27 results found
IMF   |  
Macroeconomic and Financial Policies for Climate Change Mitigation: A Review of the Literature

Climate change is one of the greatest challenges of this century. Mitigation requires a large-scale transition to a low-carbon economy. This paper provides an overview of the rapidly growing literature on the role of macroeconomic and financial policy tools in enabling this transition. The literature provides a menu of policy tools for mitigation. A key conclusion is that fiscal tools are first in line and central, but can and may need to be complemented by financial and monetary policy instruments.

Category:  Helsinki Principle 4, Fiscal Instruments for Climate Policy, Macroeconomics of Climate Change, Climate Change Fiscal Risk Assessments and Management

Shifting Gears: How the world’s leading financial centres are entering a new phase of strategic action on green and sustainable finance
UNEP   |  
Shifting Gears: How the World’s Leading Financial Centres are Entering a New Phase of Strategic Action on Green and Sustainable Finance

The world’s financial centres are the locations where supply and demand for green and sustainable finance will be matched. This report presents the first findings from an in-depth assessment of actions in 13 of these hubs, all members of the International Network of Financial Centres for Sustainability (FC4S) across Africa, the Americas, Asia and Europe. The assessment reveals 10 key insights on how financial centres are mobilizing their expertise, connectivity and capital to help solve some of the world’s toughest financing challenges



Category:  Macroeconomics of Climate Change, Climate Finance
Bank of England   |  
Climate Change and the Macro-economy: A Critical Review.

Climatic factors can directly affect economic outcomes such as output, investment and productivity, and understanding the economic consequences of climate change is rapidly becoming a necessity not just for climate economists but also for a wider range of economic professionals involved in modelling and forecasting macroeconomic variables. The focus of this review is on the key theoretical and empirical modelling issues in the analysis of the macroeconomic risks deriving from climate change.

Category:  Macroeconomics of Climate Change

IMF   |  
The Effects of Weather Shocks on Economic Activity: What are the Channels of Impact?

Global temperatures have increased at an unprecedented pace in the past 40 years. This paper finds that increases in temperature have uneven macroeconomic effects, with adverse consequences concentrated in countries with hot climates, such as most low-income countries. In these countries, a rise in temperature lowers per capita output, in both the short and medium term, through a wide array of channels: reduced agricultural output, suppressed productivity of workers exposed to heat, slower investment, and poorer health.

Category:  Macroeconomics of Climate Change

IMF   |  
Climate Mitigation in China: Which Policies Are Most Effective?

For the 2015 Paris Agreement on climate change, China pledged to reduce the carbon dioxide (CO2) intensity of GDP by 60–65 percent below 2005 levels by 2030. This paper develops a practical spreadsheet tool for evaluating a wide range of national level fiscal and regulatory policy options for reducing CO2 emissions in China in terms of their impacts on emissions, revenue, premature deaths from local air pollution, household and industry groups, and overall economic welfare.

Category:  Macroeconomics of Climate Change

WBG   |  
St. Lucia: Climate Change Policy Assessment

St. Lucia has been a leader among vulnerable Caribbean states in prioritizing a response to climate change, both nationally and in international fora. Its Nationally Determined Contribution (NDC) outlines a balanced mitigation strategy backed by costed investment plans, and a qualitative adaptation strategy with identified priority sectors. This paper takes stock of St. Lucia’s plans to manage climate change, from the perspective of their macroeconomic implications.

Category:  Fiscal Instruments for Climate Policy, Macroeconomics of Climate Change, Climate Change Fiscal Risk Assessments and Management, Public Financial Management

Others   |  
Coping With Collapse: A Stock-Flow Consistent Monetary Macrodynamics of Global Warming

This paper presents a macroeconomic model that combines the economic impact of climate change with the pivotal role of private debt. Using a Stock-Flow Consistent approach based on the Lotka–Volterra logic, we couple its nonlinear monetary dynamics of underemployment and income distribution with abatement costs. A calibration of our model at the scale of the world economy enables us to simulate various planetary scenarios. 



Category:  Macroeconomics of Climate Change
Others   |  
Towards Agent-Based Integrated Assessment Models: Examples, Challenges, and Future Developments. 

Understanding the complex, dynamic, and non-linear relationships between human activities, the environment and the evolution of the climate is pivotal for policy design and requires appropriate tools. Despite the existence of different attempts to link the economy (or parts of it) to the evolution of the climate, results have often been disappointing and criticized. In this paper, we discuss the use of agent-based modeling for climate policy integrated assessment. 



Category:  Macroeconomics of Climate Change
PMR   |  
Partnership for Market Readiness

Published in November 2017, the PMR technical note, Establishing Scaled-up Crediting Program Baselines under the Paris Agreement: Issues and Options, offers guidance and identifies options for developing baselines for scaled-up crediting programs under the Paris Agreement



Category:  Fiscal Instruments for Climate Policy, Distribution, Competitiveness & Political Economy, Macroeconomics of Climate Change, Climate Change Fiscal Risk Assessments and Management, Climate Finance, Public Financial Management
GIZ, IMF, UNEP   |  
Green Fiscal Policy Network

The Green Fiscal Policy Network is a joint partnership between UN Environment (UNEP), the International Monetary Fund (IMF) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) launched in 2011. The Network aims to facilitate knowledge sharing and dialogue on green fiscal policy reforms.

Category:  Fiscal Instruments for Climate Policy, Distribution, Competitiveness & Political Economy, Macroeconomics of Climate Change, Climate Change Fiscal Risk Assessments and Management, Climate Finance, Public Financial Management