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Abstract

The analysis in the book suggests that LAC countries are facing substantial challenges related to climate change but have tools at their disposal to seize the opportunities that the climate change presents. To maximize opportunities and minimize the risks LAC countries will need to improve flexibility and adaptability of their economies. Policies aimed at supporting the reallocation of labor and capital across sectors, investing in basic skills and human capital, improving transparency and economic governance to encourage investment in technology and know-how, and creating fiscal space to manage the climate transition would help LAC countries position themselves to take advantage of the opportunities afforded by the climate transition.

International Monetary Fund. European Dept.

Despite substantial progress in reducing its carbon footprint, Estonia remains one of the most emission-intensive economies in the EU. Heavy reliance on oil shale for energy and electricity generation, a low effective carbon price, and high (explicit and implicit) fossil fuel subsidies are key hurdles to decolonization. Phasing out oil shale production as planned is essential for achieving the green transition. Further increasing the share of renewables in electricity generation, removing red tapes to the deployment of renewable sources, and improving the interconnectivity of the electricity grid will support greening the energy mix. Complementing this, ambitious actions on carbon pricing, energy efficiency, and reducing fossil fuel subsidies are necessary. Targeted sectoral policies in the residential and transportation sectors, which produce the most GHG emissions after electricity generation, may provide additional support to the transition.