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International Monetary Fund. European Dept.

Sectors in Total GHG Emission, 2019 9. Electricity Production by Sources of Energy, 2019 10. ETS Prices, 2008–2022 11. GHG Emissions Projections, 2020–30 12. GHG Emissions Projection for Transport, 2019–30 13. Environment Tax Revenues, 2019 14. Carbon Price Assessment Tool Simulation Results for EUR50 per ton of C02 eq. Carbon Tax by 2027, 2020–35 15. Relative Mean Consumption Effect of EUR30 per ton C02 Eq. Carbon Tax, 2025 APPENDIX I. Alternative Estimate of Distributional Impact of Carbon Tax References

International Monetary Fund. European Dept.

efficiency. It discusses the authorities’existing and planned sectoral policies and programs to facilitate progress toward the targets (e.g., an existing program to support building renovations for energy efficiencies, financed by a regular EU program). The INECP presents GHG emissions projections through 2030 under two different assumptions . One projection is based on (only) existing policies and measures including at the EU level, whilethe other reflects additional planned policies and measures. EU member states, including Bulgaria, are required to update report these

Mr. Nicolas Arregui, Ms. Ruo Chen, Mr. Christian H Ebeke, Jan-Martin Frie, Mr. Daniel Garcia-Macia, Ms. Dora M Iakova, Andreas Jobst, Louise Rabier, Mr. James Roaf, Ms. Anna Shabunina, and Mr. Sebastian Weber

IMF staff estimates. 3 At the country level, the largest reductions in manufacturing emissions between 1990 and 2017 occurred in Luxembourg, Estonia, Latvia, Romania, and the United Kingdom; while smallest reductions or even increases occurred in Spain, Poland, Ireland, Austria, and Cyprus. 4 Source: Eurostat, EEA and IMF staff estimates. 5 Estimate based on GHG emissions projections submitted by member states to the EEA. 6 The material in this section is based primarily on Elkerbout and Bryhn (2019) ; Wyns, Khandekar, and Rob-son (2018

Charles Griffiths, Elizabeth Kopits, Alex Marten, Chris Moore, Steve Newbold, and Ann Wolverton

that map climate change to economic damages were left unchanged, but a common set of assumptions for three key inputs was used across all the models—socioeconomic and emissions projections, equilibrium climate sensitivity, and discount rates. The interagency working group selected five scenarios of GDP, population, and GHG emissions projections from the 2009 Stanford Energy Modeling Forum exercise (EMF-22). 2 These scenarios spanned a range of emissions projections (including at least one case where the rest of the world takes significant action to reduce

International Monetary Fund. European Dept.

. The authorities should move fast to adopt a cost-effective emission reduction strategy and make further efforts to foster renewable energies, improve energy efficiency, and promote a modal shift in the transport sector ( Annex VII ). GHG Emissions Projections and 2030 Target (MtCO2e) Sources: European Environment Agency; European Commission; and IMF Staff Calculations. Note: * reflects the emission-weighted average of the 43-percent reduction target (compared to 2005) for energy (subject to ETS) and the emission reduction in other sectors by 19 percent

International Monetary Fund. European Dept.
The fallout from the COVID-19 crisis has hit the Maltese economy hard, particularly its large tourism sector. Using fiscal buffers accumulated prior to the pandemic, the authorities have taken swift actions to support households, businesses, and the healthcare system. With the rapid rollout of COVID-19 vaccine, the economy has reopened for the summer tourism season. While the outlook is surrounded by a high degree of uncertainty, the Maltese economy is expected to rebound by 5¾ percent this year, up from -7¾ percent in 2020. The financial system has remained stable. In late June 2021, the Financial Action Task Force (FATF) put Malta under increased monitoring due to concerns about effectiveness of its anti-money laundering and combatting the financing of terrorism (AML/CFT) framework.
International Monetary Fund. European Dept.

green investments. However, the carbon price has increased since the introduction of a market stability reserve (MSR) in January 2019, which addressed the surplus of allowances and improved the system’s resilience to major shocks. EU Emission Trading System Carbon Price (2019 Euro) Sources: Sandbag, Haver and fund staff calculations. EU: Total GHG EmissionsProjections and Targets 1/ (Millions of ktC0 2 e) Source: European Commission. 1/ ktCO>e=kilotonnes of CO> equivalents. 2. The EU Green Deal seeks to achieve net GHG

Mr. Nicolas Arregui, Ms. Ruo Chen, Mr. Christian H Ebeke, Jan-Martin Frie, Mr. Daniel Garcia-Macia, Ms. Dora M Iakova, Andreas Jobst, Louise Rabier, Mr. James Roaf, Ms. Anna Shabunina, and Mr. Sebastian Weber
This paper discusses sectoral policies needed to achieve the ambitious greenhouse gas (GHG) emissions reduction targets announced in the European Union’s Green Deal, complementing the companion paper “EU Climate Mitigation Policy”, which focuses on broader EU-level policies. With total emissions nearly a quarter below their 1990 level, the EU has made important progress, but the new goals will require much stronger policy action. Moreover, progress has varied across sectors. Emissions from power and industry have fallen by about a third, buildings by a quarter and agriculture by a fifth – while transport emissions have risen. This paper argues that this divergence reflects differences in effective carbon prices, but also cost differences among the available abatement channels, market imperfections, and policy gaps. It discusses specific sectoral policies needed to address these factors and achieve the new emissions reduction goals.