Diversification and Cooperation Strategies in a Decarbonizing World:
Fossil fuel importers can apply various climate and trade taxes to encourage fossil fuel-dependent countries to cooperate on climate mitigation, and fossil fuel-dependent countries can respond with alternative diversification and cooperation strategies. This paper runs macroeconomic model simulation...
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| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2020
|
| Schriftenreihe: | World Bank E-Library Archive
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| Online-Zugang: | kostenfrei |
| Zusammenfassung: | Fossil fuel importers can apply various climate and trade taxes to encourage fossil fuel-dependent countries to cooperate on climate mitigation, and fossil fuel-dependent countries can respond with alternative diversification and cooperation strategies. This paper runs macroeconomic model simulations of alternative strategies that the global community and fossil fuel-dependent countries can pursue to encourage and enable their participation in a global low-carbon transition. The following are the findings from the simulations. (i) Fuel importers' unilateral carbon taxes capture fossil fuel-dependent countries' resource rents and accelerate their emission-intensive diversification. (ii) Border taxes on the carbon content of imports from fossil fuel-dependent countries do not induce comprehensive cooperation, but broader trade sanctions do. (iii) Cooperative wellhead carbon taxes can achieve cooperation without trade wars. (iv) Lower-income fossil fuel-dependent countries with large untapped reserves need additional incentives and enablers to cooperate and diversify into low-carbon assets. (v) Incentives to cooperate are misaligned between different fossil fuel-dependent countries and between owners of different fuels. (vi) The strategies that maximize consumption and growth in fossil fuel-dependent countries reduce the value of assets in extractive and heavy industries. (vii) Asset diversification is a robust, long-term strategy but faces the tragedy of the horizon |
| Beschreibung: | 1 Online-Ressource (36 Seiten) |
| DOI: | 10.1596/1813-9450-9315 |
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| 520 | |a Fossil fuel importers can apply various climate and trade taxes to encourage fossil fuel-dependent countries to cooperate on climate mitigation, and fossil fuel-dependent countries can respond with alternative diversification and cooperation strategies. This paper runs macroeconomic model simulations of alternative strategies that the global community and fossil fuel-dependent countries can pursue to encourage and enable their participation in a global low-carbon transition. The following are the findings from the simulations. (i) Fuel importers' unilateral carbon taxes capture fossil fuel-dependent countries' resource rents and accelerate their emission-intensive diversification. (ii) Border taxes on the carbon content of imports from fossil fuel-dependent countries do not induce comprehensive cooperation, but broader trade sanctions do. (iii) Cooperative wellhead carbon taxes can achieve cooperation without trade wars. (iv) Lower-income fossil fuel-dependent countries with large untapped reserves need additional incentives and enablers to cooperate and diversify into low-carbon assets. (v) Incentives to cooperate are misaligned between different fossil fuel-dependent countries and between owners of different fuels. (vi) The strategies that maximize consumption and growth in fossil fuel-dependent countries reduce the value of assets in extractive and heavy industries. (vii) Asset diversification is a robust, long-term strategy but faces the tragedy of the horizon | ||
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| spellingShingle | Peszko, Grzegorz Diversification and Cooperation Strategies in a Decarbonizing World |
| title | Diversification and Cooperation Strategies in a Decarbonizing World |
| title_auth | Diversification and Cooperation Strategies in a Decarbonizing World |
| title_exact_search | Diversification and Cooperation Strategies in a Decarbonizing World |
| title_exact_search_txtP | Diversification and Cooperation Strategies in a Decarbonizing World |
| title_full | Diversification and Cooperation Strategies in a Decarbonizing World Peszko, Grzegorz |
| title_fullStr | Diversification and Cooperation Strategies in a Decarbonizing World Peszko, Grzegorz |
| title_full_unstemmed | Diversification and Cooperation Strategies in a Decarbonizing World Peszko, Grzegorz |
| title_short | Diversification and Cooperation Strategies in a Decarbonizing World |
| title_sort | diversification and cooperation strategies in a decarbonizing world |
| url | https://doi.org/10.1596/1813-9450-9315 |
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