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Nicoletta Batini, Mario di Serio, Matteo Fragetta, and Mr. Giovanni Melina
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.
Ian W.H. Parry, Danielle N Minnett, and Karlygash Zhunussova
This paper discusses potential elements of a comprehensive strategy for making headway on Türkiye’s net zero emissions pedge for 2053. These elements include: (i) aligning 2030 emissions commitments with long term neutrality; (ii) implementing a carbon price rising to an ilustrative $75 per tonne by 2030; (iii) enhancing acceptability through using carbon pricing revenues efficiently and equitably and including competitveness measures; (iv) introducing various feebate schemes (the fiscal analogue of regulations) to reinforce mitigation incentives in the power, industry, transport, building, forestry, and agricultural sectors. According to modelling results a phased revenue-neutral $75 carbon price reduces CO2 emisisons 21 percent below baseline levels in 2030, raises revenues of 1.7 percent of GDP, avoids 11,000 air pollution deaths over the decade, while imposing an average burden on households of 3 percent of their consumption (before revenue-recycling). With revenues used for targeted transfers and labor tax reductions the overall policy is pro-poor and pro-equity (average household is better off by 0.4 percent).