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Erschienen in:
Unlocking the Potentials of Private Financing for Accelerated Low-Carbon Energy Transition: An Overview Kapitel lesen Erstes Kapitel lesen

2018 | OriginalPaper | Buchkapitel

Costs and Benefits of Market-Based Instruments in Accelerating Low-Carbon Energy Transition

verfasst von : Tilak K. Doshi

Erschienen in: Financing for Low-carbon Energy Transition

Verlag: Springer Singapore

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Abstract

This chapter provides a discussion on costs and benefits of market-based instruments (MBIs) in accelerating low-carbon energy transitions. MBIs are contrasted with discretionary government policies such as mandated energy efficiency standards and subsidy support for renewable energy. After providing a brief survey of existing carbon pricing schemes and trends, the chapter discusses the literature on costs and benefits of carbon pricing with a focus on Asia.

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Vorheriges Kapitel Role of Capital Market to Accelerate the Transition to Low-Carbon Energy System
Nächstes Kapitel Effective Private Financing Approaches and Equity Financial Instruments for Low-Carbon Energy Investment: ADB Experiences
Fußnoten
1
See for instance, energy forecasts by BP, ExxonMobil, International Energy Agency (IEA) and the US Energy Information Administration accessible at their web-sites.
 
2
The economics literature about the role of markets as efficient coordinators of information relative to planning bureaucracies goes back to the famous “Lange-Hayek” debates in which von Hayek launched a critique of the presumptions of economic planning in the 1930s. See for instance, Elliot (2011).
 
3
Throughout this paper, the terms “carbon”, “CO2” and “GHG” are used inter-changeably unless otherwise indicated for ease of reference. It should be noted that different jurisdictions have rules that may apply to CO2 emissions or to GHGs (expressed in CO2-equivalent units).
 
4
The data in this and following paragraphs are largely derived from World Bank, “State and Trends of Carbon Pricing 2015”, unless otherwise stated.
 
5
The Regional Greenhouse Gas Initiative (RGGI) is the first mandatory GHG ETS in the United States. It is a cooperative effort among the states of Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New York, Rhode Island, and Vermont to cap and reduce CO2 emissions from the power sector.
 
6
The Oil and Gas Climate Initiative includes the BG Group, BP, Eni, Pemex, Reliance Industries, Repsol, Saudi Aramco, Shell, Statoil and Total.
 
7
See World Bank, “State and Trends in Carbon Pricing” 2016.
 
8
The large literature on SCC is summarized by Tol (2017).
 
9
See UNFCCC, “Kyoto Protocol: Clean Development Mechanism”, accessed on June 02, 2017 at http://​unfccc.​int/​kyoto_​protocol/​mechanisms/​clean_​development_​mechanism/​items/​2718.​php.
 
10
Fungibility (especially of goods) being of such nature or kind as to be freely exchangeable or replaceable, in whole or in part, for another of like nature.
 
11
See, for instance, By Chen (2017), June 2, 2017.
 
12
The Times Integrated Assessment Model (TIAM-Grantham) was used as the basis for some of the quantitative assessments of the benefits of international cooperation in carbon pricing described in the World Bank’s “State and Trends of Carbon Pricing” in the 2015 and 2016 editions. It should be noted that many of the NDCs announced by countries at the Paris Accord do not specifically mention carbon-pricing instruments; furthermore, given that NDCs are “bottom-up”, reflecting each country’s capabilities and ambitions, emission reduction targets are heterogeneous and difficult to translate into well-defined emission reduction pledges.
 
13
Personal transport was not included in the carbon tax.
 
14
See for instance, Griffiths (2013).
 
15
National Climate Change Secretariat, “Carbon Taxes”, op. cit.
 
16
For instance, Wood Mackenzie (2017).
 
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Metadaten
Titel
Costs and Benefits of Market-Based Instruments in Accelerating Low-Carbon Energy Transition
verfasst von
Tilak K. Doshi
Copyright-Jahr
2018
Verlag
Springer Singapore
Buch
Financing for Low-carbon Energy Transition

Print ISBN: 978-981-10-8581-9

Electronic ISBN: 978-981-10-8582-6

Copyright-Jahr: 2018

DOI
https://doi.org/10.1007/978-981-10-8582-6_10