Surging Energy Prices In Europe In The Aftermath Of The War How To Support The Vulnerable And Speed Up The Transition Away From Fossil Fuels PDF Download
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| Author | : Mr. Anil Ari |
| Publisher | : International Monetary Fund |
| Total Pages | : 41 |
| Release | : 2022-07-29 |
| Genre | : Business & Economics |
| ISBN | : |
Download Surging Energy Prices in Europe in the Aftermath of the War: How to Support the Vulnerable and Speed Up the Transition Away from Fossil Fuels Book in PDF, ePub and Kindle
We estimate that the recent surge in international fossil fuel prices will raise European households’ cost of living in 2022 by close to 7 percent of consumption on average. Household burdens vary significantly across and within countries, but in most cases they are regressive. Policymakers have mostly responded to the shock with broad-based price-suppressing measures, including subsidies, tax reductions, and price controls. Going forward, the policy emphasis should shift rapidly towards allowing price signals to operate more freely and providing income relief to the vulnerable. The surge in energy prices will encourage energy conservation and investments in renewable energy, but the manyfold rise in natural gas prices could lead to a persistent switch towards coal. To ensure steady progress towards carbon emissions reduction goals, authorities could use the opportunity to strengthen carbon pricing when global fossil fuel prices decline in the future. Non-price incentives for investments in energy efficiency and renewable energy should also be enhanced, as envisaged in the RePowerEU plan.
| Author | : Chikako Baba |
| Publisher | : International Monetary Fund |
| Total Pages | : 25 |
| Release | : 2023-02-10 |
| Genre | : Business & Economics |
| ISBN | : |
Download The 2020-2022 Inflation Surge Across Europe: A Phillips-Curve-Based Dissection Book in PDF, ePub and Kindle
In 2021-22, inflation in Europe soared to multidecade highs, consistently exceeding policymakers’ forecasts and surprising with its wide cross-country dispersion. This paper analyzes the key drivers of the inflation surge in Europe and its variation across countries. The analysis highlights significant differences in Phillips curve parameters across Europe’s economies. Inflation is more sensitive to domestic slack and external price pressures in emerging European economies compared to their advanced counterparts, which contributed to a greater passthrough of global commodity price shocks into domestic prices, and, consequently, to larger increases in inflation rates. Across Europe, inflation also appears to have become increasingly backward looking and more sensitive to commodity price shocks since the onset of the COVID-19 pandemic. This finding helps explain why conventional (Phillips curve) inflation models consistently underpredicted the 2021-2022 inflation surge, although it remains too early to conclude there has been a structural break in the inflation process.
| Author | : Jaden Kim |
| Publisher | : International Monetary Fund |
| Total Pages | : 34 |
| Release | : 2024-01-12 |
| Genre | : Business & Economics |
| ISBN | : |
Download Energy Security and The Green Transition Book in PDF, ePub and Kindle
The current energy crisis has raised important policy questions on how to strengthen short-term energy security while remaining firmly committed to the green transition, a challenge amplified by the recent consensus at COP28 to transition away from fossil fuels. This paper examines the historical determinants of the security of energy supply and analyzes the green transition implications for energy security. Looking back, we find that the diversification of energy trade partners, or the lack thereof, was the main factor that underpinned energy security dynamics within and across countries over the last two decades. Looking ahead, the green transition is expected to have a net positive effect on energy security provided investments are aligned to address new challenges posed by the increased reliance on renewables.
| Author | : Hugo Rojas-Romagosa |
| Publisher | : International Monetary Fund |
| Total Pages | : 41 |
| Release | : 2024-03 |
| Genre | : Business & Economics |
| ISBN | : |
Download Medium-term Macroeconomic Effects of Russia’s War in Ukraine and How it Affects Energy Security and Global Emission Targets Book in PDF, ePub and Kindle
Russia’s war in Ukraine has disrupted the supply of natural gas for many European countries, triggering an energy crisis and affecting energy security. We simulate the medium-term effects of these trade disruptions and find that most European countries have limited GDP losses but those more dependent on Russian natural gas face moderate losses. European fossil fuel consumption and emissions are reduced and after accounting for the war impacts, achieving Europe’s emission targets becomes slightly less costly. In terms of energy security, the war eliminates European energy dependency from Russian imports, but most of the natural gas and oil imports will be substituted by other suppliers. We also find that constructing a new Russian pipeline to China does not provide significant macroeconomic benefits to either country.
| Author | : OECD |
| Publisher | : OECD Publishing |
| Total Pages | : 96 |
| Release | : 2023-11-27 |
| Genre | : |
| ISBN | : 9264901531 |
Download OECD Series on Carbon Pricing and Energy Taxation Effective Carbon Rates 2023 Pricing Greenhouse Gas Emissions through Taxes and Emissions Trading Book in PDF, ePub and Kindle
This fourth edition of Effective Carbon Rates provides an overview of the carbon pricing landscape, examining fuel excise taxes, carbon taxes, and emissions trading systems (ETSs) through 2021, with updates on developments until 2023.
| Author | : Rossella Bardazzi |
| Publisher | : Springer Nature |
| Total Pages | : 269 |
| Release | : 2023-09-17 |
| Genre | : Business & Economics |
| ISBN | : 3031356845 |
Download Vulnerable Households in the Energy Transition Book in PDF, ePub and Kindle
This open access book explores the energy transition / energy poverty nexus in the European Union, including the implications of the transition and related policies for the household sector. Written by experts on energy economics, energy studies and related fields, it examines the impacts and costs of the energy transition (including those caused by carbon pricing) for the economy and for families in particular. Providing case studies on Germany, France, Italy, Spain and Greece, the contributing authors highlight current overlapping vulnerabilities for households, show the effects of decarbonization policies on relative prices, and discuss strategies for reducing energy poverty while also decarbonizing. Moreover, they address household and consumer vulnerabilities in connection with societal transformations such as demographic changes and the aging populations of Europe and particularly Italy. Given its scope, the book will appeal to scholars and students of energy studies, energy economics and related fields, and to anyone interested in the benefits and costs of the ongoing energy transition.
| Author | : Mr. Nicolas Arregui |
| Publisher | : International Monetary Fund |
| Total Pages | : 24 |
| Release | : 2022-12-16 |
| Genre | : Business & Economics |
| ISBN | : |
Download Targeted, Implementable, and Practical Energy Relief Measures for Households in Europe Book in PDF, ePub and Kindle
The recommended way of helping households during the ongoing European energy crisis is to allow price signals to operate freely while providing targeted compensation to the vulnerable. In practice, however, institutional, political, and technical constraints have led many European governments to adopt broad, price-suppressing measures, which impede the adjustment in demand, have high fiscal costs, and widen cross-country gaps in prices. This paper focuses on easy-to-implement, second-best policies. Bonuses or rebates on energy bills (that are not linked to the current volume of consumption) or block tariffs are simple options which would improve on the current policy design in many countries. To avoid stoking inflation, fiscal policy should not add to aggregate demand, so relief for energy bills should be targeted and coupled with offsetting fiscal measures. One option is to reclaim the relief from the better-off through income taxation, which would also make support more progressive.
| Author | : Erik Gråd |
| Publisher | : Nordic Council of Ministers |
| Total Pages | : 70 |
| Release | : |
| Genre | : Political Science |
| ISBN | : 9289378174 |
Download Policy measures to compensate for increasing costs of energy Book in PDF, ePub and Kindle
Available online: https://pub.norden.org/temanord2024-517/ The Nordic region's climate change goals are challenged by significant energy price hikes from 2021 to 2023. Nordic governments implemented various price compensation measures, but their impact on social-, climate-, and environmental goals remains uncertain. The impact evaluation presented in this report highlights that the Nordic measures were characterised by diverse designs, rapid yet problematic implementation, and limited redistribution to low-income households. Several measures discouraged effective resource allocation and emission reduction. To reduce the risk of conflict between compensation measures and climate change policy it is important that measures are understood as temporary. Measures that utilise flat rate or regressive patterns for transfer of funds, and that decouple funds from current consumption, should have been more effective that most of the measures utilised.
| Author | : World Bank |
| Publisher | : World Bank Publications |
| Total Pages | : 178 |
| Release | : 2022-10-04 |
| Genre | : Business & Economics |
| ISBN | : 1464819289 |
Download Europe and Central Asia Economic Update, Fall 2022 Book in PDF, ePub and Kindle
Globalization, demographic trends, the green transition, and technological innovations are transforming labor markets in Europe and Central Asia, altering their institutional and contractual arrangements, and creating disparities and vulnerabilities in the labor force. Systemic risks—economic, health, or climate-related—are also playing an increased role in driving poverty and vulnerability. Social protection systems in Europe and Central Asia will need to be reformed to address these challenges and provide adequate protection to workers and families. Countries in the region responded to the COVID-19 pandemic by implementing social protection packages with a substantial contribution of job protection policies. Analysis of the impact of these policies suggests that while job protection policies may have preserved employment in the short run, this may have come at the expense of efficiency and growth. In the long run, income protection policies may be better at addressing the needs of vulnerable groups as labor markets continue evolving. A policy package that combines a guaranteed minimum income with labor market policies that facilitate job transitions can best help countries address long-term challenges.
| Author | : David Amaglobeli |
| Publisher | : International Monetary Fund |
| Total Pages | : 26 |
| Release | : 2024-02-09 |
| Genre | : Business & Economics |
| ISBN | : |
Download Firms’ Resilience to Energy Shocks and Response to Fiscal Incentives: Assessing the Impact of 2022 Energy Crisis Book in PDF, ePub and Kindle
The energy price shock in 2022 led to government support for firms in some countries, sparking debate about the rationale and the nature of such support. The results from nationally representative firm surveys in the United States and Germany indicate that firms in these countries were generally resilient. Coping strategies adopted by firms included the pass-through of higher costs to consumers, adjustment of profit margins (United States) and investments in energy saving and efficiency (Germany). Firms in energy-intensive industries would have been significantly more affected if international energy prices were fully passed through to domestic prices in Europe. Survey responses further reveal that most firms are uncertain about the impact of recent policy announcments on green subsidies. Firms take advantage of fiscal incentives to accelerate their climate-related investment plans are often those that have previous plans to do so. These findings suggest better targeting and enhancing policy certainty will be important when facilitate the green transition among firms.
