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<p>This work develops a unique index representing the sector targeted by hydrogen provisions in the 2022 US Inflation Reduction Act (IRA). Employing this “US low-emission hydrogen sector index”, I document significant positive abnormal returns succeeding the IRA's announcement and significant negative abnormal returns following pre-IRA events that drastically decreased the probability of novel regulatory climate action in the near future. Stocks of more hydrogen-focused companies exhibit larger-magnitude abnormal returns than those of diversified enterprises. Cumulative abnormal returns demonstrate a drift pattern in the three weeks after an IRA-related event, suggesting an initial investor underreaction to climate policy events. Equity price responses of non-US hydrogen firms indicate that the IRA might benefit the hydrogen industry at a global scale. My results are in line with market participants expecting the IRA in its original form (before the One Big Beautiful Bill Act) to achieve its aim of spurring low-emission hydrogen production and demand.</p>

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Der Einfluss von Klimagesetzgebung auf die Renditeentwicklung von Firmen im Energiesektor: Eine Event Study des US-amerikanischen Inflation Reduction Act (2022) mit Fokus auf den Wasserstoffsektor

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  • 发表日期：

    2026年3月30日

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  • Anna-Maria Rohe

摘要

This work develops a unique index representing the sector targeted by hydrogen provisions in the 2022 US Inflation Reduction Act (IRA). Employing this “US low-emission hydrogen sector index”, I document significant positive abnormal returns succeeding the IRA's announcement and significant negative abnormal returns following pre-IRA events that drastically decreased the probability of novel regulatory climate action in the near future. Stocks of more hydrogen-focused companies exhibit larger-magnitude abnormal returns than those of diversified enterprises. Cumulative abnormal returns demonstrate a drift pattern in the three weeks after an IRA-related event, suggesting an initial investor underreaction to climate policy events. Equity price responses of non-US hydrogen firms indicate that the IRA might benefit the hydrogen industry at a global scale. My results are in line with market participants expecting the IRA in its original form (before the One Big Beautiful Bill Act) to achieve its aim of spurring low-emission hydrogen production and demand.