Download or read book Proposal for an International Carbon Price Floor Among Large Emitters written by Ian Parry and published by International Monetary Fund. This book was released on 2021-06-18 with total page 1 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries are increasingly committing to midcentury ‘net-zero’ emissions targets under the Paris Agreement, but limiting global warming to 1.5 to 2°C requires cutting emissions by a quarter to a half in this decade. Making sufficient progress to stabilizing the climate therefore requires ratcheting up near-term mitigation action but doing so among 195 parties simultaneously is proving challenging. Reinforcing the Paris Agreement with an international carbon price floor (ICPF) could jump-start emissions reductions through substantive policy action, while circumventing emerging pressure for border carbon adjustments. The ICPF has two elements: (1) a small number of key large-emitting countries, and (2) the minimum carbon price each commits to implement. The arrangement can be pragmatically designed to accommodate equity considerations and emissions-equivalent alternatives to carbon pricing. The paper discusses the rationale for an ICPF, considers design issues, compares it with alternative global regimes, and quantifies its impacts.
Download or read book Envisioning 2060 written by Harinder Kohli and published by Penguin Random House India Private Limited. This book was released on 2022-05-25 with total page 510 pages. Available in PDF, EPUB and Kindle. Book excerpt: Envisioning 2060 is a collection of articles by some of the world's greatest economists and authors. Its carefully planned chapters encompass all major aspects of the evolving global economy-with a particular emphasis on emerging markets and economies-painting a wholesome picture for the contemporary reader, of what our world might grow to look like in the next forty years if we succeed or fail at addressing the myriad challenges confronting us today.
Download or read book Carbon Pricing for Energy Transition and Decarbonization written by Asian Development Bank and published by Asian Development Bank. This book was released on 2022-11-01 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: Carbon pricing is an integral element of the climate policy architecture that can help countries reduce emissions cost-effectively, achieve climate targets articulated under their nationally determined contributions, and raise ambition over time. This study provides insights on how well-designed carbon pricing instruments can be woven into climate policies to accelerate efforts toward energy transition and decarbonization. Targeted at policymakers, it aims to help countries design and implement carbon pricing instruments tailored to their national circumstances and priorities that create low-cost, sustainable energy systems capable of boosting resilience and driving long-term growth.
Download or read book OECD Series on Carbon Pricing and Energy Taxation Pricing Greenhouse Gas Emissions Turning Climate Targets into Climate Action written by OECD and published by OECD Publishing. This book was released on 2022-11-03 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Accelerating the transition to net zero greenhouse gas (GHG) emissions is urgently required to contain the risks of climate change. As countries seek to reduce GHG emissions, they can employ or reform a wide range of policy instruments. This report tracks how explicit carbon prices, energy taxes and subsidies have evolved between 2018 and 2021.
Download or read book Fiscal Monitor October 2019 written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2019-10-10 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The Distributional Implications of the Impact of Fuel Price Increases on Inflation written by Mr. Kangni R Kpodar and published by International Monetary Fund. This book was released on 2021-11-12 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the response of consumer price inflation to changes in domestic fuel prices, looking at the different categories of the overall consumer price index (CPI). We then combine household survey data with the CPI components to construct a CPI index for the poorest and richest income quintiles with the view to assess the distributional impact of the pass-through. To undertake this analysis, the paper provides an update to the Global Monthly Retail Fuel Price Database, expanding the product coverage to premium and regular fuels, the time dimension to December 2020, and the sample to 190 countries. Three key findings stand out. First, the response of inflation to gasoline price shocks is smaller, but more persistent and broad-based in developing economies than in advanced economies. Second, we show that past studies using crude oil prices instead of retail fuel prices to estimate the pass-through to inflation significantly underestimate it. Third, while the purchasing power of all households declines as fuel prices increase, the distributional impact is progressive. But the progressivity phases out within 6 months after the shock in advanced economies, whereas it persists beyond a year in developing countries.
Download or read book Fiscal Policies for Paris Climate Strategies from Principle to Practice written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2019-05-02 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the role of, and provides practical country-level guidance on, fiscal policies for implementing climate strategies using a unique and transparent tool laying out trade-offs among policy options.
Download or read book Border Carbon Adjustments Rationale Design and Impact written by Thomas A. Wolf and published by International Monetary Fund. This book was released on 1992 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the rationale, design, and impacts of border carbon adjustments (BCAs). Large disparities in carbon pricing between countries raise concerns about competitiveness and emissions leakage. BCAs are potentially the most effective domestic instrument for addressing these challenges—but design details are critical. For example, limiting coverage of the BCA to energy-intensive, trade-exposed industries facilitates administration, and initially benchmarking BCAs on domestic emissions intensities would ease the transition for trading partners with emission-intensive production. It is also important to consider how to apply BCAs across countries with different approaches to emissions mitigation. BCAs alone do not solve the free-rider problem in carbon pricing, but might be a step to an effective international carbon price floor.
Download or read book The IMF World Bank Climate Policy Assessment Tool CPAT A Model to Help Countries Mitigate Climate Change written by Mr. Simon Black and published by International Monetary Fund. This book was released on 2023-06-23 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: To stabilize the climate, global greenhouse gas emissions must be cut by 25 to 50 percent by 2030 compared to 2019. Such an unprecedented rate of decarbonization necessitates climate mitigation policies across countries, notably carbon pricing, fossil fuel subsidy reform, renewable subsidies, feebates, emission rate regulations, and public investments. To design and implement effective, efficient, and equitable policies, governments need tools to assess economic, environmental, fiscal, and social impacts. To support this effort, the IMF and World Bank are making their joint Climate Policy Assessment Tool (CPAT) available to governments. CPAT is a transparent, flexible, and user-friendly model covering over 200 countries. It allows for the rapid quantification of impacts of climate mitigation policies, including on energy demand, prices, emissions, revenues, welfare, GDP, households and industries, local air pollution and health, and many other metrics. This paper describes the CPAT model, its data sources, key assumptions, and caveats.
Download or read book Carbon Pricing What Role for Border Carbon Adjustments written by Ian W.H. Parry and published by International Monetary Fund. This book was released on 2021-09-27 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Climate Note discusses the rationale, design, and impacts of border carbon adjustments (BCAs), charges on embodied carbon in imports potentially matched by rebates for embodied carbon in exports. Large disparities in carbon pricing between countries is raising concerns about competitiveness and emissions leakage, and BCAs are a potentially effective instrument for addressing such concerns. Design details are critical, however. For example, limiting coverage of the BCA to energy-intensive, trade-exposed industries facilitates administration, and initially benchmarking BCAs on domestic emissions intensities would help ease the transition for emissions-intensive trading partners. It is also important to consider how to apply BCAs across countries with different approaches to emissions mitigation. BCAs are challenging because they pose legal risks and may be at odds with the differentiated responsibilities of developing countries. Furthermore, BCAs provide only modest incentives for other large emitting countries to scale carbon pricing—an international carbon price floor would be far more effective in this regard.
Download or read book Fiscal Policy Options to Accelerate Emissions Reductions in written by Nate Vernon and published by International Monetary Fund. This book was released on 2023-03-02 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Belgium’s current policies fall short of achieving its climate targets and promoting emissions reductions at limited economic costs. We recommend that domestic carbon pricing form the centerpiece of an emissions reduction package, as pricing promotes mitigation at the lowest economic cost, can be phased in as international energy prices fall, and generates revenue to compensate vulnerable households and reduce taxes on productive activities. Sectoral policies, such as subsidy-tax schemes to promote low emissions vehicles, should reinforce carbon pricing and regional efforts, while the social protection system can be made more efficient and environmentally friendly by switching from energy subsidies to income-based support. Belgium should also promote dialogue at the EU-level to harmonize ETS prices and include all sectors under a single trading scheme.
Download or read book A Green and Global Europe written by Nathalie Tocci and published by John Wiley & Sons. This book was released on 2022-10-14 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: After years of existential crisis, Europe has found a new raison d’être: the European Green Deal and the energy transition that lies at its core. This green Europe represents a normative vision, an economic growth strategy, as well as a route to a political Union that would enhance EU integration and legitimacy. But it can only be realized if it addresses head-on the social, economic, political and geopolitical ramifications of this epochal change. In A Green and Global Europe, Nathalie Tocci explains how the unprecedented nature of the current energy transition represents both a unique opportunity and a huge challenge to Europe’s future prosperity. The EU, she argues, must not act in isolation or ignore the adverse effects of the transition on Member States and neighbours. It must also address the global cleavages that may arise with China, the transatlantic relationship and the Global South as a result of the EU’s green agenda. By adopting a truly global approach to the energy transition, Europe can deliver on its responsibilities to people and planet alike, and avoid unleashing social, economic and security problems that could come biting back at the Union.
Download or read book Chile written by International Monetary and published by International Monetary Fund. This book was released on 2023-01-19 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the request of the Chilean Minister of Finance, a team from the IMF Fiscal Affairs Department (FAD) conducted a capacity development mission in Santiago to evaluate options to improve green taxes in Chile, as part of a general tax reform presented to Congress in July 2022. The mission reviewed existing carbon taxes in the country, including revenue performance, coverage, and selected design issues. It also discussed changes to green taxes that will take effect in 2023, as well as new mitigation tools introduced in the Framework Law on Climate Change. The mission presented the authorities with four different carbon pricing reform scenarios that would bring Chile closer to or in line with its Nationally Determined Contribution (NDC) for 2030, and the legally binding net-zero pledge for 2050. The mission also stated that additional measures under all proposed scenarios, such as improved energy efficiency policies, introduction of feebates schemes and faster adoption of low and zero emission sources for transport, power, and industry, would further contribute to achieve climate goals. The mission used the Climate Policy Assessment Tool (CPAT) to perform the analysis. The tool was subsequently transferred to the authorities through a four-day hands-on capacity development workshop, which was attended by officials from the Ministries of Finance, Energy, Environment, and Transportation.
Download or read book External Sector Report 2022 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2022-08-04 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global current account balances—the overall size of current account deficits and surpluses—continued to widen in 2021 to 3.5 percent of world GDP, and are expected to widen again this year. The IMF’s multilateral approach suggests that global excess balances narrowed to 0.9 percent of world GDP in 2021 compared with 1.2 percent of world GDP in 2020. The pandemic has continued to affect economies’ current account balances unevenly through the travel and transportation sectors as well as a shift from services to goods consumption. Commodity prices recovered from the COVID-19 shock and started rising in 2021 with opposite effects on the external position of exporters and importers, a trend that the war in Ukraine is exacerbating in 2022. The medium-term outlook for global current account balances is a gradual narrowing as the impact of the pandemic fades away, commodity prices normalize, and fiscal consolidation in current account deficit economies progresses. However, this outlook is highly uncertain and subject to several risks. Policies to promote external rebalancing differ with positions and needs of individual economies.
Download or read book Scaling Up Climate Mitigation Policy in Germany written by Mr. Simon Black and published by International Monetary Fund. This book was released on 2021-09-27 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Germany has set national greenhouse emissions targets of a 65 percent reduction below 1990 levels by 2030 and net zero emissions by 2045, along with various sectoral emissions goals. To achieve these targets, the government has introduced multi-pronged policy measures, including a national emissions trading system (ETS), which complements the ETS at the EU level. This paper shows the substantial variation in the price responsiveness of emissions across sectors and thus prices implied by sectoral targets. It proposes the following measures to help Germany meet emissions targets with greater certainty and cost effectiveness: (i) further strengthening carbon pricing, for example through automatically rising price floors for the national ETS after 2026; (ii) harmonizing carbon pricing to reduce cross-sector differences in marginal abatement costs; and (iii) introducing feebates (revenue neutral taxsubsidy schemes) to reinforce incentives at the sectoral level. The paper also studies the distributional impact of higher carbon pricing and suggests that reducing social security contributions can mitigate the regressive direct impact of higher carbon pricing on lowerincome households. Concerns with carbon leakages and firms’ competitiveness are best addressed through agreeing on an international carbon price floor.
Download or read book Singapore Synthesis The Innovation Inclusion Inspiration written by Ravi Menon and published by World Scientific. This book was released on 2022-04-27 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ravi Menon is the Institute of Policy Studies' 9th S R Nathan Fellow for the Study of Singapore. This book is an edited collection of his four IPS-Nathan Lectures, delivered in July 2021, and includes highlights of his question-and-answer segments with our virtual audience.Mr Menon examines how Singapore will come under pressure from four tectonic shifts altering the global landscape. Although still relevant, Singapore's guiding ethos of adaptation, meritocracy, and pragmatism may no longer be sufficient. To secure our future, we will need more innovation, inclusion, and inspiration. What does an innovative economy look like? What does it take to create a more inclusive society? What does it mean to be an inspiring nation? How does it all hold together in a refreshed Singapore Synthesis?The IPS-Nathan Lecture series was launched in 2014 as part of the S R Nathan Fellowship for the Study of Singapore. It seeks to advance public understanding and discussion of issues of critical national interest for Singapore.
Download or read book Canada written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2022-12-08 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: Canada has come through the pandemic relatively well and, as a commodity exporter, has been hit less hard than many other countries have been by Russia’s war on Ukraine. Nonetheless, inflation is well above target, housing affordability is a major concern following a long boom that may now have peaked, and the pandemic remains a source of risk.
