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Middle East and Central Asia > Saudi Arabia

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • Allocative Efficiency; Cost-Benefit Analysis x
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Cover Departmental Papers
Economic and Environmental Benefits from International Cooperation on Climate Policies
Jean Chateau
,
Ms. Florence Jaumotte
, and
Gregor Schwerhoff
This paper discusses and analyzes various international mechanisms to scale up global action on climate mitigation and address the policy gap in this area. Despite the new commitments made at COP 26, there is still an ambition and a policy gap at the global level to keep temperature increases below the 2°C agreed in Paris. Avoiding the worst outcomes of climate change requires an urgent scaling up of climate policies. Recent policy proposals include the idea of common minimum carbon prices, which underlie the IMF’s international carbon price proposal (Parry, Black, and Roaf 2021) and the climate club proposal of the German government. While global carbon prices are not a new idea, the new elements are the use of carbon price floors—which allow countries to do more if they wish—and the differentiation of carbon price floors by level of development. In the absence of international coordination, countries with ambitious climate policies are considering introducing a border carbon adjustment mechanism to prevent domestic producers from being at a competitive disadvantage due to more ambitious domestic climate policies. An interesting question from the global perspective is whether border carbon adjustment would deliver substantial additional emissions reductions or incentivize other countries to join a carbon price floor agreement.
Keywords:
climate policy; border carbon adjustment; international coordination; global minimum carbon prices; ICPF scenario; carbon price floor agreement; B. policy scenario overview; baseline emission projection; GDP cost; Greenhouse gas emissions; Climate policy; Climate change; Global; Africa; East Asia; Caribbean
Cover IMF Working Papers
Issues in Domestic Petroleum Pricing in Oil-Producing Countries
Mr. Sanjeev Gupta
,
Mr. Benedict J. Clements
,
Mr. Kevin Fletcher
, and
Ms. Gabriela Inchauste
This paper discusses issues relating to the domestic pricing of petroleum in oil-producing countries. It finds that in most major oil-exporting countries, government policies keep domestic prices below free-market levels, resulting in implicit subsidies that equaled 3.0 percent of GDP, on average, in 1999. Moreover, the paper argues, these petroleum subsidies are inefficient and inequitable-entailing substantial opportunity costs in terms of forgone revenue or productive spending-and also procyclical, complicating macroeconomic management. Nonetheless, the elimination of petroleum subsidies is often politically difficult, although countervailing measures and publicity campaigns can help engender support for reform.
Keywords:
WP; price; country; subsidy; government; Oil; petroleum; subsidies; domestic prices; excises; fiscal policy; incidence; subsidy reform; max-min price stabilization law; world oil prices increase; transfer program; free market price; petroleum product price; reference price; Oil prices; Consumption; Energy subsidies; Fuel prices; Global