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Science > Energy

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Cover IMF Staff Country Reports
Iraq: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
Selected Issues
Keywords:
electricity sector; gains from Reform; title page; demand management; supply-demand gap; Pension spending; Pensions; Electricity; Public sector; Retirement; Middle East and Central Asia
Cover IMF Working Papers
A Framework for Comparing Climate Mitigation Policies Across Countries
Mr. Simon Black, Danielle N Minnett, Ian W.H. Parry, Mr. James Roaf, and Karlygash Zhunussova
There is growing interest in international coordination over climate mitigation policy. Climate clubs or international carbon price floors could complement the Paris Agreement by helping to deliver the near-term cuts in global greenhouse gas emissions needed to contain global warming to 1.5 to 2oC. To ensure inclusivity, these arrangements need to account for varying mitigation policies across countries, including carbon pricing, fuel taxes, subsidy reform, and non-pricing approaches like regulations. A transparent methodology is needed to compare and monitor mitigation effort by countries implementing diverse policy packages. This paper presents and illustrates a methodology for converting climate mitigation policies and targets into their carbon price equivalents and applies it to the Group of Twenty (G20) countries.
Keywords:
Emissions reductions; carbon price equivalence; G20; non-pricing instrument; sectoral target; fuel taxes; temperature aligned mitigation.; climate mitigation policy; annex B. policy equivalence; reductions from Policites; policy package; industry emissions target; policy instrument; mitigation approach; emissions impact; BAU emissions projection; emission rate standard; Greenhouse gas emissions; Fuel tax; Climate policy; Global; Africa
Cover Finance & Development
Finance & Development, December 2022
International Monetary Fund. Communications Department
Finance & Development, December 2022
Keywords:
energy transition; West Indies cricket team; fossil fuel use; energy consumption; West Indies cricket journey; Renewable energy; Fuel prices; Non-renewable resources; Energy prices; Electricity; Europe; Global; Caribbean; Africa; Baltics
Cover IMF Working Papers
Chasing the Sun and Catching the Wind: Energy Transition and Electricity Prices in Europe
Mr. Serhan Cevik and Keitaro Ninomiya
European power markets are in the midst of unprecedented changes, with a record-breaking surge in energy prices.This paper investigates the impact of green power resources on the level and volatility of wholesale electricity prices at a granular level, using monthly observations for a panel of 24 European countries over the period 2014–2021 and alternative estimation methods including a panel quantile regression approach. We find that renewable energy is associated with a significant reduction in wholesale electricity prices in Europe, with an average impact of 0.6 percent for each 1 percentage points increase in renewable share. We also find evidence for a nonlinear effect—that is, higher the share of renewables, the greater its effect on electricity prices. On the other hand, while quantile estimation results are mixed with regards to the impact of renewables on the volatility of electricity prices, we obtain evidence that renewable energy has a negative effect on volatility at the highest quantiles. Overall, our analysis indicates that policy reforms can help accelerate the green transition while minimizing the volatility in electricity prices.
Keywords:
Energy transition; renewables; electiricity prices; panel quantile regression; Europe; electricity price; quantile estimation result; electricity generation; dampening effect; Electricity; Renewable energy; Renewable resources; Oil prices; Global
Cover IMF Working Papers
The Great Carbon Arbitrage
Mr. Tobias Adrian, Mr. Patrick Bolton, and Alissa M. Kleinnijenhuis
We measure the gains from phasing out coal as the average social cost of carbon times the quantity of avoided emissions. By comparing the present value of benefits from avoided emissions against the present value of costs of ending coal and replacing it with renewables, our conservative baseline estimate is that the world can realize a net gain of $85 trillion. This global net social benefit can be attained through an international agreement to phase out coal. We also explore how this net benefit is distributed across countries and find that most countries would benefit from a global coal phase-out even without any compensatory cross-country transfers. Finally, we estimate the size of public funds that must be committed under a blended finance arrangement to finance the cost of replacing coal with renewables.
Keywords:
Climate; Carbon; Environment; Climate Policy; Valuation of Environmental Effects; Financial Economics; carbon arbitrage; net benefit; financing policy; baseline estimate; investment cost; coal company; Non-renewable resources; Renewable energy; Climate finance; Arbitrage; Greenhouse gas emissions; Global; net gain; country cost; Africa; North America
Cover IMF Working Papers
Jobs Impact of Green Energy
Jaden Kim and Mr. Adil Mohommad
This brief paper accompanies the Green Energy and Jobs tool, which is a simple excel-based tool to estimate the job-creation potential of greening the electricity sector. Specifically, it calculates the net job gains or losses from increasing the level of energy efficiency, and from increasing the share of clean and renewable electricity generation in the total electricity output mix. The tool relies on estimates of job multipliers in the literature, and adds evidence from firm-level data on the job-intensity of different energy sources. The paper illustrates applications of the tool using data from the IEA’s Sustainable Development Scenario compared to business-as-usual. This tool is intended to help country teams engage further on climate change issues in bilateral surveillance.
Keywords:
Renewable energy; jobs; sustainable development; jobs tool; net job gain; job multiplier; electricity sector; electricity generation; Electricity; Non-renewable resources; Job creation; Global
Cover IMF Staff Country Reports
South Africa: Selected Issues
International Monetary Fund. African Dept.
Selected Issues
Keywords:
South Africa GHG emission; South Africa employment outlook; C. government bond holding;