Emissions Reduction Fiscal Costs And Macro Effects A Model Based Assessment Of Ira Climate Measures And Complementary Policies
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Emissions Reduction Fiscal Costs And Macro Effects A Model Based Assessment Of Ira Climate Measures And Complementary Policies
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Author : Simon Voigts
language : en
Publisher: International Monetary Fund
Release Date : 2024-02-09
Emissions Reduction Fiscal Costs And Macro Effects A Model Based Assessment Of Ira Climate Measures And Complementary Policies written by Simon Voigts and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-02-09 with Business & Economics categories.
The IMF’s Macroeconomic Model for the Energy Transition (GMMET) is applied to assess the climate-related measures in the U.S. 2022 Inflation Reduction Act (IRA). Explicitly accouting for corporate income tax funding and assuming no permitting delays for energy-related investment, the measures are expected to cut annual greenhouse gas emissions by 710 MMT by 2030, predominantly driven by more electricity generation from renewables combined with a rising share of electric vehicles. Aggregate output and inflation are not impacted significantly, while the fiscal costs amount to about $700 billion through 2030 (another $120 billion of fixed grants and loans are not modelled). In the presence of investment delays from permitting, emission cuts would be reduced by about a third. We also show that the IRA leaves room for sizable additional emission abatement at very low costs; by targeting electricity generation from coal and methane emissions from oil and gas industries.
Impact Assessment Of Energy And Climate Policies A Hybrid Bottom Up General Equilibrium Model Hyb
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Author : Sara Proença
language : pt-BR
Publisher: Leya
Release Date : 2015-01-01
Impact Assessment Of Energy And Climate Policies A Hybrid Bottom Up General Equilibrium Model Hyb written by Sara Proença and has been published by Leya this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-01 with Business & Economics categories.
Climate change mitigation and the imperative of a new sustainable energy paradigm are among the greatest challenges facing the world today, and they are high on the priority list of policy makers as well as within the scientific community. In this context significant efforts are being made in the design and implementation of energy and carbon mitigation policies at both European and national level. Evidence of this can be seen in the recent adoption by the EU of an integrated climate and energy policy that setts ambitious binding targets to be achieved by 2020 – known as the 20-20-20 targets of the EU Climate and Energy Package. Undoubtedly, the cost of these policies can be substantially reduced if a comprehensive impact assessment is made of the most efficient and cost-effective policy measures and technological options. Policy impact assessment therefore plays an important role in supporting the energy and climate decision-making process.
After Paris
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Author : Mrs.Mai Farid
language : en
Publisher: International Monetary Fund
Release Date : 2016-01-11
After Paris written by Mrs.Mai Farid and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-01-11 with Business & Economics categories.
This paper discusses the implications of climate change for fiscal, financial, and macroeconomic policies. Most pressing is the use of carbon taxes (or equivalent trading systems) to implement the emissions mitigation pledges submitted by 186 countries for the December 2015 Paris Agreement while providing revenue for lowering other taxes or debt. Carbon pricing in developing countries would effectively mobilize climate finance, and carbon price floor arrangements are a promising way to coordinate policies internationally. Targeted fiscal measures that are tailored to national circumstances and robust across climate scenarios are needed to counter private sector under-investment in climate adaptation. And increased disclosure of carbon footprints, stress testing of asset values, and greater proliferation of hedging instruments, will facilitate low-emission investments and climate risk diversification through financial markets.
Green Fiscal Rules Challenges And Policy Alternatives
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Author : Francesca Caselli
language : en
Publisher: International Monetary Fund
Release Date : 2024-06-21
Green Fiscal Rules Challenges And Policy Alternatives written by Francesca Caselli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-06-21 with categories.
This paper studies the impact of green fiscal rules – designed to protect climate-related spending –on debt dynamics. Simulations of green rules that exempt green spending from the rule limits for an emergingmarket economy illustrate that they can lead to unsustainable debt dynamics when the net zero emissions goal is pursued mostly using spending-based instruments (e.g., investment and subsidies). Or the rule would need to implicitly assume a large fiscal adjustment in the non-green budget, which would undermine its credibility. It will be needed to build broad public consensus for a more comprehensive fiscal strategy that tackles the difficult policy tradeoffs that will be required and takes into account long-term effects. A more appropriate mix of climate policies, including actively employing carbon pricing, should be pursued within the overall setting of fiscal and debt objectives. Developing ‘green’ medium-term fiscal frameworks would help to integrate climate change considerations into fiscal policy design in a more comprehensive manner.
Macroeconomic And Financial Policies For Climate Change Mitigation A Review Of The Literature
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Author : Signe Krogstrup
language : en
Publisher: International Monetary Fund
Release Date : 2019-09-04
Macroeconomic And Financial Policies For Climate Change Mitigation A Review Of The Literature written by Signe Krogstrup and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-04 with Business & Economics categories.
Climate change is one of the greatest challenges of this century. Mitigation requires a largescale transition to a low-carbon economy. This paper provides an overview of the rapidly growing literature on the role of macroeconomic and financial policy tools in enabling this transition. The literature provides a menu of policy tools for mitigation. A key conclusion is that fiscal tools are first in line and central, but can and may need to be complemented by financial and monetary policy instruments. Some tools and policies raise unanswered questions about policy tool assignment and mandates, which we describe. The literature is scarce, however, on the most effective policy mix and the role of mitigation tools and goals in the overall policy framework.
Integrated Assessment Models Of Climate Change Economics
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Author : Zheng Wang
language : en
Publisher: Springer
Release Date : 2017-03-10
Integrated Assessment Models Of Climate Change Economics written by Zheng Wang and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-10 with Business & Economics categories.
This book describes the principles of integrated assessment models (IAM) for climate change economics and introduces various computable models for different development mechanisms under climate change governance. The authors present several new models they have constructed based on the RICE framework, specifically the MRICES((multi-factor RICE)) and EMRICES models, which incorporate global economic interactions into the RICE framework, and the CINCIA model, which describes technological advances and industrial structure evolution, introducing the mechanism of evolutionary economics. The models discussed in the book help governments and policy-makers tackle climate change and take positive measures on climate governance as well as promote economic and social development to narrow the gaps between countries.
Modeling The U S Climate Agenda Macro Climate Trade Offs And Considerations
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Author : Mr. Philip Barrett
language : en
Publisher: International Monetary Fund
Release Date : 2021-12-10
Modeling The U S Climate Agenda Macro Climate Trade Offs And Considerations written by Mr. Philip Barrett and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-12-10 with Business & Economics categories.
The run up to the 26th Climate Change Conference has brought tackling climate change to the fore of global policy making. In this context, the U.S. administration has recently unveiled new climate targets. This paper elaborates on the administration’s plans and uses two models developed at the IMF to illustrate key macro-climate trade-offs. First, a model with endogenous fuel-specific technological change shows that subsidies cannot substitute for explicit carbon pricing and that even a moderate carbon tax can greatly economize on the overall fiscal cost of the package. Second, a rich sectoral model shows that there are only very marginal economic costs from front-loading the decarbonization of the power sector but there are large accompanying environmental benefits. Regulations can be effective in the power sector because they provide an appropriate shadow cost to carbon. However, a carbon tax would still be more efficient and easier to administer. Finally, as the economy transitions away from fossil-fueled power generation, there would be a significant reallocation of labor across sectors and locations that would need to be handled carefully to limit the social costs of the transition.
Mitigating Climate Change Growth Friendly Policies To Achieve Net Zero Emissions By 2050
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Author : Ms. Florence Jaumotte
language : en
Publisher: International Monetary Fund
Release Date : 2021-07-23
Mitigating Climate Change Growth Friendly Policies To Achieve Net Zero Emissions By 2050 written by Ms. Florence Jaumotte and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-07-23 with Business & Economics categories.
Background paper prepared for the October 2020 IMF World Economic Outlook. This paper provides a detailed presentation of the simulation results from the October 2020 IMF World Economic Outlook chapter 3 and an additional scenario with carbon pricing only for comparison with the comprehensive policy package where green investments were also included. This paper has greatly benefitted from continuous discussions with Oya Celasun and Benjamin Carton on the design of simulations; contributions from Philip Barrett for part of the simulations; and research support from Jaden Kim. We also received helpful comments from other IMF staff. All remaining errors are ours. McKibbin and Liu acknowledge financial support from the Australian Research Council Centre of Excellence in Population Ageing Research (CE170100005).
Fiscal Policy To Mitigate Climate Change
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Author : Ruud A. de Mooij
language : en
Publisher: International Monetary Fund
Release Date : 2012-06-15
Fiscal Policy To Mitigate Climate Change written by Ruud A. de Mooij and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-06-15 with Business & Economics categories.
Efforts to control atmospheric accumulations of greenhouse gases that threaten to heat up the planet are in their infancy. Although the IMF is not an environmental organization, environmental issues matter for its mission when they have major implications for macroeconomic performance and fiscal policy. Climate change clearly passes both these tests.
The Fiscal Implications Of Climate Change
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2008-02-22
The Fiscal Implications Of Climate Change written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-02-22 with Business & Economics categories.
This paper reviews the fiscal implications of climate change, and the potential role of the Fund in addressing them. It stresses that: • The potential fiscal implications are immediate as well as lasting, and liable to affect—in differing forms and degree—all Fund members. • Climate change is a global externality problem, calling for some degree of international fiscal cooperation... • ...and has features—an intertemporal mismatch between the (early) costs of action to address climate change and (later) benefits, pervasive uncertainties and irreversibilities (including risk of catastrophe), and sharp asymmetries in the effects on different countries—that raise difficult technical and ethical issues, and hinder policy coordination. • In addition to itself impacting the public finances, climate change calls for deploying fiscal instruments to mitigate its extent and adapt to its remaining effects.