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Policy Uncertainty About Australias Carbon Price
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Book Synopsis Policy Uncertainty About Australia's Carbon Price by : Frank Jotzo
Download or read book Policy Uncertainty About Australia's Carbon Price written by Frank Jotzo and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Australia's carbon-pricing policy remains in doubt due to a lack of bipartisan political support. A survey of Australian-based carbon-pricing experts demonstrates profound policy uncertainty: 40 per cent of respondents expect the current carbon-pricing mechanism to be repealed, but 80 per cent expect that there will be a carbon price in 2020. The forward price curve is U-shaped and has great variance, with the 60 per cent confidence interval spanning from zero to A$25/t in 2020. Carbon policy uncertainty causes large excess costs in Australia's energy sector and may result in delay and diversion of investment.
Book Synopsis The CCEP Australia Carbon Pricing Survey 2012 by : Frank Jotzo
Download or read book The CCEP Australia Carbon Pricing Survey 2012 written by Frank Jotzo and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The inaugural Australia Carbon Pricing Survey elicits expectations about the future of carbon pricing from experts working for Australia's largest greenhouse gas emitting companies, the carbon finance and investment industry and selected other experts. The survey indicates pervasive uncertainty about the future of Australia's carbon pricing scheme, but also a strong expectation that carbon pricing will be a feature of Australia's economic policy framework in the medium to long term. 79% of respondents expect that there will be a carbon price in Australia in 2020. But 40% expect that the current scheme will be repealed by the end of 2016. Of those who expect repeal, almost half think that a carbon price will be re-instated by 2020. Factoring in expectations of a possible zero carbon price, the average expected effective Australian carbon price falls from its initial level of $23 per tonne of carbon dioxide equivalent to $10 to $11 per tonne during 2016-18, before climbing to $22 per tonne in 2025. Assessments vary greatly between respondents, illustrating the extent of policy uncertainty. Nevertheless, 69% of respondents from large carbon emitters indicate that their companies have cut emissions in anticipation of a carbon price, and 84% expect their company to do so over the next three years - not withstanding significant uncertainty about whether the carbon price may be repealed. The survey also covers expectations about future prices in the EU emissions trading scheme and credits under the Clean Development Mechanism, the Australian price floor and linking with the EU scheme, and the future of Australia's national emissions target.
Book Synopsis Policy Forum by : David Ronald Pearce
Download or read book Policy Forum written by David Ronald Pearce and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the passing of the carbon price legislation, implementation of climate policy must confront a number of challenges. These include the uncertain nature of benefits from the policy, uncertainty surrounding the cost of abatement within Australia, uncertainties about international action and challenges in the interaction between policy instruments (for example, between the carbon price and large subsidies to renewable energy). Each of these issues implies a substantial empirical challenge for the Australian Government and the independent agencies charged with implementation. Effort should be focused on increasing the knowledge base, rather than relying on simplified scenarios from a narrow range of economic models.
Book Synopsis Carbon Pricing that Builds Consensus and Reduces Australia's Emissions by : Frank Jotzo
Download or read book Carbon Pricing that Builds Consensus and Reduces Australia's Emissions written by Frank Jotzo and published by . This book was released on 2014 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper identifies principles for carbon pricing that could attract a broad based and durable societal consensus in Australia. It applies these principles to a phased carbon pricing architecture as put forward by Australia's Multi-Party Committee on Climate Change, namely a government determined (fixed) carbon price transitioning to emissions trading. Linking to international carbon markets decouples Australia's domestic carbon price from its national emissions target, allowing significant net national emissions reductions with manageable transitional impacts. A fixed price in the near term can end costly delays to carbon pricing while dealing with uncertainties about Australia's target and international markets. A strategy is outlined to manage international uncertainties and to accommodate the multiple goals of domestic constituencies, while achieving efficiency and effectiveness. First, ensure the medium term carbon price is high enough to for emissions to begin to trend down in the next few years, recognising that investment decisions are shaped by current expectations about future prices. Second, set the initial price at a level that gives confidence that short run impacts will be manageable, given other transitional assistance. Third, ensure that wider policy settings do not compromise incentives for reducing emissions, and make the scheme robust in the face of competing claims for carbon revenue and lobbying efforts. For Australian carbon pricing policy, these principles suggest the carbon price may need to rise rapidly over the course of the decade, to double or more compared to starting prices that are currently in the Australian discussion. Payments of carbon pricing revenue to industry may need to be limited to create more room for income tax cuts, possibly by means of an overall cap and accelerated phase-out of industry assistance. Forestry and agricultural offsets can be supported through the scheme, but at the cost of fiscal revenue.
Book Synopsis Impact of the Carbon Price on Australia's Electricity Demand, Supply and Emissions by : Marianna O'Gorman
Download or read book Impact of the Carbon Price on Australia's Electricity Demand, Supply and Emissions written by Marianna O'Gorman and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Australia's carbon price has been in operation for two years. The electricity sector accounts for the majority of emissions covered under the scheme. This paper examines the impact of the carbon price on the electricity sector between 1 July 2012 and 30 June 2014, focusing on the National Electricity Market (NEM). Over this period, electricity demand in the NEM declined by 3.8 per cent, the emissions intensity of electricity supply by 4.6 per cent, and overall emissions by 8.2 per cent, compared to the two-year period before the carbon price. We detail observable changes in power demand and supply mix, and estimate the quantitative effect of the effect of the carbon price. We estimate that the carbon price led to an average 10 per cent increase in nominal retail household electricity prices, an average 15 per cent increase in industrial electricity prices and a 59 per cent increase in wholesale (spot) electricity prices. It is likely that in response, households, businesses and the industrial sector reduced their electricity use. We estimate the demand reduction attributable to the carbon price at 2.5 to 4.2 TWh per year, about 1.3 to 2.3 per cent of total electricity demand in the NEM. The carbon price markedly changed relative costs between different types of power plants. Emissions-intensive brown coal and black coal generators reduced output and 4GW of emissions-intensive generation capacity was taken offline. We estimate that these shifts in the supply mix resulted in a 16 to 28kg CO2/MWh reduction in the emissions intensity of power supply in the NEM, a reduction between 1.8 and 3.3 per cent. The combined impact attributable to the carbon price is estimated as a reduction of between 5 and 8 million tonnes of CO2emissions (3.2 to 5 per cent) in 2012/13 and between 6 and 9 million tonnes (3.5 to 5.6 per cent) in 2013/14, and between 11 and 17 million tonnes cumulatively. There are fundamental difficulties in attributing observed changes in demand and supply to specific causes, especially over the short term, and in this light we use conservative parameters in the estimation of the effect of the carbon price. We conclude that the carbon price has worked as expected in terms of its short-term impacts. However, its effect on investment in power generation assets has probably been limited, because of policy uncertainty about the continuation of the carbon pricing mechanism. For emissions pricing to have its full effect, a stable, long-term policy framework is needed.
Book Synopsis The Poverty and Distributional Impacts of Carbon Pricing: Channels and Policy Implications by : Baoping Shang
Download or read book The Poverty and Distributional Impacts of Carbon Pricing: Channels and Policy Implications written by Baoping Shang and published by International Monetary Fund. This book was released on 2021-06-25 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addressing the poverty and distributional impacts of carbon pricing reforms is critical for the success of ambitious actions in the fight against climate change. This paper uses a simple framework to systematically review the channels through which carbon pricing can potentially affect poverty and inequality. It finds that the channels differ in important ways along several dimensions. The paper also identifies several key gaps in the current literature and discusses some considerations on how policy designs could take into account the attributes of the channels in mitigating the impacts of carbon pricing reforms on households.
Book Synopsis Climate Policy Uncertainty and Investment Risk by : William Blyth
Download or read book Climate Policy Uncertainty and Investment Risk written by William Blyth and published by OECD Publishing. This book was released on 2007 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication examines how uncertainty in climate change policy may affect investment behaviour in the power sector and how the costs of transition to a low-carbon economy may be addressed. For power companies, where capital stock is intensive and long-lived, those risks rank among the biggest and can create an incentive to delay investment. The analysis show that the risk premiums of climate change uncertainty can add 40 per cent of construction costs of the plant for power investors, and 10 per cent of price surcharges for the electricity end-users. It also looks at the sensitivity of different power sector investment decisions to different risks and considers the implications for policy development and design.
Book Synopsis Handbook Of Energy Finance: Theories, Practices And Simulations by : Stephane Goutte
Download or read book Handbook Of Energy Finance: Theories, Practices And Simulations written by Stephane Goutte and published by World Scientific. This book was released on 2020-01-30 with total page 827 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modeling the dynamics of energy markets has become a challenging task. The intensification of their financialization since 2004 had made them more complex but also more integrated with other tradable asset classes. More importantly, their large and frequent fluctuations in terms of both prices and volatility, particularly in the aftermath of the global financial crisis 2008-2009, posit difficulties for modeling and forecasting energy price behavior and are primary sources of concerns for macroeconomic stability and general economic performance.This handbook aims to advance the debate on the theories and practices of quantitative energy finance while shedding light on innovative results and technical methods applied to energy markets. Its primary focus is on the recent development and applications of mathematical and quantitative approaches for a better understanding of the stochastic processes that drive energy market movements. The handbook is designed for not only graduate students and researchers but also practitioners and policymakers.
Book Synopsis Carbon Pricing: What Role for Border Carbon Adjustments? by : Ian W.H. Parry
Download or read book Carbon Pricing: What Role for Border Carbon Adjustments? written by Ian W.H. Parry and published by International Monetary Fund. This book was released on 2021-09-27 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Climate Note discusses the rationale, design, and impacts of border carbon adjustments (BCAs), charges on embodied carbon in imports potentially matched by rebates for embodied carbon in exports. Large disparities in carbon pricing between countries is raising concerns about competitiveness and emissions leakage, and BCAs are a potentially effective instrument for addressing such concerns. Design details are critical, however. For example, limiting coverage of the BCA to energy-intensive, trade-exposed industries facilitates administration, and initially benchmarking BCAs on domestic emissions intensities would help ease the transition for emissions-intensive trading partners. It is also important to consider how to apply BCAs across countries with different approaches to emissions mitigation. BCAs are challenging because they pose legal risks and may be at odds with the differentiated responsibilities of developing countries. Furthermore, BCAs provide only modest incentives for other large emitting countries to scale carbon pricing—an international carbon price floor would be far more effective in this regard.
Book Synopsis Adaptive Governance in Carbon Farming Policies by : Nooshin Torabi
Download or read book Adaptive Governance in Carbon Farming Policies written by Nooshin Torabi and published by Springer. This book was released on 2018-07-25 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses a variety of different perspectives involved in biodiversity management and bio-sequestration projects in Australia, working towards achieving adaptive governance in carbon farming. It not only examines landholders’ motivation but also the challenges of integrating biodiverse forests into the agricultural landscape. Drawing on the contrast between science and policy stakeholders’ views on carbon farming and the practical challenges of achieving adaptive governance, the book discusses the significant gap between theory and practice encountered in this field of study. The book suggests ways of improving the decision-making capacity of government officials and policymakers involved in managing carbon and biodiversity markets, as well as introducing measures to promote adaptive governance by engaging landholders in more effective land conservation. Climate change is a pressing issue on the global political agenda, and this book makes an important contribution to the ongoing debate. This book will be an invaluable reference for practitioners, policymakers and researchers interested in alternative forms of governance in natural resource management.
Book Synopsis Climate Change Litigation by : Jacqueline Peel
Download or read book Climate Change Litigation written by Jacqueline Peel and published by Cambridge University Press. This book was released on 2015-04-09 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines how litigation over climate change shapes the choices of governments, corporations and the public regarding mitigation and adaptation.
Book Synopsis Implementing a US Carbon Tax by : Ian Parry
Download or read book Implementing a US Carbon Tax written by Ian Parry and published by Routledge. This book was released on 2015-02-11 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although the future extent and effects of global climate change remain uncertain, the expected damages are not zero, and risks of serious environmental and macroeconomic consequences rise with increasing atmospheric greenhouse gas concentrations. Despite the uncertainties, reducing emissions now makes sense, and a carbon tax is the simplest, most effective, and least costly way to do this. At the same time, a carbon tax would provide substantial new revenues which may be badly needed, given historically high debt-to-GDP levels, pressures on social security and medical budgets, and calls to reform taxes on personal and corporate income. This book is about the practicalities of introducing a carbon tax, set against the broader fiscal context. It consists of thirteen chapters, written by leading experts, covering the full range of issues policymakers would need to understand, such as the revenue potential of a carbon tax, how the tax can be administered, the advantages of carbon taxes over other mitigation instruments and the environmental and macroeconomic impacts of the tax. A carbon tax can work in the United States. This volume shows how, by laying out sound design principles, opportunities for broader policy reforms, and feasible solutions to specific implementation challenges.
Book Synopsis Routledge Handbook of Social and Sustainable Finance by : Othmar M. Lehner
Download or read book Routledge Handbook of Social and Sustainable Finance written by Othmar M. Lehner and published by Routledge. This book was released on 2016-06-23 with total page 773 pages. Available in PDF, EPUB and Kindle. Book excerpt: Routledge Handbook of Social and Sustainable Finance brings together an international cast of leading authorities to map out and display the disparate voices, traditions and professional communities engaged in social finance activity. With a clear societal or environmental mission, foundations, individual and group investors, as well as public bodies around the world have become increasingly eager to finance and support innovative forms of doing business. Together, founders and established businesses alike are embracing new sustainable business models with a distinct stakeholder approach to tackle social or environmental problems in what they see as a failed economic system in crisis. As a result, the topic of social and sustainable finance is at the forefront of financial economic thought. This Handbook is divided up into three parts. The first, "The Landscape of Social and Sustainable Finance and Investments", comprises of chapters from a multitude of perspectives in an effort to grasp the entirety of the landscape. The second, "Challenges, Suggestions, Critiques and Debates", focuses on areas ranging from sociological underpinnings to critical takes on markets, and the identification of specialized business models. Amongst ethical considerations, topics include the scaling of impact, an analysis of sustainability as risk prevention and comparative analyses of various methods of justification and measurement. In the third and final section, "Markets and Institutions", contributions range from various perspectives on sustainable banking to environmental marketplaces, and finally on to practical cases and country specific observations. This volume is essential reading for both academics and students in economics and finance. It is also of interest to those who study environmental economics, microeconomics and banking.
Download or read book Carbon Pricing written by John Quiggin and published by Edward Elgar Publishing. This book was released on 2014-04-25 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2012, Australia took the major step of introducing a carbon price, involving the creation of a system of emissions permits initially issued at a fixed price. Carbon Pricing brings together experts instrumental in the development, and operation, of A
Book Synopsis Can We Price Carbon? by : Barry G. Rabe
Download or read book Can We Price Carbon? written by Barry G. Rabe and published by MIT Press. This book was released on 2018-04-20 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: A political science analysis of the feasibility and sustainability of carbon pricing, drawing from North American, European, and Asian case studies. Climate change, economists generally agree, is best addressed by putting a price on the carbon content of fossil fuels—by taxing carbon, by cap-and-trade systems, or other methods. But what about the politics of carbon pricing? Do political realities render carbon pricing impracticable? In this book, Barry Rabe offers the first major political science analysis of the feasibility and sustainability of carbon pricing, drawing upon a series of real-world attempts to price carbon over the last two decades in North America, Europe, and Asia. Rabe asks whether these policies have proven politically viable and, if adopted, whether they survive political shifts and managerial challenges over time. The entire policy life cycle is examined, from adoption through advanced implementation, on a range of pricing policies including not only carbon taxes and cap-and-trade but also such alternative methods as taxing fossil fuel extraction. These case studies, Rabe argues, show that despite the considerable political difficulties, carbon pricing can be both feasible and durable.
Book Synopsis The Global Coal Market by : Mark C. Thurber
Download or read book The Global Coal Market written by Mark C. Thurber and published by Cambridge University Press. This book was released on 2015-07-20 with total page 723 pages. Available in PDF, EPUB and Kindle. Book excerpt: A major study of the modern global coal market and its impacts both on energy markets and on climate policy.
Book Synopsis Critical Reflections on Australian Public Policy by : John Wanna
Download or read book Critical Reflections on Australian Public Policy written by John Wanna and published by ANU E Press. This book was released on 2009-05-01 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of `critical reflections¿ on Australian public policy offers a valuable contribution to public discussion of important political and policy issues facing our nation and society. These essays are important not only because of the reputation and position of the various contributors, but because they are incredibly `content rich¿ and brimming with new ideas.
