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Erschienen in:
Paris Agreement and Globalization of Low-Carbon Technologies: What’s Next for Asia? Kapitel lesen Erstes Kapitel lesen

2017 | OriginalPaper | Buchkapitel

16. World Bank Experience in Low-Carbon Investments and the Role of Carbon Pricing in China

verfasst von : Govinda R. Timilsina, Jing Cao, Mun Ho

Erschienen in: Globalization of Low-Carbon Technologies

Verlag: Springer Singapore

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Abstract

The World Bank Group (WBG) considers climate change as one of its main business agendas. It allocated more than US$50 billions to climate change-related activities over the 5 years during the 2011–2015 period. Helping developing countries to achieve their Intended Nationally Determined Contribution (INDC) is one of main climate change-related activities of the WBG at present. This study highlights WBG’s recent efforts to facilitate low-carbon investment in developing countries and presents a case study of China where a hypothetical carbon pricing mechanism is assumed to meet the country’s emission intensity targets under the INDC.

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Vorheriges Kapitel Regulatory Instruments and the Diffusion of Low-Carbon Technologies in the European Union
Nächstes Kapitel Establishing a Low-Carbon Technology Finance Mechanism: Asian Development Bank Experiences on Climate Technology Finance Center
Fußnoten
1
World Bank Press Release on October 15, 2015, “World Bank Group Pledges One-Third Increase in Climate Financing” http://​www.​worldbank.​org/​en/​news/​press-release/​2015/​10/​09/​world-bank-group-pledges-one-third-increase-climate-financing.
 
2
For more information about CIF, please visit http://​www-cif.​climateinvestmen​tfunds.​org/​.
 
4
Visit http://​www.​carbonpricinglea​dership.​org/​ for more information on WBG Green Bonds.
 
5
Please see Cao et al. (2016) for the detailed analysis.
 
6
The purpose of the study is not to examine the impacts of meeting INDC through all market and non-market-based climate change mitigation measures announced by the government (e.g., expanding the share of non-fossil fuels to 20% of the total energy consumption). Instead, it focusses purely on a market measure (carbon pricing) to meet China’s commitment to realize the Paris agreement.
 
7
For detailed description of the model, please refer to Cao et al. (2016).
 
8
The demographic projections are from the UN Population Division’s World Population Prospects: 2012 Revision, downloaded from their web site, http://​esa.​un.​org/​unpd/​wpp/​unpp/​panel_​population.​htm.
 
9
Cao and Ho (2014) discuss the sources of growth in China for the past 30 years—aggregate productivity and industry productivity performance—and discuss how these might inform projections of future growth. They relate this growth accounting of China to the literature about the middle-income trap and growth slowdowns.
 
10
This is somewhat more pessimistic than the IEA (2014) which are based on IMF’s earlier projections; 6.9% for 2012–2020 and 5.3% for 2020–2030. World Bank (2013) using the model at the China State Council Development Research Center projects a similar range: 7.0% for 2016–2020 and 5.0% for 2026–2030.
 
11
All Yuan units are measured in 2010 Yuan, the base year of the model.
 
12
We should digress here to clarify what is meant by a statement like “a carbon price of Yuan 10 per ton in each year of the projection.” In an economy with no TFP growth and little capital accumulation, absolute (and thus relative) commodity prices will differ little from the base year. In this case, there is little ambiguity about what Yuan 10 in each year means. With rapid growth in output and incomes per capita, the price of commodities relative to the price of labor is falling rapidly, and relative prices are changing due to different capital–labor ratios (and possibly different industry TFP growth). In our accounting system, we measure things in terms of the GDP basket, and since relative prices change in our economy, “Yuan 10 per ton” means a different basket of goods in each period. A flat Yuan 10/ton results in a changing ad valorem rate on the coal price.
 
Literatur
Cao, J., Ho, M. S., & Jorgenson, D. (2013). The economics of environmental policy in China. In C. Nielsen & M. S. Ho (Eds.), Clearer skies over China: Reconciling air quality, climate and economic goals. Cambridge, MA: MIT Press.
Cao, J., & Ho, M. S. (2014). China: Economic and GHG emissions outlook to 2050. The Chinese version of this is in 重塑未来: 未来20 年的中国与世界, 清华大学能源环境经济研究所 (Reshaping the Future: China and the World in the next 20 years), Tsinghua University, Institute for Energy and Environmental Economics.
Cao, J., Ho, M. S., & Timilsina, G. R. (2016). Impacts of carbon pricing in reducing the carbon intensity of China’s GDP. World Bank Policy Research Working Paper, WPS 7735. World Bank, Washington, DC.
International Energy Agency (IEA). (2014). World energy outlook 2014. Paris: IEA.
World Bank and Development Research Center (DRC). (2013). China 2030. The World Bank, Washington DC and Development Research Center of the State Council, People’s Republic of China.
World Bank. (2015). Finance for climate action: A snapshot of the World Bank Group’s Climate Work. Washington, DC: World Bank.
Metadaten
Titel
World Bank Experience in Low-Carbon Investments and the Role of Carbon Pricing in China
verfasst von
Govinda R. Timilsina
Jing Cao
Mun Ho
Copyright-Jahr
2017
Verlag
Springer Singapore
Buch
Globalization of Low-Carbon Technologies

Print ISBN: 978-981-10-4900-2

Electronic ISBN: 978-981-10-4901-9

Copyright-Jahr: 2017

DOI
https://doi.org/10.1007/978-981-10-4901-9_16