Diversification and cooperation strategies in a decarbonizing world / Grzegorz Peszko, Dominique van der Mensbrugghe, Alexander Golub

By: Contributor(s): Resource type: Ressourcentyp: Buch (Online)Book (Online)Language: English Series: World Bank E-Library Archive | Policy research working paper ; 9315Publisher: [Washington, DC, USA] : World Bank Group, Climate Change Global Practice, Environment and Natural Resources Global Practice, July 2020Description: 1 Online-Ressource (circa 36 Seiten) : IllustrationenGenre/Form: Additional physical formats: Erscheint auch als: Diversification and Cooperation Strategies in a Decarbonizing World. Druck-Ausgabe Washington, D.C : The World Bank, 2020DOI: DOI: 10.1596/1813-9450-9315Online resources: Summary: Fossil fuel importers can apply various climate and trade taxes to encourage fossil fuel-dependent countries to cooperate on climate mitigation, and fossil fuel-dependent countries can respond with alternative diversification and cooperation strategies. This paper runs macroeconomic model simulations of alternative strategies that the global community and fossil fuel-dependent countries can pursue to encourage and enable their participation in a global low-carbon transition. The following are the findings from the simulations. (i) Fuel importers' unilateral carbon taxes capture fossil fuel-dependent countries' resource rents and accelerate their emission-intensive diversification. (ii) Border taxes on the carbon content of imports from fossil fuel-dependent countries do not induce comprehensive cooperation, but broader trade sanctions do. (iii) Cooperative wellhead carbon taxes can achieve cooperation without trade wars. (iv) Lower-income fossil fuel-dependent countries with large untapped reserves need additional incentives and enablers to cooperate and diversify into low-carbon assets. (v) Incentives to cooperate are misaligned between different fossil fuel-dependent countries and between owners of different fuels. (vi) The strategies that maximize consumption and growth in fossil fuel-dependent countries reduce the value of assets in extractive and heavy industries. (vii) Asset diversification is a robust, long-term strategy but faces the tragedy of the horizonPPN: PPN: 1726705277Package identifier: Produktsigel: ZDB-1-WBA | ZDB-110-WBL
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