Mitigation Policies for the Paris Agreement: An Assessment for G20 Countries

Parry, Ian; Mylonas, Victor; Vernon, Nate

doi:10.1086/713147

Cited by 14 publications

(10 citation statements)

References 9 publications

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“…Ref. [16] contend that intensive stakeholder engagement, public awareness campaigns to explain why reforms in the field of GHG are necessary and how the public will benefit, and a slower pace of reform that gives consumers and businesses time to adjust, are factors that may help to improve the chances of successful decarbonizing reforms.…”

Section: International Agreements' Efficiency In Reducing Ghg Emissionsmentioning

confidence: 99%

A VaR-Based Methodology for Assessing Carbon Price Risk across European Union Economic Sectors

et al. 2021

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The latest European Union measures for combating climate adopted in the “Fit for 55 package” envisage the extension of the Emissions Trading System, the first “cap-and-trade” system in the world created for achieving climate targets, which limits the amount of greenhouse gas emissions by imposing a price on carbon. In this context, our study provides an integrated assessment of carbon price risk exposure of all economic sectors in the European Union Member States, thus supporting decision making in determining the energy transition risk. We propose a novel approach in assessing carbon risk exposure using the Value at Risk methodology to compute the carbon price under the EU ETS, based on historical price simulation for January–August 2021 and ARMA-GARCH models for the October 2012–August 2021 period. We further built a value erosion metric, which allowed us to establish each sector’s exposure to risk and to identify differences between Eastern and Western EU countries. We find that the refining sector appears to be highly vulnerable, whereas there is higher potential for large losses in the energy supply and chemical sectors in Eastern EU Member States, given a different pace of industry restructuring.

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Section: International Agreements' Efficiency In Reducing Ghg Emissionsmentioning

confidence: 99%

A VaR-Based Methodology for Assessing Carbon Price Risk across European Union Economic Sectors

et al. 2021

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“…36 For further discussion of carbon taxes tax versus ETS see, for example, IMF (2019b), Goulder and Parry (2008). 37 The tool has been previously used in IMF (2019a and b) and Parry, Mylonas and Vernon (2020). emissions, fiscal, and economic impacts of carbon pricing and other mitigation instruments.…”

Section: A Economywidementioning

confidence: 99%

Reconsidering Climate Mitigation Policy in the UK

Arregui

Parry

2021

SSRN Journal

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The UK has pledged to cut greenhouse gases 68 percent below 1990 levels by 2030, to be emissions neutral by 2050, and to phase out internal combustion engine vehicles by 2030. Much progress has been made, but fully achieving these ambitious objectives with the current policy framework will be challenging as it involves multiple and overlapping pricing schemes with significant sectoral differences in carbon prices and may be difficult to scale up on political and administrative grounds. This paper discusses an alternative framework consisting of: (i) a comprehensive carbon price (ideally a tax) rising to at least £60 (US $75) per ton by 2030; and (ii) reinforcing sectoral policies, most importantly feebates for the transport, industrial, and building sectors. This framework could implement mitigation targets, while limiting burdens on households and firms to enhance acceptability, and still raise revenues of 0.8 percent of GDP in 2030. The UK could also leverage its COP26 presidency to promote dialogue on international carbon price floors and pricing of international transport emissions.

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“…Typically, the models (i) take a global and mitigation perspective, (ii) consider long time horizons of 30 to 100 years into the future and (ii) have a major focus on the energy system. • Spreadsheet models: The IMF has developed a model in an Excel workbook (Parry et al 2014b;Parry, Mylonas, and Vernon 2018) to evaluate climate policy. The workbook contains large amounts of data on greenhouse gas emissions and a number of co-benefits, including for developing countries.…”

Section: Introducing Climate Considerations Into Pakmodmentioning

confidence: 99%

“…Capacity and potential for renewable electricity in Pakistan, in MWWith regards to future adaptation measures, evidence highlights the major potential benefits of developing more productive crops, extending agricultural research and extension, improving irrigation efficiency and encouraging the use of rainfall index insurance(Parry et al 2014a;Parry, Mylonas, and Vernon 2018). Reducing the economic impact of potential future climate-related disasters (floods, droughts, heat waves) requires investment in the resilience of infrastructure and the development of a robust disaster risk management (StéphaneHallegatte, Hourcade, and Dumas 2007).…”

mentioning

confidence: 99%

“…There are relatively few examples of macro structural models being used for climate change policy. Notable exception include the Cambridge Econometric Energy-Environment-Economy model (Cambridge Econometrics 2014), the St. Lucia model of the World Bank and the IMF model described inParry, Mylonas and Vernon, (2018).• Stock-flow Consistent Models: These models are based on the interactions of the balance sheets of the private sector (banking and non-bank), household, government, external sector and monetary policy sectors. A key difference in these models and other models is that firms and households do not necessarily maximize a utility or profit function (see for exampleMonasterolo and Raberto (2018).…”

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confidence: 99%

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Climate Modeling for Macroeconomic Policy: A Case Study for Pakistan

Burns¹,

Jooste²,

Schwerhoff³

2021

Policy Research Working Papers

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The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.

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Mitigation Policies for the Paris Agreement: An Assessment for G20 Countries

Cited by 14 publications

References 9 publications

A VaR-Based Methodology for Assessing Carbon Price Risk across European Union Economic Sectors

A VaR-Based Methodology for Assessing Carbon Price Risk across European Union Economic Sectors

Reconsidering Climate Mitigation Policy in the UK

Climate Modeling for Macroeconomic Policy: A Case Study for Pakistan

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