Macroeconomic And Financial Policies For Climate Change Mitigation A Review Of The Literature

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Macroeconomic and Financial Policies for Climate Change Mitigation: A Review of the Literature

Signe Krogstrup,William Oman
Macroeconomic and Financial Policies for Climate Change Mitigation A Review of the Literature Book PDF

Author : Signe Krogstrup,William Oman
Publisher : International Monetary Fund
Page : 58 pages
File Size : 49,9 Mb
Release : 2019-09-04
Category : Business & Economics
ISBN : 9781513512921

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Macroeconomic and Financial Policies for Climate Change Mitigation: A Review of the Literature by Signe Krogstrup,William Oman Pdf

Climate change is one of the greatest challenges of this century. Mitigation requires a largescale transition to a low-carbon economy. This paper provides an overview of the rapidly growing literature on the role of macroeconomic and financial policy tools in enabling this transition. The literature provides a menu of policy tools for mitigation. A key conclusion is that fiscal tools are first in line and central, but can and may need to be complemented by financial and monetary policy instruments. Some tools and policies raise unanswered questions about policy tool assignment and mandates, which we describe. The literature is scarce, however, on the most effective policy mix and the role of mitigation tools and goals in the overall policy framework.

Review of the Climate Macroeconomic Assessment Program Pilots

International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Review of the Climate Macroeconomic Assessment Program Pilots Book PDF

Author : International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 34 pages
File Size : 43,5 Mb
Release : 2023-06-16
Category : Business & Economics
ISBN : 9798400243387

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Review of the Climate Macroeconomic Assessment Program Pilots by International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

This paper reviews the two Climate Macroeconomic Assessment Program (CMAP) pilots and proposes a way forward. It builds on the experience of the previous six Climate Change Policy Assessment (CCPA) pilots, and the recent rollout of the World Bank’s Country Climate and Development Report (CCDR). It also accounts for early experience with countries requesting support under the Fund’s Resilience and Sustainability Trust (RST). Based on the lessons from pilots and recent developments, staff proposes to streamline the CMAP to focus on the Fund’s comparative advantages in the areas of mitigation, PFM and macro-fiscal impact of climate change policies, provide a streamlined CMAP in exceptional circumstances, and expand more targeted CD in particular in support of RSF countries. This focused and tailored approach would benefit members as it is more agile, allows the Fund to serve more members within the same resource envelope and enhance synergies with other Fund products and the World Bank’s CCDR.

After Paris

Mrs.Mai Farid,Mr.Michael Keen,Mr.Michael G. Papaioannou,Ian W.H. Parry,Ms.Catherine A Pattillo,Anna Ter-Martirosyan
After Paris Book PDF

Author : Mrs.Mai Farid,Mr.Michael Keen,Mr.Michael G. Papaioannou,Ian W.H. Parry,Ms.Catherine A Pattillo,Anna Ter-Martirosyan
Publisher : International Monetary Fund
Page : 46 pages
File Size : 47,5 Mb
Release : 2016-01-11
Category : Business & Economics
ISBN : 9781513506562

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After Paris by Mrs.Mai Farid,Mr.Michael Keen,Mr.Michael G. Papaioannou,Ian W.H. Parry,Ms.Catherine A Pattillo,Anna Ter-Martirosyan Pdf

This paper discusses the implications of climate change for fiscal, financial, and macroeconomic policies. Most pressing is the use of carbon taxes (or equivalent trading systems) to implement the emissions mitigation pledges submitted by 186 countries for the December 2015 Paris Agreement while providing revenue for lowering other taxes or debt. Carbon pricing in developing countries would effectively mobilize climate finance, and carbon price floor arrangements are a promising way to coordinate policies internationally. Targeted fiscal measures that are tailored to national circumstances and robust across climate scenarios are needed to counter private sector under-investment in climate adaptation. And increased disclosure of carbon footprints, stress testing of asset values, and greater proliferation of hedging instruments, will facilitate low-emission investments and climate risk diversification through financial markets.

Macroeconomic and Financial Policies for Climate Change Mitigation: A Review of the Literature

Signe Krogstrup,William Oman
Macroeconomic and Financial Policies for Climate Change Mitigation A Review of the Literature Book PDF

Author : Signe Krogstrup,William Oman
Publisher : International Monetary Fund
Page : 58 pages
File Size : 52,7 Mb
Release : 2019-09-04
Category : Business & Economics
ISBN : 9781513511955

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Macroeconomic and Financial Policies for Climate Change Mitigation: A Review of the Literature by Signe Krogstrup,William Oman Pdf

Climate change is one of the greatest challenges of this century. Mitigation requires a large-scale transition to a low-carbon economy. This paper provides an overview of the rapidly growing literature on the role of macroeconomic and financial policy tools in enabling this transition. The literature provides a menu of policy tools for mitigation. A key conclusion is that fiscal tools are first in line and central, but can and may need to be complemented by financial and monetary policy instruments. Some tools and policies raise unanswered questions about policy tool assignment and mandates, which we describe. The literature is scarce, however, on the most effective policy mix and the role of mitigation tools and goals in the overall policy framework.

Climate Action to Unlock the Inclusive Growth Story of the 21st Century

Amar Bhattacharya,Maksym Ivanyna,William Oman,Nicholas Stern
Climate Action to Unlock the Inclusive Growth Story of the 21st Century Book PDF

Author : Amar Bhattacharya,Maksym Ivanyna,William Oman,Nicholas Stern
Publisher : International Monetary Fund
Page : 65 pages
File Size : 50,7 Mb
Release : 2021-05-26
Category : Business & Economics
ISBN : 9781513573366

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Climate Action to Unlock the Inclusive Growth Story of the 21st Century by Amar Bhattacharya,Maksym Ivanyna,William Oman,Nicholas Stern Pdf

Climate change is a major threat to the sustainability and inclusiveness of our societies, and to the planet’s habitability. A just transition to a low-carbon economy is the only viable way forward. This paper reviews the climate change challenge. It stresses the criticality of systems changes (energy, transport, urban, land use, water) in a climate-challenged world, and the importance of infrastructure investment geared toward such systems changes. The key policies to enable the transition are: public spending on and investment frameworks for sustainable infrastructure, pricing carbon, regulations, promoting sustainable use of natural resources, scaling up and aligning finance with climate objectives, low-carbon industrial and innovation policies, building resilience and adaptation, better measurement of well-being and sustainability, and providing information and education on climate risks. Implemented well, climate action would unlock the inclusive growth story of the 21st century, making our societies more sustainable, inclusive, and prosperous.

Financial Regulation, Climate Change, and the Transition to a Low-Carbon Economy: A Survey of the Issues

Mr. Dimitri G Demekas,Pierpaolo Grippa
Financial Regulation Climate Change and the Transition to a Low Carbon Economy A Survey of the Issues Book PDF

Author : Mr. Dimitri G Demekas,Pierpaolo Grippa
Publisher : International Monetary Fund
Page : 45 pages
File Size : 42,6 Mb
Release : 2021-12-17
Category : Business & Economics
ISBN : 9781616356521

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Financial Regulation, Climate Change, and the Transition to a Low-Carbon Economy: A Survey of the Issues by Mr. Dimitri G Demekas,Pierpaolo Grippa Pdf

There are demands on central banks and financial regulators to take on new responsibilities for supporting the transition to a low-carbon economy. Regulators can indeed facilitate the reorientation of financial flows necessary for the transition. But their powers should not be overestimated. Their diagnostic and policy toolkits are still in their infancy. They cannot (and should not) expand their mandate unilaterally. Taking on these new responsibilities can also have potential pitfalls and unintended consequences. Ultimately, financial regulators cannot deliver a low-carbon economy by themselves and should not risk being caught again in the role of ‘the only game in town.’

Investing to Mitigate and Adapt to Climate Change

Anthony Bonen,Mr.Prakash Loungani,Willi Semmler,Sebastian Koch
Investing to Mitigate and Adapt to Climate Change Book PDF

Author : Anthony Bonen,Mr.Prakash Loungani,Willi Semmler,Sebastian Koch
Publisher : International Monetary Fund
Page : 46 pages
File Size : 43,9 Mb
Release : 2016-08-05
Category : Business & Economics
ISBN : 9781475523690

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Investing to Mitigate and Adapt to Climate Change by Anthony Bonen,Mr.Prakash Loungani,Willi Semmler,Sebastian Koch Pdf

We propose a macroeconomic model to assess optimal public policy decisions in the the face of competing funding demands for climate change action versus traditional welfare-enhancing capital investment. How to properly delineate the costs and benefits of traditional versus adaption-focused development remains an open question. The paper places particular emphasis on the changing level of risk and vulnerabilities faced by developing countries as they allocate investment toward growth strategies, adapting to climate change and emissions mitigation.

Managing Climate Risk in the U.S. Financial System

Leonardo Martinez-Diaz,Jesse M. Keenan
Managing Climate Risk in the U S Financial System Book PDF

Author : Leonardo Martinez-Diaz,Jesse M. Keenan
Publisher : U.S. Commodity Futures Trading Commission
Page : 196 pages
File Size : 52,8 Mb
Release : 2020-09-09
Category : Science
ISBN : 9780578748412

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Managing Climate Risk in the U.S. Financial System by Leonardo Martinez-Diaz,Jesse M. Keenan Pdf

This publication serves as a roadmap for exploring and managing climate risk in the U.S. financial system. It is the first major climate publication by a U.S. financial regulator. The central message is that U.S. financial regulators must recognize that climate change poses serious emerging risks to the U.S. financial system, and they should move urgently and decisively to measure, understand, and address these risks. Achieving this goal calls for strengthening regulators’ capabilities, expertise, and data and tools to better monitor, analyze, and quantify climate risks. It calls for working closely with the private sector to ensure that financial institutions and market participants do the same. And it calls for policy and regulatory choices that are flexible, open-ended, and adaptable to new information about climate change and its risks, based on close and iterative dialogue with the private sector. At the same time, the financial community should not simply be reactive—it should provide solutions. Regulators should recognize that the financial system can itself be a catalyst for investments that accelerate economic resilience and the transition to a net-zero emissions economy. Financial innovations, in the form of new financial products, services, and technologies, can help the U.S. economy better manage climate risk and help channel more capital into technologies essential for the transition. https://doi.org/10.5281/zenodo.5247742

Climate Change 2022 - Mitigation of Climate Change

Intergovernmental Panel on Climate Change (IPCC)
Climate Change 2022 Mitigation of Climate Change Book PDF

Author : Intergovernmental Panel on Climate Change (IPCC)
Publisher : Cambridge University Press
Page : 2042 pages
File Size : 40,6 Mb
Release : 2023-08-17
Category : Science
ISBN : 9781009176965

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Climate Change 2022 - Mitigation of Climate Change by Intergovernmental Panel on Climate Change (IPCC) Pdf

This Working Group III contribution to the IPCC Sixth Assessment Report provides a comprehensive and transparent assessment of the literature on climate change mitigation. The report assesses progress in climate change mitigation options for reducing emissions and enhancing sinks. With greenhouse gas emissions at the highest levels in human history, this report provides options to achieve net zero, as pledged by many countries. The report highlights for the first time the social and demand-side aspects of climate mitigation, and assesses the literature on human behaviour, lifestyle, and culture, and its implications for mitigation action. It brings a wide range of disciplines, notably from the social sciences, within the scope of the assessment. IPCC reports are a trusted source for decision makers, policymakers, and stakeholders at all levels (international, regional, national, local) and in all branches (government, businesses, NGOs). Available as Open Access on Cambridge Core.

Central Banking, Monetary Policy and the Environment

Rochon, Louis-Philippe,Kappes, Sylvio,Vallet, Guillaume
Central Banking Monetary Policy and the Environment Book PDF

Author : Rochon, Louis-Philippe,Kappes, Sylvio,Vallet, Guillaume
Publisher : Edward Elgar Publishing
Page : 287 pages
File Size : 43,6 Mb
Release : 2022-08-16
Category : Business & Economics
ISBN : 9781800371958

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Central Banking, Monetary Policy and the Environment by Rochon, Louis-Philippe,Kappes, Sylvio,Vallet, Guillaume Pdf

Part of the Elgar Series on Central Banking and Monetary Policy, this book explores the relationship between central banking, monetary policy and the economy at large. It focuses on the specific relationship between central banking, monetary policy and the environment as central banks wake up to new realities.

Sustainable Finance in Europe

Danny Busch,Guido Ferrarini,Seraina Grünewald
Sustainable Finance in Europe Book PDF

Author : Danny Busch,Guido Ferrarini,Seraina Grünewald
Publisher : Springer Nature
Page : 512 pages
File Size : 47,8 Mb
Release : 2021-07-05
Category : Business & Economics
ISBN : 9783030718343

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Sustainable Finance in Europe by Danny Busch,Guido Ferrarini,Seraina Grünewald Pdf

The aim of this edited volume is to bring together the views of expert academics and practitioners on the latest regulatory developments in sustainable finance in Europe. The volume includes a wide range of cutting-edge issues, which relate to three main themes along which the volume is structured: (1) corporate governance; (2) financial stability; and (3) financial markets. With individual contributions deploying different methods of analysis, including theoretical contributions on the status quo of macro-financial research as well as law and economics approaches, the collection encourages interdisciplinary readership and will appeal to those researching capital markets law, European financial law, and sustainable finance, as well as practitioners within the finance industry.

CAREC 2030: Supporting Regional Actions to Address Climate Change

Asian Development Bank
CAREC 2030 Supporting Regional Actions to Address Climate Change Book PDF

Author : Asian Development Bank
Publisher : Asian Development Bank
Page : 262 pages
File Size : 42,9 Mb
Release : 2023-04-01
Category : Business & Economics
ISBN : 9789292701062

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CAREC 2030: Supporting Regional Actions to Address Climate Change by Asian Development Bank Pdf

The report's overarching conclusion is that CAREC has a unique and urgent opportunity to chart a course of proactive, systematic, and strategic engagement in supporting its member countries in reinforcing, modifying, and implementing existing national strategies on climate change mitigation and adaptation, and in developing a range of regional actions in response to the regional nature of many climate change impacts and solutions.

Fiscal Monitor, October 2019

International Monetary Fund. Fiscal Affairs Dept.
Fiscal Monitor October 2019 Book PDF

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 96 pages
File Size : 49,8 Mb
Release : 2019-10-10
Category : Business & Economics
ISBN : 9781513515328

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Fiscal Monitor, October 2019 by International Monetary Fund. Fiscal Affairs Dept. Pdf

This report emphasizes the environmental, fiscal, economic, and administrative case for using carbon taxes, or similar pricing schemes such as emission trading systems, to implement climate mitigation strategies. It provides a quantitative framework for understanding their effects and trade-offs with other instruments and applies it to the largest advanced and emerging economies. Alternative approaches, like “feebates” to impose fees on high polluters and give rebates to cleaner energy users, can play an important role when higher energy prices are difficult politically. At the international level, the report calls for a carbon price floor arrangement among large emitters, designed flexibly to accommodate equity considerations and constraints on national policies. The report estimates the consequences of carbon pricing and redistribution of its revenues for inequality across households. Strategies for enhancing the political acceptability of carbon pricing are discussed, along with supporting measures to promote clean technology investments.

Environmental Finance and Green Banking

Samsul Alam,Sergey Sosnovskikh
Environmental Finance and Green Banking Book PDF

Author : Samsul Alam,Sergey Sosnovskikh
Publisher : Taylor & Francis
Page : 231 pages
File Size : 52,7 Mb
Release : 2023-05-31
Category : Business & Economics
ISBN : 9781000874877

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Environmental Finance and Green Banking by Samsul Alam,Sergey Sosnovskikh Pdf

Environmental finance and green banking are central drivers of the transition to a sustainable economy and essential components in solutions to climate change. This book presents the latest research on theory and practices in these interdisciplinary fields, incorporating both public and corporate finance. It introduces three parts – environmental investing and financing, green banking and environmental policies in the public sector. The book explores the current trends, dynamics and ways forward for environmental finance and green banking, including fundamental theories (e.g., environmental Kuznets curve) and comparisons between traditional and green bond efficiency, corporate governance practices and disclosure, green central banking, climate finance, sustainable strategies, green Islamic banking, and public climate fund management in multi-country contexts. The contributors to this book highlight significant challenges ahead while recognizing potential opportunities, such as the revolution in green investments and trading in green bonds. This book is a welcome addition to the literature on environmental economics and finance and the economics of sustainability and climate change.

The Macroeconomics of Decarbonisation

Grégory Claeys,Marie Le Mouel,Simone Tagliapietra,Guntram B. Wolff,Georg Zachmann
The Macroeconomics of Decarbonisation Book PDF

Author : Grégory Claeys,Marie Le Mouel,Simone Tagliapietra,Guntram B. Wolff,Georg Zachmann
Publisher : Cambridge University Press
Page : 347 pages
File Size : 50,6 Mb
Release : 2024-02-08
Category : Business & Economics
ISBN : 9781009438384

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The Macroeconomics of Decarbonisation by Grégory Claeys,Marie Le Mouel,Simone Tagliapietra,Guntram B. Wolff,Georg Zachmann Pdf

Decarbonisation is the reduction of carbon dioxide emissions using low carbon power sources, lowering output of greenhouse gasses into the atmosphere. This is essential to meet global temperature standards set by international climate agreements. To limit global warming to 1.5°C, hence avoiding the worst-case scenarios predicted by climate science, the world economy must rapidly reduce its emissions and reach climate neutrality within the next three decades. This will not be an easy journey. Shifting away from carbon-intensive production will require a historic transformation of the structure of our economies. Written by a team of academics linked to the European think tank Bruegel, The Macroeconomics of Decarbonisation provides a guide to the macroeconomic fundamentals of decarbonisation. It identifies the major economic transformations, both over the long- and short-run, and the roadblocks requiring policy intervention. It proposes a macroeconomic policy agenda for decarbonisation to achieve the climate goals of the international community.