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Political Science > Environmental Policy

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Cover IMF Working Papers
A Market for Brown Assets To Make Finance Green
Mr. Domenico Fanizza and Laura Cerami
This paper proposes a market solution to enhance the role of the financial sector in the green transition. Developing a secondary market for “brown exposures” can allow banks to dispose more quickly of stranded assets thereby increasing their capacity to finance green investments. Furthermore, newly created instruments – the brown assets backed securities (B-ABS) - can expand the diversification opportunities for specialized green investors and, thus, attract additional resources for new green investments. The experience of the secondary market for non-performing loans suggests that targeted policy and regulatory measures can simultaneously support the development of the secondary market for brown assets and green finance.
Keywords:
Green finance; financial innovation; greenium; financial sector; climate change; market solution; experience of the secondary market; green transition; policy simulation; Climate finance; Nonperforming loans; Securities markets; Climate policy; Global; Europe
Cover IMF Working Papers
A Framework for Comparing Climate Mitigation Policies Across Countries
Mr. Simon Black, Danielle N Minnett, Ian W.H. Parry, Mr. James Roaf, and Karlygash Zhunussova
There is growing interest in international coordination over climate mitigation policy. Climate clubs or international carbon price floors could complement the Paris Agreement by helping to deliver the near-term cuts in global greenhouse gas emissions needed to contain global warming to 1.5 to 2oC. To ensure inclusivity, these arrangements need to account for varying mitigation policies across countries, including carbon pricing, fuel taxes, subsidy reform, and non-pricing approaches like regulations. A transparent methodology is needed to compare and monitor mitigation effort by countries implementing diverse policy packages. This paper presents and illustrates a methodology for converting climate mitigation policies and targets into their carbon price equivalents and applies it to the Group of Twenty (G20) countries.
Keywords:
Emissions reductions; carbon price equivalence; G20; non-pricing instrument; sectoral target; fuel taxes; temperature aligned mitigation.; climate mitigation policy; annex B. policy equivalence; reductions from Policites; policy package; industry emissions target; policy instrument; mitigation approach; emissions impact; BAU emissions projection; emission rate standard; Greenhouse gas emissions; Fuel tax; Climate policy; Global; Africa
Cover IMF Working Papers
Regional Disparities in Europe
Mr. Ravi Balakrishnan, Mr. Christian H Ebeke, Melih Firat, Mr. Davide Malacrino, and Louise Rabier
While the level of disparities across regions in 10 advanced European economies studied in this paper mostly reflects productivity gaps, the increase since the Great Recession has resulted from diverging unemployment rates. Following the pandemic, this could be further exacerbated given teleworkability rates are lower in poorer regions than in high-income regions, making them ex-ante more vulnerable to the pandemic’s likely material impact on the prevalence of remote work. Preliminary evidence from 2020 confirms that regional disparities between countries increased during 2020. A further concern is that the pandemic might accelerate the automation of jobs across Europe, something which often happens following recessions. While lagging regions have lower ex-ante vulnerabilities against the routinization, the transformation of jobs through sectors with higher routinization rates in these regions could increase their vulnerability to technological change over time. The green transition could also lead to challenges for regions that have benefitted from carbon-intensive growth strategies. Finally, the paper discusses the role for policies—including placed-based ones—in reducing disparities in the face of the aforementioned short, medium, and long-term risks.
Keywords:
Regional inequality; teleworkability; automation; climate change; workability rate; growth tradeoff; productivity gap; The Green; IMF staff calculation; Greenhouse gas emissions; COVID-19; Employment; Climate policy; Global financial crisis of 2008-2009; Europe
Cover IMF Working Papers
The Long-Run Decoupling of Emissions and Output: Evidence from the Largest Emitters
Gail Cohen, João Tovar Jalles, Mr. Prakash Loungani, and Ricardo Marto
For the world's 20 largest emitters, we use a simple trend/cycle decomposition to provide evidence of decoupling between greenhouse gas emissions and output in richer nations, particularly in European countries, but not yet in emerging markets. If consumption-based emissions—measures that account for countries' net emissions embodied in cross-border trade—are used, the evidence for decoupling in the richer economies gets weaker. Countries with underlying policy frameworks more supportive of renewable energy and climate change mitigation efforts tend to show greater decoupling between trend emissions and trend GDP, and for both production- and consumption-based emissions. The relationship between trend emissions and trend GDP has also become much weaker in the last two decades than in preceding decades.
Keywords:
WP; trend elasticity; Emissions; Environmental Okun’s Law; Environmental Kuznets Curve; coefficient estimate; GHG emitter; elasticity estimate; consumption pattern; Greenhouse gas emissions; Emerging and frontier financial markets; Climate change; Environmental policy; Climate policy; Global