Surging Energy Prices In Europe In The Aftermath Of The War How To Support The Vulnerable And Speed Up The Transition Away From Fossil Fuels

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Surging Energy Prices in Europe in the Aftermath of the War: How to Support the Vulnerable and Speed Up the Transition Away from Fossil Fuels

Mr. Anil Ari,Mr. Nicolas Arregui,Mr. Simon Black,Oya Celasun,Ms. Dora M Iakova,Ms. Aiko Mineshima,Victor Mylonas,Ian W.H. Parry,Iulia Teodoru,Karlygash Zhunussova
Surging Energy Prices in Europe in the Aftermath of the War How to Support the Vulnerable and Speed Up the Transition Away from Fossil Fuels Book PDF

Author : Mr. Anil Ari,Mr. Nicolas Arregui,Mr. Simon Black,Oya Celasun,Ms. Dora M Iakova,Ms. Aiko Mineshima,Victor Mylonas,Ian W.H. Parry,Iulia Teodoru,Karlygash Zhunussova
Publisher : International Monetary Fund
Page : 41 pages
File Size : 51,5 Mb
Release : 2022-07-29
Category : Business & Economics
ISBN : 9798400214592

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Surging Energy Prices in Europe in the Aftermath of the War: How to Support the Vulnerable and Speed Up the Transition Away from Fossil Fuels by Mr. Anil Ari,Mr. Nicolas Arregui,Mr. Simon Black,Oya Celasun,Ms. Dora M Iakova,Ms. Aiko Mineshima,Victor Mylonas,Ian W.H. Parry,Iulia Teodoru,Karlygash Zhunussova Pdf

We estimate that the recent surge in international fossil fuel prices will raise European households’ cost of living in 2022 by close to 7 percent of consumption on average. Household burdens vary significantly across and within countries, but in most cases they are regressive. Policymakers have mostly responded to the shock with broad-based price-suppressing measures, including subsidies, tax reductions, and price controls. Going forward, the policy emphasis should shift rapidly towards allowing price signals to operate more freely and providing income relief to the vulnerable. The surge in energy prices will encourage energy conservation and investments in renewable energy, but the manyfold rise in natural gas prices could lead to a persistent switch towards coal. To ensure steady progress towards carbon emissions reduction goals, authorities could use the opportunity to strengthen carbon pricing when global fossil fuel prices decline in the future. Non-price incentives for investments in energy efficiency and renewable energy should also be enhanced, as envisaged in the RePowerEU plan.

Vulnerable Households in the Energy Transition

Rossella Bardazzi,Maria Grazia Pazienza
Vulnerable Households in the Energy Transition Book PDF

Author : Rossella Bardazzi,Maria Grazia Pazienza
Publisher : Springer Nature
Page : 269 pages
File Size : 44,6 Mb
Release : 2023-09-17
Category : Business & Economics
ISBN : 9783031356841

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Vulnerable Households in the Energy Transition by Rossella Bardazzi,Maria Grazia Pazienza Pdf

This open access book explores the energy transition / energy poverty nexus in the European Union, including the implications of the transition and related policies for the household sector. Written by experts on energy economics, energy studies and related fields, it examines the impacts and costs of the energy transition (including those caused by carbon pricing) for the economy and for families in particular. Providing case studies on Germany, France, Italy, Spain and Greece, the contributing authors highlight current overlapping vulnerabilities for households, show the effects of decarbonization policies on relative prices, and discuss strategies for reducing energy poverty while also decarbonizing. Moreover, they address household and consumer vulnerabilities in connection with societal transformations such as demographic changes and the aging populations of Europe and particularly Italy. Given its scope, the book will appeal to scholars and students of energy studies, energy economics and related fields, and to anyone interested in the benefits and costs of the ongoing energy transition.

Energy Security and The Green Transition

Jaden Kim,Augustus J Panton,Gregor Schwerhoff
Energy Security and The Green Transition Book PDF

Author : Jaden Kim,Augustus J Panton,Gregor Schwerhoff
Publisher : International Monetary Fund
Page : 34 pages
File Size : 45,6 Mb
Release : 2024-01-12
Category : Business & Economics
ISBN : 9798400263743

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Energy Security and The Green Transition by Jaden Kim,Augustus J Panton,Gregor Schwerhoff Pdf

The current energy crisis has raised important policy questions on how to strengthen short-term energy security while remaining firmly committed to the green transition, a challenge amplified by the recent consensus at COP28 to transition away from fossil fuels. This paper examines the historical determinants of the security of energy supply and analyzes the green transition implications for energy security. Looking back, we find that the diversification of energy trade partners, or the lack thereof, was the main factor that underpinned energy security dynamics within and across countries over the last two decades. Looking ahead, the green transition is expected to have a net positive effect on energy security provided investments are aligned to address new challenges posed by the increased reliance on renewables.

Consumer Finance Risk Monitor

OECD
Consumer Finance Risk Monitor Book PDF

Author : OECD
Publisher : OECD Publishing
Page : 108 pages
File Size : 45,5 Mb
Release : 2024-01-24
Category : Electronic
ISBN : 9789264376472

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Consumer Finance Risk Monitor by OECD Pdf

Using original data collected from governments around the globe, the Consumer Finance Risk Monitor analyses the constantly evolving issues and risks facing consumers of financial products and services.

The IMF-World Bank Climate Policy Assessment Tool (CPAT): A Model to Help Countries Mitigate Climate Change

Mr. Simon Black,Ian W.H. Parry,Mr. Victor Mylonas,Nate Vernon,Karlygash Zhunussova
The IMF World Bank Climate Policy Assessment Tool CPAT A Model to Help Countries Mitigate Climate Change Book PDF

Author : Mr. Simon Black,Ian W.H. Parry,Mr. Victor Mylonas,Nate Vernon,Karlygash Zhunussova
Publisher : International Monetary Fund
Page : 73 pages
File Size : 44,5 Mb
Release : 2023-06-23
Category : Business & Economics
ISBN : 9798400242342

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The IMF-World Bank Climate Policy Assessment Tool (CPAT): A Model to Help Countries Mitigate Climate Change by Mr. Simon Black,Ian W.H. Parry,Mr. Victor Mylonas,Nate Vernon,Karlygash Zhunussova Pdf

To stabilize the climate, global greenhouse gas emissions must be cut by 25 to 50 percent by 2030 compared to 2019. Such an unprecedented rate of decarbonization necessitates climate mitigation policies across countries, notably carbon pricing, fossil fuel subsidy reform, renewable subsidies, feebates, emission rate regulations, and public investments. To design and implement effective, efficient, and equitable policies, governments need tools to assess economic, environmental, fiscal, and social impacts. To support this effort, the IMF and World Bank are making their joint Climate Policy Assessment Tool (CPAT) available to governments. CPAT is a transparent, flexible, and user-friendly model covering over 200 countries. It allows for the rapid quantification of impacts of climate mitigation policies, including on energy demand, prices, emissions, revenues, welfare, GDP, households and industries, local air pollution and health, and many other metrics. This paper describes the CPAT model, its data sources, key assumptions, and caveats.

Medium-term Macroeconomic Effects of Russia’s War in Ukraine and How it Affects Energy Security and Global Emission Targets

Hugo Rojas-Romagosa
Medium term Macroeconomic Effects of Russia s War in Ukraine and How it Affects Energy Security and Global Emission Targets Book PDF

Author : Hugo Rojas-Romagosa
Publisher : International Monetary Fund
Page : 41 pages
File Size : 49,8 Mb
Release : 2024-03
Category : Business & Economics
ISBN : 9798400264269

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Medium-term Macroeconomic Effects of Russia’s War in Ukraine and How it Affects Energy Security and Global Emission Targets by Hugo Rojas-Romagosa Pdf

Russia’s war in Ukraine has disrupted the supply of natural gas for many European countries, triggering an energy crisis and affecting energy security. We simulate the medium-term effects of these trade disruptions and find that most European countries have limited GDP losses but those more dependent on Russian natural gas face moderate losses. European fossil fuel consumption and emissions are reduced and after accounting for the war impacts, achieving Europe’s emission targets becomes slightly less costly. In terms of energy security, the war eliminates European energy dependency from Russian imports, but most of the natural gas and oil imports will be substituted by other suppliers. We also find that constructing a new Russian pipeline to China does not provide significant macroeconomic benefits to either country.

The 2020-2022 Inflation Surge Across Europe: A Phillips-Curve-Based Dissection

Chikako Baba,Mr. Romain A Duval,Ting Lan,Petia Topalova
The 2020 2022 Inflation Surge Across Europe A Phillips Curve Based Dissection Book PDF

Author : Chikako Baba,Mr. Romain A Duval,Ting Lan,Petia Topalova
Publisher : International Monetary Fund
Page : 25 pages
File Size : 40,9 Mb
Release : 2023-02-10
Category : Business & Economics
ISBN : 9798400234385

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The 2020-2022 Inflation Surge Across Europe: A Phillips-Curve-Based Dissection by Chikako Baba,Mr. Romain A Duval,Ting Lan,Petia Topalova Pdf

In 2021-22, inflation in Europe soared to multidecade highs, consistently exceeding policymakers’ forecasts and surprising with its wide cross-country dispersion. This paper analyzes the key drivers of the inflation surge in Europe and its variation across countries. The analysis highlights significant differences in Phillips curve parameters across Europe’s economies. Inflation is more sensitive to domestic slack and external price pressures in emerging European economies compared to their advanced counterparts, which contributed to a greater passthrough of global commodity price shocks into domestic prices, and, consequently, to larger increases in inflation rates. Across Europe, inflation also appears to have become increasingly backward looking and more sensitive to commodity price shocks since the onset of the COVID-19 pandemic. This finding helps explain why conventional (Phillips curve) inflation models consistently underpredicted the 2021-2022 inflation surge, although it remains too early to conclude there has been a structural break in the inflation process.

The ESG Framework and the Energy Industry

James Thewissen,Özgür Arslan-Ayaydin,Wim Westerman,André Dorsman
The ESG Framework and the Energy Industry Book PDF

Author : James Thewissen,Özgür Arslan-Ayaydin,Wim Westerman,André Dorsman
Publisher : Springer Nature
Page : 314 pages
File Size : 48,6 Mb
Release : 2024-01-13
Category : Business & Economics
ISBN : 9783031484575

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The ESG Framework and the Energy Industry by James Thewissen,Özgür Arslan-Ayaydin,Wim Westerman,André Dorsman Pdf

This book contributes to a better understanding of the importance of environmental, social, and governance (ESG) principles for corporate value in the energy industry. In particular, it analyzes how the energy industry is achieving this shift in response to government regulations and how it is addressing specific ESG issues. It discusses various economic incentives and market-based policies for ESG activities in the energy sector and highlights how energy firms are using environmental, social and governance initiatives to create value. In turn, the book demonstrates how ESG principles can be implemented while considering various economic and corporate issues, such as financial markets, financial risks, asset pricing, value at risk, capital structure, capital budgeting, corporate (re)structuring, corporate governance, behavioral finance, financial performance, asset pricing, cost control, financial accounting, fiscal issues, institutions, governance, and legal aspects. Accordingly, it will appeal to scholars of economics, finance, and energy policy, and to anyone interested in the implementation of ESG principles in the energy industry. This is the ninth book in a series organized by the Centre for Energy and Value Issues (CEVI). In this book, CEVI collaborates with the Hacettepe University Energy Markets Research and Application Center (Ankara, Turkey). The previous volumes in the series were: Financial Aspects in Energy (2011), Energy Economics and Financial Markets (2012), Perspectives on Energy Risk (2014), Energy Technology and Valuation Issues (2015), Energy and Finance (2016), Energy Economy, Finance and Geostrategy (2018), Financial Implications of Regulations in the Energy Industry (2020) and Applied Operations Research and Financial Modelling in Energy (2021).

Policy measures to compensate for increasing costs of energy

Erik Gråd,Henrik Lindhjem,Jette Bredahl Jacobsen,Alexander Eriksson,Stefan Åström,Erika Karttinen,Niels Baumert,Christian Fromberg
Policy measures to compensate for increasing costs of energy Book PDF

Author : Erik Gråd,Henrik Lindhjem,Jette Bredahl Jacobsen,Alexander Eriksson,Stefan Åström,Erika Karttinen,Niels Baumert,Christian Fromberg
Publisher : Nordic Council of Ministers
Page : 70 pages
File Size : 53,7 Mb
Release : 2024-07-01
Category : Political Science
ISBN : 9789289378178

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Policy measures to compensate for increasing costs of energy by Erik Gråd,Henrik Lindhjem,Jette Bredahl Jacobsen,Alexander Eriksson,Stefan Åström,Erika Karttinen,Niels Baumert,Christian Fromberg Pdf

Available online: https://pub.norden.org/temanord2024-517/ The Nordic region's climate change goals are challenged by significant energy price hikes from 2021 to 2023. Nordic governments implemented various price compensation measures, but their impact on social-, climate-, and environmental goals remains uncertain. The impact evaluation presented in this report highlights that the Nordic measures were characterised by diverse designs, rapid yet problematic implementation, and limited redistribution to low-income households. Several measures discouraged effective resource allocation and emission reduction. To reduce the risk of conflict between compensation measures and climate change policy it is important that measures are understood as temporary. Measures that utilise flat rate or regressive patterns for transfer of funds, and that decouple funds from current consumption, should have been more effective that most of the measures utilised.

Data for a Greener World

International Monetary Fund
Data for a Greener World Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 231 pages
File Size : 55,7 Mb
Release : 2023-03-15
Category : Business & Economics
ISBN : 9798400217296

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Data for a Greener World by International Monetary Fund Pdf

Data for a Greener World presents a structured discussion on how to measure the economic and financial dimensions of climate change. It combines economic theory and analysis with real world examples of how climate data can be constructed for different country settings, based on existing climate science and economic data. The book identifies important climate data gaps, as well as practical and innovative approaches to close many of these gaps. The book discusses how to track greenhouse gas emission by production and consumption (Chapters 1-2), which lead to physical risks (Chapters 3-4) and transition risks (Chapters 5-7) and concludes with cross-border implications of climate risks (Chapters 8-9). The book also showcases a collaboration of seven international organizations: European Central Bank, Eurostat, International Energy Agency, International Monetary Fund, Organisation for Economic Cooperation and Development, World Bank, and World Trade Organization. Chapter contributions come from leading practitioners and experts in the fields of energy and climate change issues. This volume also serves as a reference guide for the IMF's Climate Change Indicators Dashboard and future research in this area.

Targeted, Implementable, and Practical Energy Relief Measures for Households in Europe

Mr. Nicolas Arregui,Oya Celasun,Dora Iakova,Ms. Dora M Iakova,Ms. Aiko Mineshima,Mr. Victor Mylonas,Frederik Toscani,Mr. Frederik G Toscani,Yu Ching Wong,Mr. Li Zeng,Jing Zhou
Targeted Implementable and Practical Energy Relief Measures for Households in Europe Book PDF

Author : Mr. Nicolas Arregui,Oya Celasun,Dora Iakova,Ms. Dora M Iakova,Ms. Aiko Mineshima,Mr. Victor Mylonas,Frederik Toscani,Mr. Frederik G Toscani,Yu Ching Wong,Mr. Li Zeng,Jing Zhou
Publisher : International Monetary Fund
Page : 24 pages
File Size : 43,5 Mb
Release : 2022-12-16
Category : Business & Economics
ISBN : 9798400227400

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Targeted, Implementable, and Practical Energy Relief Measures for Households in Europe by Mr. Nicolas Arregui,Oya Celasun,Dora Iakova,Ms. Dora M Iakova,Ms. Aiko Mineshima,Mr. Victor Mylonas,Frederik Toscani,Mr. Frederik G Toscani,Yu Ching Wong,Mr. Li Zeng,Jing Zhou Pdf

The recommended way of helping households during the ongoing European energy crisis is to allow price signals to operate freely while providing targeted compensation to the vulnerable. In practice, however, institutional, political, and technical constraints have led many European governments to adopt broad, price-suppressing measures, which impede the adjustment in demand, have high fiscal costs, and widen cross-country gaps in prices. This paper focuses on easy-to-implement, second-best policies. Bonuses or rebates on energy bills (that are not linked to the current volume of consumption) or block tariffs are simple options which would improve on the current policy design in many countries. To avoid stoking inflation, fiscal policy should not add to aggregate demand, so relief for energy bills should be targeted and coupled with offsetting fiscal measures. One option is to reclaim the relief from the better-off through income taxation, which would also make support more progressive.

Built Environment through a Well-being Lens

OECD
Built Environment through a Well being Lens Book PDF

Author : OECD
Publisher : OECD Publishing
Page : 143 pages
File Size : 50,8 Mb
Release : 2023-11-13
Category : Electronic
ISBN : 9789264323124

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Built Environment through a Well-being Lens by OECD Pdf

The report explores how the built environment (i.e. housing, transport, infrastructure and urban design/land use) interacts with people’s lives and affects their well-being and its sustainability.

OECD Series on Carbon Pricing and Energy Taxation Effective Carbon Rates 2023 Pricing Greenhouse Gas Emissions through Taxes and Emissions Trading

OECD
OECD Series on Carbon Pricing and Energy Taxation Effective Carbon Rates 2023 Pricing Greenhouse Gas Emissions through Taxes and Emissions Trading Book PDF

Author : OECD
Publisher : OECD Publishing
Page : 96 pages
File Size : 42,9 Mb
Release : 2023-11-27
Category : Electronic
ISBN : 9789264901537

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OECD Series on Carbon Pricing and Energy Taxation Effective Carbon Rates 2023 Pricing Greenhouse Gas Emissions through Taxes and Emissions Trading by OECD Pdf

This fourth edition of Effective Carbon Rates provides an overview of the carbon pricing landscape, examining fuel excise taxes, carbon taxes, and emissions trading systems (ETSs) through 2021, with updates on developments until 2023.

Firms’ Resilience to Energy Shocks and Response to Fiscal Incentives: Assessing the Impact of 2022 Energy Crisis

David Amaglobeli,Joaquim Guilhoto,Samir Jahan,Salma Khalid,Mr. Waikei R Lam,Mr. Gregory M Legoff,Brent Meyer,Xuguang Simon Sheng,Pawel Smietanka,Sonya Waddell,Daniel Weitz
Firms Resilience to Energy Shocks and Response to Fiscal Incentives Assessing the Impact of 2022 Energy Crisis Book PDF

Author : David Amaglobeli,Joaquim Guilhoto,Samir Jahan,Salma Khalid,Mr. Waikei R Lam,Mr. Gregory M Legoff,Brent Meyer,Xuguang Simon Sheng,Pawel Smietanka,Sonya Waddell,Daniel Weitz
Publisher : International Monetary Fund
Page : 26 pages
File Size : 42,9 Mb
Release : 2024-02-09
Category : Business & Economics
ISBN : 9798400263149

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Firms’ Resilience to Energy Shocks and Response to Fiscal Incentives: Assessing the Impact of 2022 Energy Crisis by David Amaglobeli,Joaquim Guilhoto,Samir Jahan,Salma Khalid,Mr. Waikei R Lam,Mr. Gregory M Legoff,Brent Meyer,Xuguang Simon Sheng,Pawel Smietanka,Sonya Waddell,Daniel Weitz Pdf

The energy price shock in 2022 led to government support for firms in some countries, sparking debate about the rationale and the nature of such support. The results from nationally representative firm surveys in the United States and Germany indicate that firms in these countries were generally resilient. Coping strategies adopted by firms included the pass-through of higher costs to consumers, adjustment of profit margins (United States) and investments in energy saving and efficiency (Germany). Firms in energy-intensive industries would have been significantly more affected if international energy prices were fully passed through to domestic prices in Europe. Survey responses further reveal that most firms are uncertain about the impact of recent policy announcments on green subsidies. Firms take advantage of fiscal incentives to accelerate their climate-related investment plans are often those that have previous plans to do so. These findings suggest better targeting and enhancing policy certainty will be important when facilitate the green transition among firms.

Europe and Central Asia Economic Update, Fall 2022

World Bank
Europe and Central Asia Economic Update Fall 2022 Book PDF

Author : World Bank
Publisher : World Bank Publications
Page : 178 pages
File Size : 44,9 Mb
Release : 2022-10-04
Category : Business & Economics
ISBN : 9781464819285

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Europe and Central Asia Economic Update, Fall 2022 by World Bank Pdf

Globalization, demographic trends, the green transition, and technological innovations are transforming labor markets in Europe and Central Asia, altering their institutional and contractual arrangements, and creating disparities and vulnerabilities in the labor force. Systemic risks—economic, health, or climate-related—are also playing an increased role in driving poverty and vulnerability. Social protection systems in Europe and Central Asia will need to be reformed to address these challenges and provide adequate protection to workers and families. Countries in the region responded to the COVID-19 pandemic by implementing social protection packages with a substantial contribution of job protection policies. Analysis of the impact of these policies suggests that while job protection policies may have preserved employment in the short run, this may have come at the expense of efficiency and growth. In the long run, income protection policies may be better at addressing the needs of vulnerable groups as labor markets continue evolving. A policy package that combines a guaranteed minimum income with labor market policies that facilitate job transitions can best help countries address long-term challenges.