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Higher country taxes on noxious manufacturing emissions lead to substantial increases in firms’ R&amp;D spending. The R&amp;D response is entirely driven by those high-pollution firms most affected by emissions taxes. Pollution taxes increase the marginal value of R&amp;D spending in polluting firms, even when this spending does not lead to new innovation. Pollution taxes have the strongest effect on R&amp;D investment in sectors in which new invention is difficult to appropriate and outside knowledge is easier to acquire, suggesting an important reason dirty firms invest in R&amp;D is to expand their capacity to absorb external knowledge and technical know-how.

Can Environmental Policy Encourage Technical Change? Emissions Taxes and R&D Investment in Polluting Firms