科学研究

Dr. Pengfei Liu is an Assistant Professor in the Department of Resource Economics at the Environmental and Life Sciences School of the University of Rhode Island. He is also a Senior Researcher at the Coastal Institute and the Big Data Research Center. He received his Ph.D. from the University of Connecticut in 2016 and has worked at the University of Connecticut and the University of Arkansas. His main research areas are energy and environmental economics. He has published multiple works on energy, public goods provision, and environmental markets in top academic journals such as Nature Energy, Nature Sustainability, Nature Communications, Journal of the Association of Environmental and Resource Economists, Journal of Environmental Economics and Management, Journal of Economic Behavior & Organization, American Journal of Agricultural Economics, World Development, and Global Environmental Changes. His research has been covered by various international media outlets, including Bloomberg, ABC 6 News, Tech Xplore, The Detroit News, Palo Alto Online, Arcamax, Lancaster Online, and BNN Bloomberg.

We investigate the local impacts of carbon capture, utilization, and storage project (CCUS) technologies and facilities on nearby property values in China. Results show that on average, property values decrease by 5.5%-5.9% after the construction of a CCUS facility within a 3.6 km distance. In particular, CCUS-RE (CCUS technologies on existing carbon emission sources), CCUS-NB (CCUS technology applied to new carbon emission sources) and CCUS-NB-CCUS (CCUS embedded in the CCUS-NB) project lowers property values by 5.9%, 7.3% and 5.5-5.8%, respectively. A variety of robustness checks support the validity of estimated negative effects. We provide suggestive evidence that our findings of negative price discounting are likely attributable to the increase in air pollutants following the installation of CCUS, including an increase of about 5.1% for NO2, 11.9% for SO2, 1.7% for O3, and 0.7% for CO. Our results further suggest that the external costs of CCUS projects should be taken into consideration when locating CCUS projects close to economically active regions. In addition, CCUS projects with high capacity or with pre-and post-combustion capture technologies have the largest negative impacts when located near residential areas. Our results have important policy implications for the future development of CCUS projects to achieve global decarbonization goals.