Among major developed countries Korea has maintained a heavily manufacturing-oriented industrial structure. Moreover its share of energy and material-intensive industries such as steel making, petrochemicals and cement is considerable. Accordingly overall energy consumption levels are inevitably...

As the atmospheric concentration of CO2 emissions has grown to record levels, calls have grown for governments to make steeper emissions cuts, requiring to reduce an economy's use of fossil energy dramatically. Meanwhile, in the U.S., fossil energy still met 80 percent of the total energy demand...

We show that (i) subsidies for renewable energy policies with the intention of encouraging substitution away from fossil fuels may accentuate climate change damages by hastening fossil fuel extraction, and that (ii) the opposite result holds under some specified conditions. We focus on the case...