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Do capital markets reflect the possibility that fossil fuel reserves may become “stranded assets” in the transition to a low carbon economy? We examine the relation between oil firms' value and their proved reserves. Using a sample of 600 North American oil firms for the period 1999 to 2018,...
Persistent link: https://www.econbiz.de/10012858796
The 2015 Paris Accord is meant to control our planet's rising temperature. But it may be doing the opposite in gradually, rather than immediately reducing CO2 emissions. The Accord effectively tells dirty-energy producers to "use it or lose it." This may be accelerating their extraction and...
Persistent link: https://www.econbiz.de/10012981109
We explore the principal trends that are shaping the future landscape of energy supply, demand, and trade. We take a long-term view, assessing trends on the time scale of a generation by looking 25 years into the past, taking stock of the current situation, and projecting 25 years into the...
Persistent link: https://www.econbiz.de/10013064119
In recent decades, democratic countries have signed hundreds of international environmental agreements (IEAs). Most of these agreements, however, are weak: they generally do not include effective enforcement or monitoring mechanisms. This is a puzzle in standard economic models. To study this...
Persistent link: https://www.econbiz.de/10012976975
quantifies the external costs of global fuel subsidies using the latest available data and estimates from the World Bank and …
Persistent link: https://www.econbiz.de/10012996460
The use of Payment for Environmental Services (PES) is not a new type of contract but they have become more in vogue because of the potential for sequestering carbon by paying to prevent deforestation and degradation of forest lands. We provide a framework utilizing transaction costs to...
Persistent link: https://www.econbiz.de/10013087879
the latest available data from the World Bank, finding that road-sector subsidies for gasoline and diesel totaled $110 …
Persistent link: https://www.econbiz.de/10013071789
strategy to world shipbuilding, a classic target of industrial policy. I find strong evidence consistent with China having … subsidies led to substantial reallocation of ship production across the world, with Japan, in particular, losing significant …
Persistent link: https://www.econbiz.de/10013054035
International disputes over subsidies are increasingly disrupting the world trading system. The creation of the WTO was … rules with the creation of the WTO. Our results suggest that, although GATT subsidy rules were typically viewed as weak and … inadequate while the WTO subsidy rules are seen as representing a significant strengthening of multilateral disciplines on …
Persistent link: https://www.econbiz.de/10013216133
On a levelized-cost basis, solar and wind power generation are now competitive with fossil fuels. But supply of these renewable resources is variable and intermittent, unlike traditional power plants. As a result, the cost of using flat retail pricing instead of dynamic, marginal-cost...
Persistent link: https://www.econbiz.de/10012916613