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Political Science > Environmental Policy

You are looking at 1 - 10 of 73 items for :

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  • Environmental economics x
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Cover Staff Climate Notes
Sleepwalking to the Cliff Edge? A Wake-up Call for Global Climate Action
Simon Black, Ian W.H. Parry, and Karlygash Zhunussova
Urgent action to cut greenhouse gas (GHG) emissions is needed now. Early next year, all countries will set new emissions targets for 2035 while revising their 2030 targets. Global GHGs must be cut by 25 and 50 percent below 2019 levels by 2030 to limit global warming to 2°C and 1.5°C respectively. But current targets would only cut emissions by 12 percent, meaning global ambition needs to be doubled to quadrupled. Further delay will lead to an ‘emissions cliff edge’, implying implausible cuts in GHGs and putting put 1.5°C beyond reach. This Note provides IMF staff’s annual assessment of global climate mitigation policy. It illustrates options for equitably aligning country targets with the Paris Agreement’s temperature goals. It also provides guidance on modelling needed to set emissions targets and quantify climate mitigation policy impacts.
Keywords:
Paris Agreement; climate mitigation; carbon pricing; climate finance; climate investment; IMF staff Climate note; part of the International Monetary Fund; IMF staff Climate; IMF analysis; IMF staff Climate Note 2024/006; cliff edge; Greenhouse gas emissions; Climate change; Global
Cover Selected Issues Papers
Deep Dive on the Climate Transition for France: Macroeconomic Implications, Fiscal Policies, and Financial Risks
Iulia Ruxandra Teodoru, Xun Li, Rachel Lee, Hugo Rojas-Romagosa, and Nate Vernon
Climate change presents an unprecedented long-term challenge to the French and global economy. While France has made significant progress towards reducing greenhouse gas emissions, important additional policy efforts will be needed to meet key mitigation targets. Decarbonization costs and risks can be significant, highlighting the need to identify efficient and equitable fiscal and regulatory policy options to meet emission goals. To accelerate the green transition and mitigate its costs, France has increasingly relied on green spending measures, which could be complemented by higher carbon pricing and other revenue-neutral schemes. Recycling of revenues via cash transfers could offset the price impact on lower-income households. Over the medium term, new measures for road transportation, such as distance-based charges, could also be considered. Ensuring a timely and orderly climate transition will be critical to mitigate the credit risk impact on banks. French banks should also continue to mitigate climate transition risks by integrating them into their governance, strategy, and risk management processes.
Keywords:
Climate Transition; Climate fiscal policies; Financial transition risks; policy option; climate transition risk; reform option; EU climate policy; transportation revenue; Greenhouse gas emissions; Global; Europe
Cover IMF Working Papers
Policy Options for Climate Mitigation: Emissions Trading Schemes in Asia-Pacific
Margaux MacDonald and Ian W.H. Parry
Large reductions in global emissions are needed for the world to be on track to meet global temperature goals. Asia-Pacific countries have a critical role in emissions reduction given their large and rising share in global emissions. This paper discusses the main opportunities and behavioral responses for reducing emissions, and commonly used mitigation instruments. It then considers key design issues for carbon pricing, with a focus on emissions trading schemes (ETS), describes measures to overcome the obstacles to carbon pricing, and discusses experiences with carbon pricing relevant for Asia-Pacific economies. Lastly, the paper covers complementary policy reforms, including reinforcing mitigation instruments, public investment, fuel tax reform, green industrial policies, and supporting reforms to the energy sector. Carbon pricing, including ETSs can be the centerpiece of climate mitigation strategies for most countries, particularly if ETSs are designed to mimic some of the administrative and economic attractions of carbon taxes and implemented appropriately.
Keywords:
Emissions trading scheme; climate; Asia; mitigation instrument; climate mitigation strategy; mitigation opportunity; Asia-Pacific country; policy reform; transmission company; Carbon tax; Greenhouse gas emissions; Non-wage benefits; Asia and Pacific; Global
Cover IMF Staff Country Reports
France: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper aims to deep dive on the climate transition for France. The paper discusses macroeconomic implications, fiscal policies, and financial risks. France has taken a leadership role in global mitigation initiatives. French banks should also continue to mitigate climate transition risks by integrating them into their governance, strategy, and risk management processes. Revenue could be recycled through targeted cash transfers to vulnerable households and reductions in labor and/or corporate income taxes. Sectoral policies can usefully complement carbon pricing while helping balancing fiscal, economic, equity, and acceptability objectives. Transitioning to distance-based charges can help close emissions gaps, reach the sectoral carbon budget, and maintain revenue. The transition toward a low-carbon economy and the structural changes associated with it can pose important economic and financial challenges, if not well-managed and timed. A growing number of central banks and global institutions increasingly acknowledge the financial stability implications of climate transition risk.
Keywords:
EU climate policy; E. climate transition risk; reform option; transportation revenue; climate target; Greenhouse gas emissions; Global; Europe