By Rainer Walz
The security of the earth's surroundings calls for significant efforts to lessen CO2 and different greenhouse fuel emissions. to be able to meet those pursuits, governments have began to enforce weather regulations which come with informational measures reminiscent of demonstration programmes in addition to financial tools similar to power or emission taxes, emission buying and selling schemes, potency criteria and labelling structures for home equipment, and subsidies for low- or no-carbon applied sciences equivalent to renewable power assets. This e-book provides a hugely policy-relevant evaluate of the most probably macroeconomic results of weather switch coverage. It portrays the present debate and analyses the modelling result of current experiences. The authors additionally current their very own empirical effects which give a contribution to final the distance with reference to structural results and affects on technological switch of weather switch guidelines.
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Extra info for The Economics of Climate Change Policies: Macroeconomic Effects, Structural Adjustments and Technological Change
Sample text
However, the data is not without caveats, especially if one looks at disaggregated data for single technologies. The RCA is difficult to interpret if imports are influenced by rapidly growing demand and domestic constraints to keep up capacity growth with increasing demand. The resulting surge in imports – and orientation of domestic producers on the home market – drive the RCA to negative level, even though the country might be very competitive. Such a situation has been taking place for wind energy in Germany, where demand outstripped national production capacities in the early 2000s.
On top of this, the functional forms are generally limited to constant elasticity of supply (CES) production and utility functions. At the same time, many parameters have to be entered exogenously. Due to the assumption of efficient markets, on which the models, in general, are based, there are also major difficulties with the 1 A review of the pros and cons of the individual models for analysing environmental policy is given by West (1995), Pfaffenberger (1995), Fankhauser and McCoy (1995), Destais (1996), Bhattacharyya (1996), Barker and Johnstone (1998), Conrad (1999), and Duchin and Steenge (1999).
Hence, the modelled behaviour is in contrast to the arguments brought forward in Chap. 2 to support the existence of a no-regret potential. Secondly, including a decrease in inefficiencies in the models only enhances the validity of results if the assumptions on the magnitude of the efficiency increase are more valid than the assumption that there is no increase at all. Thus, there is a need for more empirical research on the magnitude of possible efficiency gains and on the factors triggering them.