Macroeconomic And Financial Policies For Climate Change Mitigation A Review Of The Literature
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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.
Review Of The Climate Macroeconomic Assessment Program Pilots
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2023-06-16
Review Of The Climate Macroeconomic Assessment Program Pilots written by International Monetary Fund. Fiscal Affairs Dept. 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 2023-06-16 with Business & Economics categories.
This paper reviews the two Climate Macroeconomic Assessment Program (CMAP) pilots and proposes a way forward. It builds on the experience of the previous six Climate Change Policy Assessment (CCPA) pilots, and the recent rollout of the World Bank’s Country Climate and Development Report (CCDR). It also accounts for early experience with countries requesting support under the Fund’s Resilience and Sustainability Trust (RST). Based on the lessons from pilots and recent developments, staff proposes to streamline the CMAP to focus on the Fund’s comparative advantages in the areas of mitigation, PFM and macro-fiscal impact of climate change policies, provide a streamlined CMAP in exceptional circumstances, and expand more targeted CD in particular in support of RSF countries. This focused and tailored approach would benefit members as it is more agile, allows the Fund to serve more members within the same resource envelope and enhance synergies with other Fund products and the World Bank’s CCDR.
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.
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 large-scale 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.
Financial Regulation Climate Change And The Transition To A Low Carbon Economy A Survey Of The Issues
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Author : Mr. Dimitri G Demekas
language : en
Publisher: International Monetary Fund
Release Date : 2021-12-17
Financial Regulation Climate Change And The Transition To A Low Carbon Economy A Survey Of The Issues written by Mr. Dimitri G Demekas 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 2021-12-17 with Business & Economics categories.
There are demands on central banks and financial regulators to take on new responsibilities for supporting the transition to a low-carbon economy. Regulators can indeed facilitate the reorientation of financial flows necessary for the transition. But their powers should not be overestimated. Their diagnostic and policy toolkits are still in their infancy. They cannot (and should not) expand their mandate unilaterally. Taking on these new responsibilities can also have potential pitfalls and unintended consequences. Ultimately, financial regulators cannot deliver a low-carbon economy by themselves and should not risk being caught again in the role of ‘the only game in town.’
Investing To Mitigate And Adapt To Climate Change
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Author : Anthony Bonen
language : en
Publisher: International Monetary Fund
Release Date : 2016-08-05
Investing To Mitigate And Adapt To Climate Change written by Anthony Bonen 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 2016-08-05 with Business & Economics categories.
We propose a macroeconomic model to assess optimal public policy decisions in the the face of competing funding demands for climate change action versus traditional welfare-enhancing capital investment. How to properly delineate the costs and benefits of traditional versus adaption-focused development remains an open question. The paper places particular emphasis on the changing level of risk and vulnerabilities faced by developing countries as they allocate investment toward growth strategies, adapting to climate change and emissions mitigation.
Managing Climate Risk In The U S Financial System
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Author : Leonardo Martinez-Diaz
language : en
Publisher: U.S. Commodity Futures Trading Commission
Release Date : 2020-09-09
Managing Climate Risk In The U S Financial System written by Leonardo Martinez-Diaz and has been published by U.S. Commodity Futures Trading Commission this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-09-09 with Science categories.
This publication serves as a roadmap for exploring and managing climate risk in the U.S. financial system. It is the first major climate publication by a U.S. financial regulator. The central message is that U.S. financial regulators must recognize that climate change poses serious emerging risks to the U.S. financial system, and they should move urgently and decisively to measure, understand, and address these risks. Achieving this goal calls for strengthening regulators’ capabilities, expertise, and data and tools to better monitor, analyze, and quantify climate risks. It calls for working closely with the private sector to ensure that financial institutions and market participants do the same. And it calls for policy and regulatory choices that are flexible, open-ended, and adaptable to new information about climate change and its risks, based on close and iterative dialogue with the private sector. At the same time, the financial community should not simply be reactive—it should provide solutions. Regulators should recognize that the financial system can itself be a catalyst for investments that accelerate economic resilience and the transition to a net-zero emissions economy. Financial innovations, in the form of new financial products, services, and technologies, can help the U.S. economy better manage climate risk and help channel more capital into technologies essential for the transition. https://doi.org/10.5281/zenodo.5247742
Long Term Macroeconomic Effects Of Climate Change A Cross Country Analysis
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Author : Matthew E. Kahn
language : en
Publisher: International Monetary Fund
Release Date : 2019-10-11
Long Term Macroeconomic Effects Of Climate Change A Cross Country Analysis written by Matthew E. Kahn 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 2019-10-11 with Business & Economics categories.
We study the long-term impact of climate change on economic activity across countries, using a stochastic growth model where labor productivity is affected by country-specific climate variables—defined as deviations of temperature and precipitation from their historical norms. Using a panel data set of 174 countries over the years 1960 to 2014, we find that per-capita real output growth is adversely affected by persistent changes in the temperature above or below its historical norm, but we do not obtain any statistically significant effects for changes in precipitation. Our counterfactual analysis suggests that a persistent increase in average global temperature by 0.04°C per year, in the absence of mitigation policies, reduces world real GDP per capita by more than 7 percent by 2100. On the other hand, abiding by the Paris Agreement, thereby limiting the temperature increase to 0.01°C per annum, reduces the loss substantially to about 1 percent. These effects vary significantly across countries depending on the pace of temperature increases and variability of climate conditions. We also provide supplementary evidence using data on a sample of 48 U.S. states between 1963 and 2016, and show that climate change has a long-lasting adverse impact on real output in various states and economic sectors, and on labor productivity and employment.
Fiscal Monitor October 2019
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2019-10-10
Fiscal Monitor October 2019 written by International Monetary Fund. Fiscal Affairs Dept. 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 2019-10-10 with Business & Economics categories.
This report emphasizes the environmental, fiscal, economic, and administrative case for using carbon taxes, or similar pricing schemes such as emission trading systems, to implement climate mitigation strategies. It provides a quantitative framework for understanding their effects and trade-offs with other instruments and applies it to the largest advanced and emerging economies. Alternative approaches, like “feebates” to impose fees on high polluters and give rebates to cleaner energy users, can play an important role when higher energy prices are difficult politically. At the international level, the report calls for a carbon price floor arrangement among large emitters, designed flexibly to accommodate equity considerations and constraints on national policies. The report estimates the consequences of carbon pricing and redistribution of its revenues for inequality across households. Strategies for enhancing the political acceptability of carbon pricing are discussed, along with supporting measures to promote clean technology investments.
Climate Change 2022 Mitigation Of Climate Change
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Author : Intergovernmental Panel on Climate Change (IPCC)
language : en
Publisher: Cambridge University Press
Release Date : 2023-08-17
Climate Change 2022 Mitigation Of Climate Change written by Intergovernmental Panel on Climate Change (IPCC) and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-08-17 with Science categories.
This Working Group III contribution to the IPCC Sixth Assessment Report provides a comprehensive and transparent assessment of the literature on climate change mitigation. The report assesses progress in climate change mitigation options for reducing emissions and enhancing sinks. With greenhouse gas emissions at the highest levels in human history, this report provides options to achieve net zero, as pledged by many countries. The report highlights for the first time the social and demand-side aspects of climate mitigation, and assesses the literature on human behaviour, lifestyle, and culture, and its implications for mitigation action. It brings a wide range of disciplines, notably from the social sciences, within the scope of the assessment. IPCC reports are a trusted source for decision makers, policymakers, and stakeholders at all levels (international, regional, national, local) and in all branches (government, businesses, NGOs). Available as Open Access on Cambridge Core.