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  1. Optimal carbon taxation and horizontal equity
    a welfare theoretic approach with application to German household data
    Autor*in: Hänsel, Martin C.; Franks, Max; Kalkuhl, Matthias; Edenhofer, Ottmar
    Erschienen: March 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We develop a model of optimal carbon taxation and redistribution taking into account horizontal equity concerns by considering heterogeneous energy efficiencies. By deriving first- and second-best rules for policy instruments including carbon taxes,... mehr

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    We develop a model of optimal carbon taxation and redistribution taking into account horizontal equity concerns by considering heterogeneous energy efficiencies. By deriving first- and second-best rules for policy instruments including carbon taxes, transfers and energy subsidies, we then investigate analytically how horizontal equity is considered in the social welfare maximizing tax structure. We calibrate the model to German household data and a 30 percent emission reduction goal. Our results show that energy-intensive households should receive more redistributive resources than energy-efficient households if and only if social inequality aversion is sufficiently high. We further find that redistribution of carbon tax revenue via household-specific transfers is the first-best policy. Equal per-capita transfers do not suffer from informational problems, but increase mitigation costs by around 15 percent compared to the first-best for unity inequality aversion. Adding renewable energy subsidies or non-linear energy subsidies, reduces mitigation costs further without relying on observability of households’ energy efficiency.

     
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    hdl: 10419/235301
    Schriftenreihe: CESifo working paper ; no. 8931 (2021)
    Schlagworte: carbon price; horizontal equity; redistribution; renewable energy subsidies; climate policy; just transition
    Umfang: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  2. On differentiated carbon prices and discount rates
    Autor*in: Anthoff, David; Dennig, Francis; Emmerling, Johannes
    Erschienen: August 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    The consensus view amongst economists is that carbon prices, in order to be effcient, must be the same across the globe. But when there are inefficiencies in the allocation of capital so that consumers in different countries face different discount... mehr

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    The consensus view amongst economists is that carbon prices, in order to be effcient, must be the same across the globe. But when there are inefficiencies in the allocation of capital so that consumers in different countries face different discount rates, we show that efficient carbon prices must be different across countries. This is a consequence of Hotelling's familiar argument on the price of a non-renewable resource: it must grow at the rate of the next best use of marginal funds, which is equal to the country's discount rate. If different countries discount at different rates, their carbon prices ought to grow at different rates as well. If they grow at different rates, they can't be the same all of the time, as first-best carbon prices are. The computational climate policy literature has so far avoided this conclusion by altering time preferences in a country specific way through time-varying Negishi weights. We show that the use of such weights causes inefficient policy prescriptions and, furthermore, has the particularly undesirable consequence of incorrectly discounting future consumption more in countries with high growth rates. The existence of inefficiencies in the savings process - causing differences in discount rates - is well-known and should be acknowledged head on in climate policy analysis. Doing so results in global mitigation policy with carbon price paths for different countries growing (efficiently) at different rates.

     
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    hdl: 10419/245424
    Schriftenreihe: CESifo working paper ; no. 9243 (2021)
    Schlagworte: carbon price; Hotelling rule; efficient climate policy; Negishi weights; integrated assessment models; discounting
    Umfang: 1 Online-Ressource (circa 18 Seiten)
  3. Comptabilité économique de la soutenabilité climatique
    Autor*in: Germain, Jean­Marc; Lellouch, Thomas
    Erschienen: [2020]
    Verlag:  INSEE, Institut national de la statistique et des études économiques, Montrouge, France

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    Schriftenreihe: Documents de travail / Institut national de la statistique et des études économiques ; no. G2020, 09 (Octobre 2020)
    Schlagworte: Sustainablity; climate change; carbon price; adjusted net savings
    Umfang: 1 Online-Ressource (circa 72 Seiten), Illustrationen
  4. Optimal carbon taxation and horizontal equity
    Autor*in: Hänsel, Martin C.; Franks, Max; Kalkuhl, Matthias; Edenhofer, Ottmar
    Erschienen: 2021
    Verlag:  Universität Potsdam, Potsdam

    We develop a model of optimal carbon taxation and redistribution taking into account horizontal equity concerns by considering heterogeneous energy efficiencies. By deriving first- and second-best rules for policy instruments including carbon taxes,... mehr

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    We develop a model of optimal carbon taxation and redistribution taking into account horizontal equity concerns by considering heterogeneous energy efficiencies. By deriving first- and second-best rules for policy instruments including carbon taxes, transfers and energy subsidies, we then investigate analytically how horizontal equity is considered in the social welfare maximizing tax structure. We calibrate the model to German household data and a 30 percent emission reduction goal. Our results show that energy-intensive households should receive more redistributive resources than energy-efficient households if and only if social inequality aversion is sufficiently high. We further find that redistribution of carbon tax revenue via household-specific transfers is the first-best policy. Equal per-capita transfers do not suffer from informational problems, but increase mitigation costs by around 15 percent compared to the first- best for unity inequality aversion. Adding renewable energy subsidies or non-linear energy subsidies, reduces mitigation costs further without relying on observability of households’ energy efficiency.

     
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    Auflage/Ausgabe: Thus version: March 11,2021
    Schriftenreihe: CEPA discussion papers ; No. 28
    Schlagworte: carbon price; climate policy; horizontal equity; just transition; redistribution; renewable energy subsidies
    Umfang: 1 Online-Ressource (51 Seiten, 663 KB)
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    Gesehen am 24.03.2021
  5. Optimal carbon pricing in general equilibrium
    temperature caps and stranded assets in an extended annual DSGE model
    Autor*in: Ploeg, Frederick van der; Rezai, Armon
    Erschienen: [2021]
    Verlag:  University of Oxford, Department of Economics, OxCarre (Oxford Centre for the Analysis of Resource Rich Economies), Oxford

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    Schriftenreihe: OxCarre research paper ; 227
    Schlagworte: carbon price; tractable rule; general equilibrium; utility and growth damages; technical progress; population growth; logarithmic depreciation; differential discountrates; temperature cap; stranded oil and gas reserves
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  6. Climate policy and corporate green bonds
    Autor*in: Zheng, Huanhuan
    Erschienen: [2021]
    Verlag:  Lau Chor Tak Institute of Global Economics and Finance, The Chinese University of Hong Kong, Shatin, Hong Kong

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    Schriftenreihe: Working paper / [Lau Chor Tak Institute of Global Economics and Finance, The Chinese University of Hong Kong] ; no. 88 (September 2021)
    Schlagworte: Climate change; carbon price; carbon tax; social impact; green finance; sustainable investing; socially responsible investing; ESG; currency risk
    Umfang: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  7. The implications of national and international carbonpricing policies for the South African Reserve Bank
    Autor*in: Deidda, Luca G.; Harris, Laurence
    Erschienen: 26 September 2022
    Verlag:  Economic Research and Statistics Department, South African Reserve Bank, Pretoria

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    Schriftenreihe: South African Reserve Bank working paper series ; WP, 22, 13
    Schlagworte: Central banking; carbon price; carbon border tax; financial stability; monetary policy
    Umfang: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  8. Optimal climate policy as if the transition matters
    Autor*in: Campiglio, Emanuele; Dietz, Simon; Venmans, Frank
    Erschienen: December 2022
    Verlag:  CESifo, Munich, Germany

    The optimal transition to a low-carbon economy must account for adjustment costs in switching from dirty to clean capital, technological progress, and economic and climatic shocks. We study the low-carbon transition using a dynamic stochastic general... mehr

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    The optimal transition to a low-carbon economy must account for adjustment costs in switching from dirty to clean capital, technological progress, and economic and climatic shocks. We study the low-carbon transition using a dynamic stochastic general equilibrium model with emissions abatement costs calibrated on a large energy modelling database, solved with recursive methods. We show how capital inertia puts upward pressure on emissions and temperatures in the short run, but that nonetheless it is optimal to actively disinvest from - to 'strand' - a significant share of the dirty capital stock. Conversely, clean technological progress, as well as uncertainty about climatic and economic factors, lead to lower emissions and temperatures in the long run. Putting these factors together, we estimate a net premium of 33% on the optimal carbon price today relative to a 'straw man' model with perfect capital mobility, fixed abatement costs and no uncertainty.

     
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    Schriftenreihe: CESifo working papers ; 10139 (2022)
    Schlagworte: djustment costs; carbon price; climate change; low-carbon transition; stranded assets; technological progress; uncertainty
    Umfang: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  9. Can climate actions reduce green financing costs?
    Autor*in: Cai, Yu; Zheng, Huanhuan
    Erschienen: [2022]
    Verlag:  Lau Chor Tak Institute of Global Economics and Finance, The Chinese University of Hong Kong, Shatin, Hong Kong

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    Schriftenreihe: Working paper / [Lau Chor Tak Institute of Global Economics and Finance, The Chinese University of Hong Kong] ; no. 95 (August 2022)
    Schlagworte: Climate change; carbon price; bond yield; green finance; sustainable investment
    Umfang: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  10. Financial regulation, climate change, and the transition to a low-carbon economy
    a survey of the issues
    Autor*in: Demekas, Dimitri G.; Grippa, Pierpaolo
    Erschienen: Dec 2021
    Verlag:  International Monetary Fund, [Washington, D.C.]

    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... mehr

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    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.'

     
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    Quelle: Staatsbibliothek zu Berlin
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    ISBN: 9781616356521
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    Schriftenreihe: Working paper / International Monetary Fund ; WP/21, 296
    Schlagworte: Financial stability; financial regulation; climate change; climate mitigation policy; low-carbon economy; energy transition; carbon price; green finance; Central Banks and Their Policies; Climate; Financial Institutions and Services; Global Warming; Natural Disasters and Their Management
    Umfang: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  11. Optimal climate policy as if the transition matters
    Autor*in: Campiglio, Emanuele; Dietz, Simon; Venmans, Frank
    Erschienen: December 2022
    Verlag:  Grantham Research Institute on Climate Change and the Environment, London

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    Schriftenreihe: Centre for Climate Change Economics and Policy working paper ; no. 412
    Grantham Research Institute on Climate Change and the Environment working paper ; no. 387
    Schlagworte: adjustment costs; carbon price; climate change; low-carbon transition; stranded assets; technological progress; uncertainty
    Umfang: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  12. Financial regulation, climate change, and the transition to a low-carbon economy
    a survey of the issues
    Autor*in: Demekas, Dimitri G.; Grippa, Pierpaolo
    Erschienen: Dec 2021
    Verlag:  International Monetary Fund, [Washington, D.C.]

    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... mehr

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    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.'

     
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    Schriftenreihe: Working paper / International Monetary Fund ; WP/21, 296
    Schlagworte: Financial stability; financial regulation; climate change; climate mitigation policy; low-carbon economy; energy transition; carbon price; green finance; Central Banks and Their Policies; Climate; Financial Institutions and Services; Global Warming; Natural Disasters and Their Management
    Umfang: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  13. Optimal carbon taxation and horizontal equity
    Autor*in: Hänsel, Martin C.; Franks, Max; Kalkuhl, Matthias; Edenhofer, Ottmar
    Erschienen: 2021
    Verlag:  Universität Potsdam, Potsdam

    We develop a model of optimal carbon taxation and redistribution taking into account horizontal equity concerns by considering heterogeneous energy efficiencies. By deriving first- and second-best rules for policy instruments including carbon taxes,... mehr

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    We develop a model of optimal carbon taxation and redistribution taking into account horizontal equity concerns by considering heterogeneous energy efficiencies. By deriving first- and second-best rules for policy instruments including carbon taxes, transfers and energy subsidies, we then investigate analytically how horizontal equity is considered in the social welfare maximizing tax structure. We calibrate the model to German household data and a 30 percent emission reduction goal. Our results show that energy-intensive households should receive more redistributive resources than energy-efficient households if and only if social inequality aversion is sufficiently high. We further find that redistribution of carbon tax revenue via household-specific transfers is the first-best policy. Equal per-capita transfers do not suffer from informational problems, but increase mitigation costs by around 15 percent compared to the first- best for unity inequality aversion. Adding renewable energy subsidies or non-linear energy subsidies, reduces mitigation costs further without relying on observability of households’ energy efficiency.

     
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    Auflage/Ausgabe: Thus version: March 11,2021
    Schriftenreihe: CEPA discussion papers ; No. 28
    Schlagworte: carbon price; climate policy; horizontal equity; just transition; redistribution; renewable energy subsidies
    Umfang: 1 Online-Ressource (51 Seiten, 663 KB)
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    Gesehen am 24.03.2021
  14. RICE-MED, an integrated assessment model for the Mediterranean basin
    assessing the climate-economy-agriculture nexus
    Autor*in: Castelli, Chiara; Castellini, Marta; Gusperti, Camilla; Lupi, Veronica; Vergalli, Sergio
    Erschienen: September 2023
    Verlag:  Fondazione Eni Enrico Mattei, Milano, Italia

    In this work we update the regionalization and the calibration of the Regional dynamic Integrated model of Climate and the Economy (RICE) in its 1999 version developed by Nordhaus and Boyer (2000), with a focus on the Mediterranean countries. Our aim... mehr

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    In this work we update the regionalization and the calibration of the Regional dynamic Integrated model of Climate and the Economy (RICE) in its 1999 version developed by Nordhaus and Boyer (2000), with a focus on the Mediterranean countries. Our aim is to assess the impact of climate change damages on their main macroeconomic variables in a context where all economies are fossil fuel based. In addition, we extend the model by introducing the uncertainty associated with a possible future catastrophic event, triggered by the temperature increase and variation over time, following the approach of Castelnuovo et al. (2003). We then develop an empirical exercise to asses the impact of climate change on the agricultural sector at country level. In this framework, we implement the traditional IAMs scenarios, namely the Business As Usual, the Social Optimum and the Temperature Limit, where population dynamics is calibrated according to the IIASA SSP2 projections. Among our findings, we show that, in the absence of renewable energy sources and break-through technologies, meeting the limit of a temperature increase of less than 2°C requires a carbon tax of more than 700 USD/tC by 2050, doubling by the end of this century. When uncertainty is introduced, the higher the probability of a possible catastrophic event and the greater the associated utility loss, the more society is willing to pay for a rising cost of carbon. The upward trend of the carbon tax relative to the no-uncertainty model is reduced by the end of the century in the temperature-limit scenario, due to the benefits associated with this policy and the inclusion in the model of societal awareness of the potential risks of climate change. In both versions of the model, the agricultural sector in the Southern Mediterranean countries is severely affected, and stringent policies can partially mitigate these impacts and reduce damages by 2100.

     
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    Schriftenreihe: Working paper / Fondazione Eni Enrico Mattei ; 2023, 015
    Schlagworte: IAMs; climate change; carbon tax; carbon price; emissions; temperature; energy; Mediterranean region; Mediterranean countries
    Umfang: 1 Online-Ressource (circa 77 Seiten), Illustrationen
  15. The safe carbon budget
    Autor*in: Ploeg, Frederick van der
    Erschienen: [2017]
    Verlag:  Department of Economics, OxCarre (Oxford Centre for the Analysis of Resource Rich Economies), Oxford

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    Schriftenreihe: OxCarre research paper ; 195
    Schlagworte: peak warming target; climate uncertainty; risk tolerance; Pigouvian damages; Hotelling rule; carbon price
    Umfang: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  16. Climate policies under climate model uncertainty
    max-min and min-max regret
    Autor*in: Rezai, Armon; Ploeg, Frederick van der
    Erschienen: January 2017
    Verlag:  Oxford Centre for the Analysis of Resource Rich Economies, Oxford

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: OxCarre research paper ; 187
    Schlagworte: carbon price; renewable energy subsidy; temperature modules; climate model uncertainty; climate sceptics; max-min; max-max; min-max regret
    Umfang: 1 Online-Ressource (circa 27 Seiten), Illustrationen