DOI: 10.1016/j.jeem.2019.05.001
论文题名: To build or not to build? Capital stocks and climate policy∗
作者: Baldwin E. ; Cai Y. ; Kuralbayeva K.
刊名: Journal of Environmental Economics and Management
ISSN: 950696
出版年: 2020
卷: 100 语种: 英语
英文关键词: Carbon budget
; Clean and dirty energy inputs
; Climate policies
; Green paradox
; Infrastructure
; Renewable energy
; Stranded assets
Scopus关键词: Budget control
; Climate change
; Emission control
; Fossil fuel power plants
; Carbon budgets
; Climate policy
; Energy inputs
; Green paradoxes
; Infrastructure
; Renewable energies
; Stranded assets
; Investments
; calibration
; emission control
; environmental policy
; growth rate
; integrated approach
; pollution tax
; power plant
英文摘要: We investigate (i) the impact of emission reduction policy on investment in polluting infrastructure, such as coal-fired power stations and (ii) optimal subsidies for “clean” alternatives with “learning” spillovers. We build a general theoretical model, and embed it in a fully calibrated integrated assessment model. Because emission reduction policy reduces investments in polluting assets, short-term emission reductions are enhanced—our “irreversibility effect”. Thus, “stranded assets” in this fuel-using sector have distinctive properties. We also provide a simple formula for how the optimal subsidy to deployment of a “clean” sector depends on its rate of “learning-by-doing” and on its socially-optimal growth. So, if the sector should grow faster for other reasons, its optimal subsidy is increased, showing that its optimal growth rate is faster still—our “acceleration effect”. Our calibrations show that, to limit global climate change to 2○C warming, investments in coal-fired power stations must end very soon. Considering second-best settings, we show that carbon taxes achieve stringent policy targets more efficiently, but subsidies to the “clean” sector deliver higher welfare, and are more efficient, when policy targets are more mild. © 2019 Elsevier Inc. Citation statistics:
资源类型: 期刊论文
标识符: http://119.78.100.158/handle/2HF3EXSE/158945
Appears in Collections: 气候变化与战略
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作者单位: Department of Economics and Hertford College, Oxford University, United Kingdom; Department of Agricultural, Environmental and Development Economics, The Ohio State University, United States; Department of Political Economy, King's College London, United Kingdom
Recommended Citation:
Baldwin E.,Cai Y.,Kuralbayeva K.. To build or not to build? Capital stocks and climate policy∗[J]. Journal of Environmental Economics and Management,2020-01-01,100