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Mr. Simon Black, Koralai Kirabaeva, Ian W.H. Parry, Mr. Mehdi Raissi, and Karlygash Zhunussova
This paper discusses a comprehensive strategy for implementing Mexico’s climate mitigation commitments. Progressively increasing carbon prices from current levels of US$3 per ton to US$75 per ton by 2030 would achieve Mexico’s mitigation pledges, while raising annual revenues of 1.8 percent of GDP and cumulatively averting 11,600 deaths from local air pollution. The carbon price would raise fossil fuel and electricity prices, imposing burdens of 2.7 percent of consumption on the average Mexican household. However, recycling carbon pricing revenues would offset most of this burden, and targeted transfers could make the reform pro-poor and pro-equity. Additionally, the economic efficiency costs of carbon pricing (0.3 percent of GDP in 2030) are more than offset by local air pollution and other domestic environmental benefits (before even counting climate benefits). Mexico would need a more ambitious 2030 target if it were to follow many other countries in adopting a midcentury ‘net-zero’ emissions target. To enhance the effectiveness of the mitigation strategy, carbon pricing can be reinforced with sectoral instruments, such as feebates in the transport, power, industry, building, forestry, extractive, and agricultural sectors. Complementary policies are also needed to support public investment in the clean energy transition.
Mr. Simon Black, Koralai Kirabaeva, Ian W.H. Parry, Mr. Mehdi Raissi, and Karlygash Zhunussova

C O 2 ) i 2 . Annex C Figure 1. Marginal Abatement Cost Curves for G20 Countries under 2°C Scenario Source: IMF staff calculations based on McCollum and others (2018) . 1 The authors are grateful to the Mexican authorities, Saad Quayyum, and Gregor Schwerhoff for helpful comments and suggestions. 2 The policy recommendations are broadly in line with those in other recent IMF staff assessments of climate mitigation strategies (e.g., Arregui and Parry 2020 , Batini and others 2020 , Black and others 2021 , Parry 2021

International Monetary Fund. Asia and Pacific Dept

The Korean authorities intend to leverage the COVID-19 recovery to transform their economy with a focus on becoming a global digital leader, transitioning from a carbon-dependent to a green economy, and enhancing social inclusiveness. 2 The Korean New Deal (KND), announced in July 2020, provides a series of new policy interventions to help achieve these ambitions. In terms of the envisaged transition to a green economy, Korea’s climate mitigation strategy encompasses several broad objectives, including achieving carbon neutrality by 2050 and reducing

Jean Chateau, Ms. Wenjie Chen, Ms. Florence Jaumotte, and Karlygash Zhunussova
This paper presents ways for China to achieve its climate goals while also attain high-quality growth—growth that is balanced, inclusive, and green. Using a dynamic computable general equilibrium model that is calibrated to China, multiple scenarios are considered that incorporate a sequence of layered policies: (i) frontloading mitigation with an earlier emissions peak, (ii) power market reforms, and (iii) economic rebalancing. The results highlight that these policies can significantly contribute to the success of the climate strategy overall, including by lowering the shadow price of carbon as well as the associated mitigation costs. Distribution analysis offers proposals to lessen the impact on vulnerable households.
Jean Chateau, Ms. Wenjie Chen, Ms. Florence Jaumotte, and Karlygash Zhunussova

This paper presents ways for China to achieve its climate goals while also attain high-quality growth—growth that is balanced, inclusive, and green. Using a dynamic computable general equilibrium model that is calibrated to China, multiple scenarios are considered that incorporate a sequence of layered policies: (i) frontloading mitigation with an earlier emissions peak, (ii) power market reforms, and (iii) economic rebalancing. The results highlight that these policies can significantly contribute to the success of the climate strategy overall, including by lowering the shadow price of carbon as well as the associated mitigation costs. Distribution analysis offers proposals to lessen the impact on vulnerable households.

Ian W.H. Parry and Mr. Philippe Wingender

. Recommended Package of Fiscal Instruments to Reinforce Finland’s Climate Mitigation Strategy 2. Comparing Emission Reduction Targets from EU and National Pledges 3. Effective Carbon Prices by Major Fuel Type in Finland, €/tonne 2020 4. Selected Carbon Pricing Schemes, 2020 5. Key Design Issues for BCAs: A Summary 6. Impact of a €20 Per Tonne of CO2 Equivalent Feebate on Agriculture Figures 1. Global Fossil Fuel CO2 Emissions 2. Trends in Fossil Fuel CO2 Emissions 3. GHG Emissions and LULUCF Withdrawals in Finland 4. Breakdown of GHG Emissions, 2018 5

International Monetary Fund. African Dept.