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The Social Cost of Carbon and the Ramsey Rule
Withagen, Cees - 2019
The objective of this paper is to critically assess the use of simple rules for the social cost of carbon (SCC) that employ a rudimentary form of the Ramsey Rule. Two interrelated caveats apply. First, if climate change poses a serious problem, it is hard to justify an exogenous constant growth...
Persistent link: https://www.econbiz.de/10012892228
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Dynamic carbon emission management
Bustamante, Maria Cecilia; Zucchi, Francesca - 2024
The control of carbon emissions by policymakers poses the corporate challenge of developing an optimal carbon management policy. We provide a unified model that characterizes how firms should optimally manage emissions through production, green investment, and the trading of carbon credits. We...
Persistent link: https://www.econbiz.de/10014484214
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Carbon Dioxide as a Risky Asset
Bauer, Adam Michael; Proistosescu, Christian; Wagner, Gernot - 2023
We develop a financial-economic model for carbon pricing with an explicit representation of decision making under risk and uncertainty that is consistent with the Intergovernmental Panel on Climate Change’s sixth assessment report. We find that this approach provides economic support for the...
Persistent link: https://www.econbiz.de/10014255593
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Euro Area banks' sensitivity to changes in carbon price
Belloni, Marco; Kuik, Friderike; Mingarelli, Luca - 2022
In recent years there has been growing attention on the risks posed by climate change. One relevant question for financial stability is to which extent the materialisation of transition risks emerging from the sudden implementation of climate change mitigation policies would impact the financial...
Persistent link: https://www.econbiz.de/10012939681
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Financing the low-carbon transition in Europe
Carradori, Olimpia; Giuzio, Margherita; Kapadia, Sujit; … - 2023
Using evidence from the EU emissions trading system, we collect verified emissions of close to 4000 highly polluting … and mostly non-listed firms responsible for 26% of EU's emissions. Over the period 2013-2019, we find a non …
Persistent link: https://www.econbiz.de/10014315149
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Carbon Prices are Redundant in the 2030 EU Climate and Energy Policy Package
Aune, Finn Roar - 2019
In June 2018, an agreement between key EU institutions – the Commission, the European Parliament, and the European … Council – was reached after a long-lasting discourse over the 2030 EU climate and energy policy package. This paper offers a … comprehensive assessment of the EU package, with its three main targets: lower greenhouse gas emissions, higher renewable share in …
Persistent link: https://www.econbiz.de/10012892222
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Optimal Carbon Pricing in General Equilibrium : Temperature Caps and Stranded Assets in an Extended Annual DSGE Model
van der Ploeg, Rick; Rezai, Armon - 2021
The general equilibrium model developed by Golosov et al. (2014), GHKT for short, is modified to allow for additional negative impacts of global warming on utility and productivity growth, mean reversion in the ratio of climate damages to production, labour-augmenting technical progress, and...
Persistent link: https://www.econbiz.de/10013225748
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Will the Centralisation of Carbon Pricing Revenue in the EU Lead to Laxer Climate Policy?
Fuest, Clemens; Meier, Volker - 2021
We analyse the economic impact of using carbon pricing revenue to fund the EU budget. Such a reform would redistribute … implemented, the low carbon countries will prefer a lower carbon price, i.e. laxer climate policy at the EU level, than before the … reform. For high carbon countries the opposite is true. As a result, EU climate policy becomes less ambitious and less …
Persistent link: https://www.econbiz.de/10013235113
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The double materiality of climate physical and transition risks in the euro area
Gourdel, Régis; Monasterolo, Irene; Dunz, Nepomuk; … - 2022
The analysis of the conditions under which, and extent to which climate-adjusted financial risk assessment affects firms' investment decisions in the low-carbon transition, and the realisation of the climate mitigation trajectories, still represent a knowledge gap. Filling this gap is crucial to...
Persistent link: https://www.econbiz.de/10013202012
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Climate Mitigation Policy in Denmark : A Prototype for Other Countries
Batini, Nicoletta; Parry, Ian; Wingender, Philippe - 2021
Denmark has a highly ambitious goal of reducing greenhouse gas emissions 70 percent below 1990 levels by 2030. While there is general agreement that carbon pricing should be the centerpiece of Denmark’s mitigation strategy, pricing needs to be effective, address equity and leakage concerns,...
Persistent link: https://www.econbiz.de/10013245631