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Do Renewables Shield Inflation From Fossil Fuel Price Fluctuations
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Book Synopsis Do Renewables Shield Inflation from Fossil Fuel-Price Fluctuations? by : Laurent Millischer
Download or read book Do Renewables Shield Inflation from Fossil Fuel-Price Fluctuations? written by Laurent Millischer and published by International Monetary Fund. This book was released on 2024-05-31 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the relationship between the adoption of renewable energy and the sensitivity of inflation to changes in fossil energy prices across 69 countries over a 50-year period from 1973 to 2022. In the wake of recently increased oil and gas prices leading to a surge in inflation, the notion of a “divine coincidence” suggests that higher levels of renewable energy adoption, in addition to fighting climate change, could mitigate fossil fuel price-induced inflation volatility. Confirming the divine coincidence hypothesis could be an argument in favor of greening monetary policy. However, our empirical results are inconsistent with the hypothesis as we find no evidence that increased renewable energy adoption reduces the impact of fossil fuel price changes on energy inflation rates. This counter-intuitive result may be attributed to idiosyncratic national energy policies, potential threshold effects, or trade linkage spillovers. As the world continues transitioning towards a low-carbon economy, understanding the implications of this shift on inflation dynamics is crucial.
Book Synopsis Renewable Energy as a Hedge Against Fuel Price Fluctuation by : Dan Lieberman
Download or read book Renewable Energy as a Hedge Against Fuel Price Fluctuation written by Dan Lieberman and published by . This book was released on 2008 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a time of fuel price fluctuation, the use of renewable energy may offer, along with environmental benefits, greater stabilization of electricity costs. The pricing volatility of fossil fuels, along with the difficulty of forecasting fossil fuel prices, puts energy customers and providers at risk from fluctuating energy rates. As an alternative, this paper explores the potential for renewable energy to serve as a financial "hedge", reducing exposure to fuel price risk. Renewable energy generation brings with it the price stability benefits of free-fuel generation from emerging technologies such as solar, wind, small hydro, and geothermal sources. Renewable energy costs tend to be stable or decreasing over time, compared to rising or fluctuating costs for fossil fuel. With certain factors in place, it has been demonstrated that renewable energy can be effectively priced at or below the cost of conventional sources.
Book Synopsis Fossil Fuel to the Fire by : Max Krahé
Download or read book Fossil Fuel to the Fire written by Max Krahé and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Energy made an outsized contribution to the recent inflationary wave in Europe: On average, 50 percent of year-on-year inflation in 2022 was directly due to energy, the vast majority of which was due to fossil fuel price rises. Additional inflationary effects followed from indirect impacts on other prices, especially food. Renewable energy can help fight inflation both in the short and in the long run. In the short run, faster renewable energy deployment saved European consumers around 95 billion euro between 2021 and 2023 and reduced electricity prices by up to 15 percent (IEA 2023c). In the long run, the secular downwards trend in renewable energy costs suggests further cost saving potential and, once the transition is complete, price stability. The situation is more complicated in the mid-transition. Three challenges appear salient: As long as electricity prices remain linked to fossil fuel prices, especially gas, any increase in fossil fuel price volatility spills over into the pricing of electricity. Supply chain risks may materialize as renewable energy deployment accelerates. And if investment in grids, energy storage, and supply- and demand-side flexibility fails to keep up with accelerating renewable deployment, further bottlenecks and price spikes may emerge. However, these risks are not set in stone. The extent to which they will materialize will depend on today's policy choices. While further research and policy action is needed on the mid-transition, the overall picture that emerges from our analysis is therefore clear: fossil fuels added to the economic and political instability of recent years. Replacing them with renewables can become a pillar of future stability.
Book Synopsis Greenflation Or Greensulation? The Case of Fuel Excise Taxes and Oil Price Pass-through by : Mr. JaeBin Ahn
Download or read book Greenflation Or Greensulation? The Case of Fuel Excise Taxes and Oil Price Pass-through written by Mr. JaeBin Ahn and published by International Monetary Fund. This book was released on 2024-07-12 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Can a carbon tax reduce inflation volatility? Focusing on fuel excise taxes, this paper provides systematic evidence on their role as a shock absorber that helps mitigating the impact of global oil price shocks on domestic inflation. Exploiting substantial variation in fuel tax rates across 28 OECD countries over the period from 2014 to 2021, a simple idea that a per-unit, specific tax takes up a portion of the product price immune to cost shocks goes a long way toward explaining heterogeneity in the degree of oil price pass-through into domestic inflation across countries. A back-of-the-envelope calculation from the estimation results supports its quantitative significance---differences in fuel tax rates could explain about 30% of the variation in annual headline CPI inflation rates observed between the U.S. and U.K. during the 2021 inflation surge.
Book Synopsis Diversification and Cooperation in a Decarbonizing World by : Grzegorz Peszko
Download or read book Diversification and Cooperation in a Decarbonizing World written by Grzegorz Peszko and published by World Bank Publications. This book was released on 2020-07-24 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the first stocktaking of what the decarbonization of the world economy means for fossil fuel†“dependent countries. These countries are the most exposed to the impacts of global climate policies and, at the same time, are often unprepared to manage them. They depend on the export of oil, gas, or coal; the use of carbon-intensive infrastructure (for example, refineries, petrochemicals, and coal power plants); or both. Fossil fuel†“dependent countries face financial, fiscal, and macro-structural risks from the transition of the global economy away from carbon-intensive fuels and the value chains based on them. This book focuses on managing these transition risks and harnessing related opportunities. Diversification and Cooperation in a Decarbonizing World identifies multiple strategies that fossil fuel†“dependent countries can pursue to navigate the turbulent waters of a low-carbon transition. The policy and investment choices to be made in the next decade will determine these countries’ degree of exposure and overall resilience. Abandoning their comfort zones and developing completely new skills and capabilities in a time frame consistent with the Paris Agreement on climate change is a daunting challenge and requires long-term revenue visibility and consistent policy leadership. This book proposes a constructive framework for climate strategies for fossil fuel†“dependent countries based on new approaches to diversification and international climate cooperation. Climate policy leaders share responsibility for creating room for all countries to contribute to the goals of the Paris Agreement, taking into account the specific vulnerabilities and opportunities each country faces.
Book Synopsis Building Back Better: How Big Are Green Spending Multipliers? by : International Monetary Fund
Download or read book Building Back Better: How Big Are Green Spending Multipliers? written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-03-19 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides estimates of output multipliers for spending in clean energy and biodiversity conservation, as well as for spending on non-ecofriendly energy and land use activities. Using a new international dataset, we find that every dollar spent on key carbon-neutral or carbon-sink activities can generate more than a dollar’s worth of economic activity. Although not all green and non-ecofriendly expenditures in the dataset are strictly comparable due to data limitations, estimated multipliers associated with spending on renewable and fossil fuel energy investment are comparable, and the former (1.1-1.5) are larger than the latter (0.5-0.6) with over 90 percent probability. These findings survive several robustness checks and lend support to bottom-up analyses arguing that stabilizing climate and reversing biodiversity loss are not at odds with continuing economic advances.
Author :Great Britain: Department of Energy and Climate Change Publisher :The Stationery Office ISBN 13 :9780101846622 Total Pages :78 pages Book Rating :4.8/5 (466 download)
Book Synopsis Energy Security Strategy by : Great Britain: Department of Energy and Climate Change
Download or read book Energy Security Strategy written by Great Britain: Department of Energy and Climate Change and published by The Stationery Office. This book was released on 2012-11-29 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dated November 2012
Book Synopsis Design and Performance of Policy Instruments to Promote the Development of Renewable Energy by : Gabriela Elizondo Azuela
Download or read book Design and Performance of Policy Instruments to Promote the Development of Renewable Energy written by Gabriela Elizondo Azuela and published by World Bank Publications. This book was released on 2012-07-13 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: Renewable energy plays an important role in contributing to the transition toward low-carbon development growth, in enhancing technology diversification and hedging against fuel price volatility, in strengthening economic growth, and in facilitating access to electricity. The global trends indicate a growing commitment to renewable energy development from developed and developing countries in both the introduction of specific policy levers and investment flows. Developing countries have now a long history of designing and implementing specific policy and regulatory instruments to promote renewable energy. Today, feed-in tariff policies are being implemented in about 25 developing countries and quantity based instruments, most notably auction mechanisms, are increasingly being adopted by upper middle income countries. This paper summarizes the results of a recent review of the emerging experience with the design and implementation of price and quota based instruments to promote renewable energy in a sample of six representative developing countries and transition economies. The paper discusses the importance of a tailor-made approach to policy design and identifies the basic elements that have proven instrumental to policy effectiveness, including adequate tariff levels, long term policy or contractual commitments, mandatory access to the grid and incremental cost pass-through. Ultimately, a low carbon development growth in the developing world depends on the availability of resources to finance the solutions that exhibit incremental costs. Policies introduced to support renewable energy development should be designed and introduced in combination with strategies that clearly identify sources of finance and establish a sustainable incremental cost recovery mechanism (for example, using concessional financial flows from developed countries to leverage private financing, strengthening the performance of utilities and distribution companies, or allowing the partial pass-through of incremental costs to consumer tariffs with a differentiated burden sharing that protects the poor). Without question, policy makers will have to ensure that the design of different policy mechanisms and the policy mix per se deliver renewable energy targets with the lowest possible incremental costs and volume of subsidies.
Book Synopsis Tonga by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Tonga written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2020-06-30 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tonga is one of the world’s most exposed countries to climate change and natural disasters. It suffered the highest loss from natural disasters in the world (as a ratio to GDP) in 2018 and is among the top five over the last decade (Table 1). Climate change will make this worse. Cyclones will become more intense, with more damage from wind and sea surges. Rising sea levels will cause more flooding, coastal erosion and contaminate fresh water. Daily high temperatures will become more extreme, with more severe floods and drought.
Book Synopsis Fiscal Policies for Development and Climate Action by : Miria A. Pigato
Download or read book Fiscal Policies for Development and Climate Action written by Miria A. Pigato and published by World Bank Publications. This book was released on 2018-12-31 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report provides actionable advice on how to design and implement fiscal policies for both development and climate action. Building on more than two decades of research in development and environmental economics, it argues that well-designed environmental tax reforms are especially valuable in developing countries, where they can reduce emissions, increase domestic revenues, and generate positive welfare effects such as cleaner water, safer roads, and improvements in human health. Moreover, these reforms need not harm competitiveness. New empirical evidence from Indonesia and Mexico suggests that under certain conditions, raising fuel prices can actually increase firm productivity. Finally, the report discusses the role of fiscal policy in strengthening resilience to climate change. It provides evidence that preventive public investments and measures to build fiscal buffers can help safeguard stability and growth in the face of rising climate risks. In this way, environmental tax reforms and climate risk-management strategies can lay the much-needed fiscal foundation for development and climate action.
Book Synopsis Global Climate Change Mitigation, Fossil-Fuel Driven Development, and the Role of Financial and Technology Transfers: A Simple Framework by : Mr. Johannes Wiegand
Download or read book Global Climate Change Mitigation, Fossil-Fuel Driven Development, and the Role of Financial and Technology Transfers: A Simple Framework written by Mr. Johannes Wiegand and published by International Monetary Fund. This book was released on 2021-11-19 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Climate financing and compensation have emerged as key themes in the international climate mitigtion debate. According to one argument in support of compensation, advanced economies (AEs) have used up much of the atmosphere’s absorptive capacity, thus causing global warming and blocking a similar, fossil-fuel driven development path for emerging markets and developing economies (EMDEs). This paper develops a simple model of a sequential, fossil-fuel driven development process to discuss these issues systematically. The results suggest: (i) AEs have typically a stronger interest in climate change mitigation than EMDEs, (ii) from an equity perspective, compensation is called for only if EMDEs are relatively small; (iii) there can also be an efficiency case for compensation, however, with AEs buying EMDEs out of some of their GHG emissions; (iv) ultimately, a superior option—for both the world’s climate and growth prospects—is the development of clean energy technologies by AEs and their transfer to EMDEs. The latter requires strong mitigation efforts by AEs even if EMDEs fail to play along initially.
Book Synopsis Subsidy Reform in the Middle East and North Africa by : Mr.Carlo A Sdralevich
Download or read book Subsidy Reform in the Middle East and North Africa written by Mr.Carlo A Sdralevich and published by International Monetary Fund. This book was released on 2014-07-09 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the Middle East and North Africa (MENA) countries price subsidies are common, especially on food and fuels. However, these are neither well targeted nor cost effective as a social protection tool, often benefiting mainly the better off instead of the poor and vulnerable. This paper explores the challenges of replacing generalized price subsidies with more equitable social safety net instruments, including the short-term inflationary effects, and describes the features of successful subsidy reforms.
Author :International Monetary Fund. Asia and Pacific Dept Publisher :International Monetary Fund ISBN 13 :1484346173 Total Pages :25 pages Book Rating :4.4/5 (843 download)
Book Synopsis Solomon Islands by : International Monetary Fund. Asia and Pacific Dept
Download or read book Solomon Islands written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2018-03-08 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper sets out options to demonstrate how the authorities could supplement their cash balance target and public debt limit with an anchor to help discipline annual budget decisions. The paper introduces the current fiscal framework and effective fiscal rules based on international experiences, including the characteristics of each rule. It also discusses the need for a new fiscal anchor, given high revenue volatility, high infrastructure needs, and the country’s exposure and vulnerability to natural disasters. Contingency warrants for unforeseen expenditures, including from natural disasters, should be included in the budget in line with international best practices. Furthermore, if a disaster does not occur, this allocation could be saved in a contingency fund for natural disasters, which would enable swift disbursement in the aftermath of the disaster. The fund would be set up once fiscal buffers have been rebuilt. The IMF Staff suggests a target for the overall fiscal deficit of 1.5 percent of gross domestic product as a possible fiscal anchor, which would strike a balance between safeguarding debt sustainability and addressing the severe infrastructure gap.
Author :International Renewable Energy Agency IRENA Publisher :International Renewable Energy Agency (IRENA) ISBN 13 :9292602667 Total Pages :96 pages Book Rating :4.2/5 (926 download)
Book Synopsis Renewable Energy and Jobs – Annual Review 2020 by : International Renewable Energy Agency IRENA
Download or read book Renewable Energy and Jobs – Annual Review 2020 written by International Renewable Energy Agency IRENA and published by International Renewable Energy Agency (IRENA). This book was released on 2019-06-01 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sixth edition of the series highlights employment trends in renewables worldwide, noting increasing diversification of the supply chain.
Book Synopsis Winning the Oil Endgame by : Amory B. Lovins
Download or read book Winning the Oil Endgame written by Amory B. Lovins and published by Earthscan. This book was released on 2004 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: Enough about the oil problem. Here?s the solution.Over a few decades, starting now, a vibrant US economy (then others) can completely phase out oil. This will save a net $70 billion a year, revitalize key industries and rural America, create a million jobs, and enhance security.Here?s the roadmap ? independent, peer-reviewed, co-sponsored by the Pentagon ? for the transition beyond oil, led by business and profit.
Book Synopsis Blue Book on Geothermal Resources by :
Download or read book Blue Book on Geothermal Resources written by and published by . This book was released on 1999 with total page 580 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Egypt - a Return to a Balanced Gas Market? by : Mostefa Ouki
Download or read book Egypt - a Return to a Balanced Gas Market? written by Mostefa Ouki and published by . This book was released on 2018 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
