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1.
The European Emissions Trading System (EU ETS) is the central pillar of the EU response against climate change. This trading mechanism is considered, from the theoretical point of view, as the most cost-effective method to reduce GHG. However, previous studies show that the agents who participate in these markets may behave in a way that may lead to inefficient CO 2 prices, creating doubts about the static and dynamic efficiency of the system. This article analyses these possible anomalies by first trying to model the ETS in a more realistic way, addressing some of the limitations of previous models, and second, by comparing the results with real market transactions. For this, a bottom-up, multi-sector model has been built, which represents the EU ETS in an integrated, cross-sectoral way, paying particular attention to the interactions among the most emissions intensive industries. The results show the benefits of this modelling approach and how it better reflects real market conditions. Some preliminary conclusions regarding the behaviour of the agents in the ETS market are also presented. POLICY RELEVANCE Low allowance prices in the EU ETS have put into question the dynamic efficiency of the EU ETS system, prompting various ideas for structural reform. However, determining the right reform also requires estimating correctly how agents will respond to it. This article proposes a tool to realistically simulate the EU ETS under the assumption of rational agents, and compare it to real market outcomes, in order to understand better the behaviour of agents in this carbon market, and therefore how to design better policies. 相似文献
3.
Although agriculture could contribute substantially to European emission reductions, its mitigation potential lies untapped and dormant. Market-based instruments could be pivotal in incentivizing cost-effective abatement. However, sector specificities in transaction costs, leakage risks and distributional impacts impede its implementation. The significance of such barriers critically hinges on the dimensions of policy design. This article synthesizes the work on emissions pricing in agriculture together with the literature on the design of market-based instruments. To structure the discussion, an options space is suggested to map policy options, focusing on three key dimensions of policy design. More specifically, it examines the role of policy coverage, instruments and transfers to farmers in overcoming the barriers. First, the results show that a significant proportion of agricultural emissions and mitigation potential could be covered by a policy targeting large farms and few emission sources, thereby reducing transaction costs. Second, whether an instrument is voluntary or mandatory influences distributional outcomes and leakage. Voluntary instruments can mitigate distributional concerns and leakage risks but can lead to subsidy lock-in and carbon price distortion. Third, the impact on transfers resulting from the interaction of the Common Agricultural Policy (CAP) with emissions pricing will play a key role in shaping political feasibility and has so far been underappreciated. POLICY RELEVANCE Following the 2015 Paris Agreement, European climate policy is at a crossroads. Achieving cost-effectively the 2030 and 2050 European targets requires all sectors to reduce their emissions. Yet, the cornerstone of European climate policy, the European Union Emissions Trading System (EU ETS), covers only about half of European emissions. Major sectors have been so far largely exempted from carbon pricing, in particular transport and agriculture. While transport has been increasingly under the spotlight as a possible candidate for an EU ETS sectoral expansion, policy discussions on pricing agricultural emissions have been virtually absent. This article attempts to fill this gap by investigating options for market-based instruments to reduce agricultural emissions while taking barriers to implementation into account. 相似文献
4.
Seven emissions trading scheme (ETS) pilots have been established in China. They have introduced some unique methods to set emissions caps and allocate allowances, different from textbook models and their counterparts in the EU, California, and many other regions. This article provides a detailed introduction to the methods for cap setting and allowance allocation adopted by the pilots, and presents detailed comparisons of these methods. In terms of cap setting, the pilots adopt flexible caps that can be adjusted where necessary, which primarily depends on the outcomes of the bottom-up approach, namely aggregating the allowances allocated to participants. As for allowance allocation, the pilots not only adopt such methods as grandfathering and benchmarking, which are also widely applied in other existing schemes, but also some special methods that require ex post adjustment, such as those based on enterprises’ historical emissions intensity (including both physical quantity and added-value intensity) and current production/output. The factors influencing the design are further analysed, including the impacts of theory and experience from foreign systems, concerns about economic development, traditions regarding intensity targets and policy, constraints from data availability and preparation time, tight regulation of the electricity and heat generation sector, and concerns regarding price stability. The practice of pilots presents an improvement opportunity and a challenge for China to further balance the theoretical and practical requirements in ETS design in establishing its national system. Policy relevance China is piloting emissions trading in seven regions, as part of efforts to try to rely more on market-based instruments to achieve GHG emissions control targets. All seven pilots have been confronted with special issues in the design process when compared with existing foreign schemes. This article analyses in depth the special issues related to cap setting and allowance allocation and the approaches adopted to address these issues. Flexible cap setting through a bottom-up approach and different types of allocation methods with or without ex post adjustment are adopted in the pilots. The flexible and innovative approaches the pilots have developed could provide useful experience for designing the nationwide ETS in China and promoting emissions trading policy in other parts of the world. 相似文献
5.
Environmental policies may have important consequences for firms’ competitiveness or profitability. For the European Union Emissions Trading System (EU ETS) the empirical literature documents that significant emissions reductions have resulted from it. Surprisingly, however, the literature shows that there have been hardly any concurrent negative effects on firms’ competitiveness during the first two phases of the scheme (2005–2012). We show that the main explanations for the absence of negative impacts on competitiveness are a large over-allocation of emissions allowances leading to a price drop and the ability of firms to pass costs onto consumers in some sectors. Cost pass-through combined with free allocation, in turn, partly generated windfall profits. In addition, the relatively low importance of energy costs indicated by their average share in the budgets of most manufacturing industries may have limited the impact of the EU ETS. Finally, small but significant stimulating effects on innovation have been found so far. Several factors suggest that over-allocation is likely to remain substantial in the upcoming periods of the scheme. Therefore, we expect to see no negative competitiveness effects from the EU ETS in Phases III and IV (2013–2030). Key policy insights Empirical literature on the EU ETS shows that there have been hardly any effects on firms’ competitiveness or profitability. One main explanation is a large over-allocation of emissions allowances leading to a price drop. This reduced incentives for innovation. Moreover, firms were able to pass costs on to consumers in some sectors which partly generated windfall profits. Innovation effects have so far been small but positive. We expect to see no negative competitiveness effects on regulated firms in the near future suggesting that no further reliefs for regulated firms are required.
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6.
Most countries implementing an emissions trading system (ETS), such as EU member states, California in the US, or South Korea, are generally targeting large sized companies, which consume energy above a specific threshold. However, previous studies using computable general equilibrium (CGE) models have analyzed climate policies without considering company size. This may have led to inaccurate results because the impacts of climate policy would differ depending on the coverage of regulated companies. Accordingly, this study examines the environmental and economic impacts of greenhouse gas emission reduction policies, assuming policy results vary by firm size, as covered by the Korean emission trading system. To this end, a CGE model with a separate social accounting matrix based on company size is used to compare three scenarios that reflect different types of carbon pricing methods. The results show that greenhouse gases will be reduced to a lower extent and utility will decrease more if mitigation policies are only imposed to large companies. Key policy insights Carbon pricing policies should consider the different impacts on companies of different sizes and industry sectors. Without considering the different sizes of companies covered by an ETS, the expected carbon price and its economic impact will be underestimated. Small and medium-sized companies will face more negative impacts than large companies in some industry sectors under an ETS, even if the mitigation burden is only faced by large companies.
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7.
Korea’s domestic emissions trading scheme commenced in January 2015. It targeted mainly industrial and power sectors, and compelled companies to transform how they manage energy efficiency and mitigate GHGs. This study sets out to explore how Korean companies evaluated their allocation position and engaged in emissions trading in the first compliance period, and to identify their views on trading barriers and policy expectations at the start of emissions trading. Questionnaire surveys and on-site interviews targeting Korean companies under the Korean emissions trading scheme were conducted at the start of operations (February to March 2015) and after the first compliance year (May 2016), respectively. Actual operation results are observed and compared with the survey findings. This study extrapolates implications for policy and presents suggestions for the government and the target companies in terms of how to improve the current emissions trading scheme in order to further stimulate emissions trading. POLICY RELEVANCE This study attempts to bridge the gap between companies and government policy in operating the domestic emission trading scheme in Korea. Empirical results, based on analysis of company-level data, reveal how businesses perceive K-ETS and how this relates to the operating results, which saw only limited trading of surplus emissions taking place in the early phase. Key barriers to active trading identified in the study include supply–demand imbalance, policy uncertainty and lack of preparedness of companies over carbon pricing. These barriers could be addressed by improved transparency of allowance allocation methods, possibly restricting carry-over of surplus allowances, ending policy uncertainty and providing more information to companies that can support companies’ policy understanding of the carbon pricing based on the market mechanism. Targeted companies should proactively participate in emissions trading in the early phase, in order to learn from it and prepare for the future introduction of auctioning. 相似文献
8.
China plans to launch its nationwide Emissions Trading Scheme (ETS) in 2017. Uncertainty in China’s future economic growth rate and its effect on underlying emissions may need to be addressed to ensure stability of the scheme. This article investigates an ex-post cap adjustment mechanism for China’s ETS. An applicable rule for indexation of emissions targets to gross domestic product (GDP) adjustment is presented. Such an ex-post optimal emissions intensity target is estimated in an empirical simulation of the Hubei ETS, a large pilot scheme in a fast-growing Chinese province. And its implications for China’s planned national ETS have been discussed. The article finds that by correcting the emissions cap for the difference between expected and realized GDP, the ex-post adjustment can minimize the abatement costs. It can also limit the influence of uncertainties, as it minimizes the standard deviation of realized abatement, abatement cost, and allowance price for a given expected emissions reduction. In addition, with a limited number of parameters requiring estimation, the ex-post cap adjustment mechanism is feasible. It is consistent with the anticipated design of China’s planned national ETS and could be used alongside other design options such as price corridors. POLICY RELEVANCE It will be important for the stability of China’s planned national ETS to address uncertainty about future GDP growth which can significantly affect underlying emissions growth. This paper proposes a specific solution, namely an ex-post cap adjustment mechanism for the ETS cap. This method provides flexibility with transparent rules, would be consistent with China’s overall ETS policy design, and could be implemented in practice as the required parameters can be readily estimated. 相似文献
9.
Many different approaches are needed to achieve reductions in GHG emissions from the transportation sector. Carbon emissions trading schemes (ETSs) are widely used in industry and are effective in reducing the overall social cost of emissions abatement. This article reports the development of a downstream ETS for the transportation sector and its application in Shenzhen, China. The ETS was devised as a mandatory cap-and-trade scheme and, as a first step, was applied to public transportation. An integrated cap was set on the total emissions from buses and taxis: an absolute cap for existing vehicles and a relative increment for new entrants. Allowances were allocated by grandfathering or benchmarking and a ‘reverse mechanism’ was established to encourage the transformation of urban transportation to a low-carbon system. Online fuel consumption monitoring was used to quantify the emissions from vehicles, and the operators were required to surrender enough allowances or credits to account for their verified annual emissions. The mechanisms for allowance trading and carbon offsets provided sufficient flexibility to make emissions abatement and the use of new-energy vehicles and environmentally friendly travel within Shenzhen's urban transportation system economically attractive. Policy relevance The transportation sector is becoming a major contributor to the growth in China's GHG emissions. Achieving large reductions in GHG emissions from the transportation sector is a great challenge and requires both technology and policy innovation. The tradable carbon permit is a popular concept in mitigating climate change, but the introduction of a cap-and-trade ETS into the transportation sector is a relatively innovative concept. Shenzhen has launched the first cap-and-trade ETS in a developing country and is currently exploring ways to mitigate carbon emissions by a downstream cap-and-trade ETS for the transportation sector. This article considers the main institutional arrangements and regulatory framework of Shenzhen's transportation carbon ETS. It not only refreshes the theoretical analysis and practical application of downstream cap-and-trade carbon emissions trading in urban transportation, but also provides developing countries with a cost-effective instrument to mitigate their rapid growth in traffic carbon emissions during urbanization. 相似文献
10.
In 2013, China launched its domestic pilot emissions trading scheme (ETS) as a cost-effective strategy to reduce CO 2 emissions. Theoretically, the ETS can interact with the feed-in tariffs (FITs) applied to renewable energies (REN). This article presents a simple method to demonstrate how FITs can be adjusted based on the evolution of ETS carbon prices in order to provide a cost-effective climate policy package in China. First, by using provincial data and wind and solar power as examples, it calculates the implicit carbon prices that FITs generate in different Chinese provinces and finds that they are much higher than current carbon prices in the pilot ETS. This shows the necessity of using both instruments to guarantee current level incentives to develop REN for climate change purposes, at least in the short and medium terms. Second, by keeping the annual total carbon price level stable (the sum of the implicit FIT carbon price and the ETS carbon price), and taking into account the cost evolution of REN development, this article demonstrates, for the 2018–2020 period, that FIT should decrease at an annual rate of 3.04–4.63% (for wind) and 7.84–8.87% (for solar) based on different growth rates for progressive national ETS carbon prices. Policy relevance There are a number of studies and debates on the interactions between climate policies in Europe in particular, ETS and subsidies for REN. The key issue is that a climate policy package should be cost-efficient and the implementation of one policy should not jeopardise the performance of another. For a country like China, a considerable scale effect on climate target achievement and total cost savings could be produced by the careful design of the climate policy package. FIT and ETS, which are cost-efficient policies if implemented separately, will very probably constitute a major climate policy package in the future in China, which is aiming to limit the use of command-and-control policies. So far, there is some debate on how to reduce FIT for wind power in China due to development cost changes. But discussions are lacking on the linkage between FIT and ETS. This paper fills this gap. 相似文献
11.
The main purpose of this article is to evaluate the extent to which the Cohesion Policy of the EU contributes to its climate change mitigation effort. While climate change mitigation and the EU Cohesion Policy have been both thoroughly studied theoretically, the novelty of the present article lies in an analysis of their mutual relationship. Also, a unique feature of this research is an analysis of the contribution of the Cohesion Policy to climate change mitigation over a period of 20 years, including a comparison of the three last programming periods (2000–2006, 2007–2013 and 2014–2020). The results of this research suggest that, while the beginning of the new millennium saw the Cohesion Policy neglecting the issue of climate change mitigation, the current programming period (2014–2020) placed it among its key priorities. This conclusion is supported by a comprehensive set of data on five selected indicators. This article also displays the results against the perspective of the overall climate change mitigation objectives of the EU. POLICY RELEVANCE The present article shows how a policy, which used to be considered rather distant from climate change, progressively adopted climate change mitigation as one of its principal objectives. As such, it provides a practical guidance on the integration of climate change mitigation in other policy areas, which may be applied not only in a supranational organisation but also on a national, regional or local level. 相似文献
12.
One of the most fundamental questions surrounding the new Paris Agreement is whether countries’ proposals to reduce GHG emissions after 2020 are equally ambitious, considering differences in circumstances between countries. We review a variety of approaches to assess the ambition of the GHG emission reduction proposals by countries. The approaches are applied illustratively to the mitigation part of the post-2020 climate proposals (nationally determined contributions, or NDCs) by China, the EU, and the US. The analysis reveals several clear trends, even though the results differ per individual assessment approach. We recommend that such a comprehensive ambition assessment framework, employing a large variety of approaches, is used in the future to capture a wide spectrum of perspectives on ambition. POLICY RELEVANCE Assessing the ambition of the national climate proposals is particularly important as the Paris Agreement asks for regular reviews of national contributions, keeping in mind that countries raise their ambition over time. Such an assessment will be an important part of the regular global stocktake that will take place every five years, starting with a ‘light’ version in 2018. However, comprehensive methods to assess the proposals are lacking. This article provides such a comprehensive assessment framework. 相似文献
13.
Place-based adaptation planning is an approach to address cross-sectoral and multi-level governance concerns as well as to build local adaptive capacity in vulnerable resource-dependent communities facing the adverse impacts of climate change. In contrast, sector-based adaptation planning focuses on addressing climate change impacts on individual economic sectors (e.g. fisheries or forestry) or sub-sectors (such as lobsters or timber). Yet, linking sectoral approaches with local adaptation policies is challenging. More effort is needed to identify opportunities for complementary adaptation strategies and policy integration to foster multiple benefits. In this article, we use a case study of fishery sector resources and municipal adaptation planning in Nova Scotia to demonstrate how meaningful entry points could catalyse policy integration and lead to co-benefits across multiple levels and stakeholder groups. Drawing on a fisheries systems and fish chain framework, we identify and assess several entry points for policy integration across sector- and place-based adaptation domains within coastal habitats, as well as harvesting, processing, and marketing sectors. The analysis highlights the multiple benefits of integrating local municipal adaptation plans with multi-scale resource sectors especially towards monitoring ecosystem changes, protecting essential infrastructure, and securing local livelihoods. POLICY RELEVANCE Climate change is having a growing impact on coastal communities around the world, with consequences for sea-level rise, critical habitats, essential infrastructure, and multiple economic sectors and industries. This Canadian case study demonstrates how municipal adaptation initiatives can be complementary to sector-based adaptation at both local and regional levels through various entry points across commodity production chains. Policy integration across place-based and sector-based adaptation processes should lead to multiple benefits such as conserving marine biodiversity, protecting essential infrastructure, and securing livelihoods. Our analysis, which focuses specifically on the fishery sector and coastal communities, shows that these co-benefits may arise particularly in such coastal-marine systems and provide policy lessons to terrestrial systems and other sectors. 相似文献
14.
Carbon leakage is central to the discussion on how to mitigate climate change. The current carbon leakage literature focuses largely on industrial production, and less attention has been given to carbon leakage from the electricity sector (the largest source of carbon emissions in China). Moreover, very few studies have examined in detail electricity regulation in the Chinese national emissions trading system (which leads, for example, to double counting) or addressed its implications for potential linkage between the EU and Chinese emissions trading systems (ETSs). This article seeks to fill this gap by analysing the problem of ‘carbon leakage’ from the electricity sector under the China ETS. Specifically, a Law & Economics approach is applied to scrutinize legal documents on electricity/carbon regulation and examine the economic incentive structures of stakeholders in the inter-/intra-regional electricity markets. Two forms of ‘electricity carbon leakage’ are identified and further supported by legal evidence and practical cases. Moreover, the article assesses the environmental and economic implications for the EU of potential linkage between the world’s two largest ETSs. In response, policy suggestions are proposed to address electricity carbon leakage, differentiating leakage according to its sources. Key policy insights Electricity carbon leakage in China remains a serious issue that has yet to receive sufficient attention. Such leakage arises from the current electricity/carbon regulatory framework in China and jeopardizes mitigation efforts. With the US retreat on climate efforts, evidence suggests that EU officials are looking to China and expect an expanded carbon market to reinforce EU global climate leadership. Given that the Chinese ETS will be twice the size of the EU ETS, a small amount of carbon leakage in China could have significant repercussions. Electricity carbon leakage should thus be considered in any future EU–China linking negotiations.
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15.
One of the most central and novel features of the new climate governance architecture emerging from the 2015 Paris Agreement is the transparency framework committing countries to provide, inter alia, regular progress reports on national pledges to address climate change. Many countries will rely on public policies to turn their pledges into action. This article focuses on the EU’s experience with monitoring national climate policies in order to understand the challenges that are likely to arise as the Paris Agreement is implemented around the world. To do so, the research employs – for the first time – comparative empirical data submitted by states to the EU’s monitoring system. Our findings reveal how the EU’s predominantly technical interpretation of four international reporting quality criteria – an approach borrowed from reporting on GHG fluxes – has constrained knowledge production and stymied debate on the performance of individual climate policies. Key obstacles to more in-depth reporting include not only political concerns over reporting burdens and costs, but also struggles over who determines the nature of climate policy monitoring, the perceived usefulness of reporting information, and the political control that policy knowledge inevitably generates. Given the post-Paris drive to achieve greater transparency, the EU’s experience offers a sobering reminder of the political and technical challenges associated with climate policy monitoring, challenges that are likely to bedevil the Paris Agreement for decades to come. Policy relevance The 2009 Copenhagen summit ushered in a more bottom-up system of international climate governance. Such systems typically depend on strong monitoring approaches to assess past performance and estimate future national contributions over time. This article shows why decision makers at multiple governance levels should pay serious attention to empirical data on the experiences and challenges that have emerged around monitoring in the EU, a self-proclaimed climate leader. The analysis highlights key political and administrative challenges that policy makers will likely encounter in implementing climate policy monitoring and ensuring transparency in the spirit of the Paris Agreement. 相似文献
16.
There is a rich empirical literature testing whether per capita carbon dioxide emissions tend to converge over time and across countries. This article provides a meta-analysis of the results from this research, and discusses how carbon emissions convergence may be understood in, for instance, the presence of international knowledge spillovers and policy convergence. The results display evidence of either divergence or persistent gaps at the global level, but convergence of per capita carbon dioxide emissions between richer industrialized countries. However, the results appear sensitive to the choice of data sample and choice of convergence concept, e.g. stochastic convergence versus β-convergence. Moreover, peer-reviewed studies have a higher likelihood of reporting convergence in carbon dioxide emissions compared to non-refereed work. POLICY RELEVANCE The empirical basis for an egalitarian rule of equal emissions per capita in the design of global climate agreements is not solid; this supports the need to move beyond single allocation rules, and increase knowledge about the impacts of combined scenarios. However, even in the context of the 2015 Paris Agreement with its emphasis on voluntary contributions and ‘national circumstances’, different equity-based principles could serve as useful points of reference for how the remaining carbon budget should be allocated. 相似文献
17.
The few systematic international comparisons of climate policy strength made so far have serious weaknesses, particularly those that assign arbitrary weightings to different policy instrument types in order to calculate an aggregate score for policy strength. This article avoids these problems by ranking the six biggest emitters by far – China, the US, the EU, India, Russia, and Japan – on a set of six key policy instruments that are individually potent and together representative of climate policy as a whole: carbon taxes, emissions trading, feed-in tariffs, renewable energy quotas, fossil fuel power plant bans, and vehicle emissions standards. The results cast strong doubt on any idea that there is a clear hierarchy on climate policy with Europe at the top: the EU does lead on a number of policies but so does Japan. China, the US, and India each lead on one area. Russia is inactive on all fronts. At the same time climate policy everywhere remains weak compared to what it could be. Policy relevance This study enables climate policy strength, defined as the extent to which the statutory provisions of climate policies are likely to restrict GHG emissions if implemented as intended, to be assessed and compared more realistically across space and time. As such its availability for the six biggest emitters, which together account for over 70% of global CO2 emissions, should facilitate international negotiations (1) by giving participants a better idea of where major emitters stand relative to each other as far as climate policy stringency is concerned, and (2) by identifying areas of weakness that need action. 相似文献
18.
Climate change mitigation is a wicked problem that cuts horizontally across sectors and vertically across levels of government. To address it effectively, governments around the world, in particular in the EU, have developed several generations of multi-sectoral national mitigation strategies (NMS) since the early 1990s. Although NMS became the main effort to systematically coordinate mitigation policies, few works have studied them comparatively so far. The present article fills this gap by analysing how the EU-15 group of countries operationalized climate protection through NMS. First, we introduce the three roles policy strategies usually aim to fulfil: besides being policy documents they also represent governance processes (supposed to coordinate sectoral implementation), and capacity-building efforts. Empirically, we then explore the rationale, origins and prevalence of NMS. Subsequently, we characterize them as policy documents (with regards to their contents and structures) and as governance processes that address capacity building only implicitly. Based on existing assessments we finally review some performance indications of NMS. We find that in particular second- and third-generation NMS aimed to take their governance function seriously but resembled ‘lacklustre bookkeeping' of emissions, targets and mitigation options. Instead of approximating NMS towards their obviously overcharging governance function, we suggest to recalibrate them towards their communication and capacity-building function in a way that goes beyond bookkeeping. Policy relevance The present article shows that NMS fail to effectively govern climate change mitigation across a broad range of sectoral policy domains. Since most European countries have adopted not one but up to three generations of NMS since the 1990s, this finding is highly relevant for them – and for all others aiming to adopt similarly broad strategies. Instead of piling one strategy on top of another irrespective of their implementation, and instead of abolishing mitigation strategies altogether, we recommend recalibrating them towards what they can realistically accomplish: effective communication and capacity building so that NMS can advance from lacklustre bookkeeping to actively promoting a government-wide climate change mitigation vision. The article can help governments to realise that renewing integrated strategies such as NMS without overhauling them comes close to flogging a dead horse. 相似文献
19.
This article outlines a critical gap in the assessment methodology used to estimate the macroeconomic costs and benefits of climate and energy policy, which could lead to misleading information being used for policy-making. We show that the Computable General Equilibrium (CGE) models that are typically used for assessing climate policy use assumptions about the financial system that sit at odds with the observed reality. These assumptions lead to ‘crowding out’ of capital and, because of the way the models are constructed, negative economic impacts (in terms of gross domestic product (GDP) and welfare) from climate policy in virtually all cases. In contrast, macro-econometric models, which follow non-equilibrium economic theory and adopt a more empirical approach, apply a treatment of the financial system that is more consistent with reality. Although these models also have major limitations, they show that green investment need not crowd out investment in other parts of the economy – and may therefore offer an economic stimulus. Our conclusion is that improvements in both modelling approaches should be sought with some urgency – both to provide a better assessment of potential climate and energy policy and to improve understanding of the dynamics of the global financial system more generally. POLICY RELEVANCE This article discusses the treatment of the financial system in the macroeconomic models that are used in assessments of climate and energy policy. It shows major limitations in approach that could result in misleading information being provided to policy-makers. 相似文献
20.
This article assesses the relevance of ex post transaction costs in the choice of climate policy instruments in the EU (focusing mainly on the example of Germany) and the US. It reviews all publicly available empirical ex post transaction cost studies of climate policy instruments broken down by the main private and public sector cost factors and offers hypotheses on how these factors may scale depending on instrument design and other contextual factors. The key finding from the evaluated schemes is that it is possible to reject the hypothesis that asymmetries in ex post transaction costs across instruments are large and, thus, play a pivotal role in climate policy instrument choice. Both total and relative ex post transaction costs can be considered low. This conjecture differs from the experience in other areas of environmental policy instruments where high total transaction costs are considered to be important factors in the overall assessment of optimal environmental policy choice. Against this background, the main claim of this article is that in climate policy instrument choice, ex post transaction cost considerations play a minor role in large countries that feature similar institutional characteristics as the EU and the US. Rather, the focus should be on the efficiency properties of instruments for incentivizing abatement, as well as equity and political economy considerations (and other societally relevant objectives). In order to inform transaction cost considerations in climate policy instrument choice in countries that adopt new climate policies, more data would be desirable in order to enable more robust estimates of design- and context-specific transaction-cost scaling factors. Policy relevance The findings of this study can help inform policy makers who plan to set up novel climate policy instruments. The results indicate that ex post transaction costs play a minor role for large countries that feature similar institutional characteristics as the EU and the US. For instrument design the focus should rather be on efficiency properties of instruments in incentivizing abatement, as well as equity and political economy considerations (and other societally relevant objectives). 相似文献
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