放：评估对美国市场的影响

本文探讨了气候政策不确定性 (CPU) 对二氧化碳 (CO2）2003-2021 年 1007 家上市公司的排放量。由于应对气候变化和实施有效政策的紧迫性可能会带来不确定性，因此它重点关注美国这个具有复杂政策环境的重要排放国。使用两步系统广义矩估计方法，分析显示负 CPU-CO2排放关系，表明 CPU 的增加会激励企业采取可持续的做法，从而减少排放。资本支出对排放也有类似的影响，同时企业可持续发展参与度也有所提高。然而，研究与开发 (R&D) 支出与 CO 之间没有发现显着关系2排放，CPU 也没有显着减缓 R&D-CO2排放关系。拥有大量固定资产的公司表现出较高的二氧化碳排放2排放量大，而排放量大的 CPU 响应能力有限。这些发现为政策制定者鼓励企业参与减排工作提供了宝贵的见解。