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Cover Departmental Papers
EU Climate Mitigation Policy
Mr. Jiaqian Chen, Maksym Chepeliev, Mr. Daniel Garcia-Macia, Ms. Dora M Iakova, Mr. James Roaf, Ms. Anna Shabunina, Dominique van der Mensbrugghe, and Mr. Philippe Wingender

in the financial sector. Investment funds offering green portfolios will be required to use the EU climate adaptation and mitigation criteria from end-2021. However, work on many areas remains to be completed. Table 3. European Commission Action Plan on Financing Sustainable Growth, 2018 Areas Actions Points Status Reorient capital flows toward sustainable investment Establish a taxonomy of environmentally sustainability activities. Ongoing Creating standards (such as the EU Green Bond Standard) and labels for green

Keywords:
DPPP; DP; EU emission; EU mitigation Policy framework; trading partner; ETS price; EU climate adaptation; EU effort; EU GHG emission; EU Policy framework; EU production emission; EU taxonomy; EU directive; EU recovery; price volatility; Carbon tax; Greenhouse gas emissions; Sustainable growth; Income; Emissions trading; Global; Eastern Europe
Cover Departmental Papers
EU Climate Mitigation Policy
Mr. Jiaqian Chen, Maksym Chepeliev, Mr. Daniel Garcia-Macia, Ms. Dora M Iakova, Mr. James Roaf, Ms. Anna Shabunina, Dominique van der Mensbrugghe, and Mr. Philippe Wingender
This paper aims to contribute to the debate on the choice of policies to reach the more ambitious 2030 emission reduction goals currently under consideration. It provides an analysis of the macroeconomic and distributional impacts of different options to scale up the mitigation effort, and proposes enhancements to the existing EU policies. A key finding is that a well-designed package, consisting of more extensive carbon pricing across EU countries and sectors, combined with cuts in distortionary taxes and targeted green investment support, would allow the EU to reach the emission goals with practically no effects on aggregate income. To enhance the social and political acceptance of climate policies, part of the revenue from carbon pricing should be used to compensate the most vulnerable households and to support the transition of workers to greener jobs. A carbon border adjustment mechanism could complement the package to avoid an increase in emissions outside the EU due to higher carbon prices in the EU (“carbon leakage”). From a risk-reward perspective, the benefits of reducing the risk of extreme life-threatening climate events and the health benefits from lower air pollution clearly outweigh the costs of mitigation policies.
Keywords:
DPPP; DP; EU emission; EU mitigation Policy framework; trading partner; ETS price; EU climate adaptation; EU effort; EU GHG emission; EU Policy framework; EU production emission; EU taxonomy; EU directive; EU recovery; price volatility; Carbon tax; Greenhouse gas emissions; Sustainable growth; Income; Emissions trading; Global; Eastern Europe; EU export; carbon price signal
Cover Departmental Papers
Front Matter
Mr. Jiaqian Chen, Maksym Chepeliev, Mr. Daniel Garcia-Macia, Ms. Dora M Iakova, Mr. James Roaf, Ms. Anna Shabunina, Dominique van der Mensbrugghe, and Mr. Philippe Wingender
Keywords:
DPPP; DP; EU emission; EU mitigation Policy framework; trading partner; ETS price; EU climate adaptation; EU effort; EU GHG emission; EU Policy framework; EU production emission; EU taxonomy; EU directive; EU recovery; price volatility; Carbon tax; Greenhouse gas emissions; Sustainable growth; Income; Emissions trading; Global; Eastern Europe
Cover Departmental Papers
Back Matter
Mr. Jiaqian Chen, Maksym Chepeliev, Mr. Daniel Garcia-Macia, Ms. Dora M Iakova, Mr. James Roaf, Ms. Anna Shabunina, Dominique van der Mensbrugghe, and Mr. Philippe Wingender
Keywords:
DPPP; DP; EU emission; EU mitigation Policy framework; trading partner; ETS price; EU climate adaptation; EU effort; EU GHG emission; EU Policy framework; EU production emission; EU taxonomy; EU directive; EU recovery; price volatility; Carbon tax; Greenhouse gas emissions; Sustainable growth; Income; Emissions trading; Global; Eastern Europe