Abstract
This paper explores the impact of global climate policy announcements on the performance of the fossil fuel and alternative energy sectors. I conduct an event-study analysis around the yearly United Nations Framework Convention on Climate Change Conference of the Parties (UNFCCC COP) meetings, employing a matched-firm approach to detect the presence of abnormal returns. The results provide three key contributions to the literature concerning environmental finance. Firstly, there is evidence that global climate policy implementation is a driver of the alternative energy sector. Secondly, the study provides an understanding of how the market perceives the uncertainty surrounding global climate change policy and regulation implementation. Finally, the study paves the way for future research looking to quantify the impact of global climate change policy on the alternative energy and fossil fuel sectors.
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