The European Carbon Border Adjustment Mechanism (CBAM) has the dual objective of preventing carbon leakage and promoting global carbon pricing. Yet pursuing both objectives at the same time might result in incomplete carbon leakage protection unless global carbon prices converge. As the current geopolitical situation makes such convergence seem unlikely in the near future, an extension of free allowance ...
We investigate how fuel taxation reduces climate and pollution externalities by evaluating the world’s largest environmental tax reform. Using spatially detailed emissions data from more than 1,000 European regions in a synthetic difference-in-differences framework, we evaluate the impact of Germany’s 1999 ecological tax reform on transport-related carbon and air pollutant emissions. We document sizable ...
Die Integration von Klimarisiken in das Risikomanagement von Banken sowie die Transitionsplanung schreiten voran. In der Gebäudefinanzierung besteht jedoch noch Nachholbedarf.▪Das Management von Transitionsrisiken ist vor allem aufsichtsrechtlich motiviert.▪Eine Verbesserung der Datengrundlage und Entwicklung eines einheitlichen Transitionsszenarios können die Genauigkeit und Vergleichbarkeit von Klima-Szenarioanalysen ...
In this article, we argue for a stronger convergence of economic and political science disciplines as a precondition to foster global climate cooperation. While classical economists emphasize the importance of incentives and fees as drivers for international cooperation, as well as free riding avoidance and reciprocity of contributions as principles thereof, political scientists are rather concerned ...
We examine the impact of the war in Ukraine on long-term contracts in energy markets. We find that traded contract volumes fall by 65 percent in the first months of the war. A collapse in bilateral trading contributes most to this decline. To protect themselves from price shocks, firms increasingly turned to long-term contracts already before the war. In sum, our results show that the market continued ...
Policies that affect the cost of using fossil fuels in production have a complex impact on the economy. In this paper, we focus on the role of these policies for the pattern of comparative advantage through their effect on production costs in manufacturing industries. Using data on carbon prices and fossil fuel subsidies, we show that less stringent carbon pricing policies increase comparative advantage ...
