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1.
Abstract. We study how restricting CO2 emissions affects resource prices and depletion over time. We use a Hotelling‐style model with two non‐renewable fossil fuels that differ in their carbon content (e.g., coal and natural gas) and in addition are imperfect substitutes in final good production. We show that an economy facing a CO2 flow‐constraint may substitute towards the relatively dirty input. As the economy tries to maximize output per unit of emissions it is not only carbon content that matters: productivity matters as well. With an announced constraint the economy first substitutes towards the less productive input such that more of the productive input is available when constrained. Preliminary empirical results suggest that it is cost‐effective to substitute away from dirty coal to cleaner oil or gas, but to substitute from natural gas towards the dirtier input oil.  相似文献   

2.
This study uses a model with explicit energy sector linkages to estimate the macroeconomic impacts of the 1986 collapse in energy prices. The model combines features of neoclassical macroeconomics to estimate final demand spending and of general equilibrium analysis to estimate substitution possibilities. The model allows price and wage rigidities yet permits interfuel and input substitutions. The simulation results suggest three conclusions. First, the most significant macroeconomic impact of the 1986 oil price reduction is the sharp drop in inflation. Second, output and employment gains are relatively small due to the sharp drop in energy sector output. Finally, the estimated gain in real output due to lower energy prices is close to the output loss resulting from the trade deficit increase during 1986. This may be one reason why no substantial increase in economic growth occurred following the 1986 collapse in energy prices.  相似文献   

3.
This paper evaluates the consequences of renewable energy policies on welfare and energy prices in a world where carbon pricing is imperfect and the regulator seeks to limit emissions to a (cumulative) target. The imperfectness of the carbon price is motivated by political concerns regarding distributional effects of increased energy prices. Hence, carbon prices are considered to be temporarily or permanently absent or endogenously constrained by their effect on energy prices. We use a global general equilibrium model with an intertemporal fossil resource sector and calculate intertemporally optimal policies from a broad set of policy instruments including carbon taxes, renewable energy subsidies and feed-in-tariffs, among others. If carbon pricing is permanently missing, mitigation costs increase by a multiple (compared to the optimal carbon pricing policy) for a wide range of parameters describing extraction costs, renewable energy costs, substitution possibilities and normative attitudes. Furthermore, we show that small deviations from the second-best subsidy can lead to strong increases in emissions and consumption losses. This confirms the rising concerns about the occurrence of unintended side effects of climate policy – a new version of the green paradox. Smart combinations of carbon prices and renewable energy subsidies, however, can achieve ambitious mitigation targets at moderate additional costs without leading to high energy price increases.  相似文献   

4.
This paper examines the potential role for fuel substitution in electricity production in reducing carbon dioxide emissions over a ten-year time horizon. This is achieved by adding fuel substitution to output changes resulting from demand responses arising from a tax on carbon dioxide emissions. A time profile of adjustments is developed. The tax required for Australia to meet a 20 per cent reduction in emissions from 1993 levels is calculated and effects on inequality and social welfare are examined. The paper also examines the potential effect of a subsidy towards the use of low-emission fuels, financed from the carbon tax. A subsidy produces an improvement in emissions abatement and a lower tax required to reach the emissions target.  相似文献   

5.
This paper provides an empirical analysis of the impact of various influences on carbon dioxide emissions. It incorporates methodological refinements of input-output structural decomposition analysis, which is the examination of economic change by means of a set of comparative static variations in key parameters of I-O tables. The analysis is performed using a two-tiered KLEM model, which allows for estimation of substitution and technological change effects within and between input aggregates. The model is used to decompose the sources of change in CO2 emissions in the U.S. over the 1972–82 timeframe using hybrid energy/value tables for the initial and terminal years. Results show the significant effect of substitution within the energy sector and between energy and other inputs as the leading causes of the decline in carbon dioxide emissions.  相似文献   

6.
New Source Review (NSR) is a Clean Air Act regulation that requires electric utilities to meet emission standards when making modifications to existing power plants. The regulation increases the cost of replacing worn out parts, and limits the firm’s scope of potential capital investments. Such restrictions may lead to greater retirements and lower utilization, adversely affecting profits. Prior to the 2000 presidential election, investors expected Bush to have a narrower interpretation of NSR than Gore. Therefore, we use changes in stock prices to estimate the effect on profits of differences in NSR policy. Our results indicate that investors expected the average boiler to be $38 million more valuable under the Bush administration. Over the boilers’ lifetimes, the additional utilization will have increased emissions by 19 million tons of sulfur dioxide, 5.9 million tons of nitrogen oxides and 980 million tons of carbon dioxide, relative to natural gas generation.   相似文献   

7.
Recent legislation intended to increase the use of renewable energy sources and lower the amount of carbon dioxide emissions from energy has changed the structure of energy markets. The effect of these policies on carbon-intensive fuel sources is rather obvious. For natural gas, though, the effect is not immediately clear. This letter uses a structural model of natural gas demand to uncover whether these policies have led to increased demand because natural gas is a relatively clean source of energy that couples well with renewables or if these policies have crowded out natural gas on net.  相似文献   

8.
The continuing growth of China's electricity sector will affect global environmental and economic sustainability due to its impacts on greenhouse gas emissions and global resource depletion. In 2005, the generation of electricity in China resulted in the emissions of 2290 million metric tonnes of carbon dioxide (approximately 53% of the nation's total) and required 779 million metric tonnes of coal (approximately 50% of China's total coal consumption). These figures are expected to increase with China's economic growth. In order to gauge the range in which fuel consumption and CO2 emissions could grow a scenario-based conceptual model has been developed by the authors (published in (vol.) of this journal). The application and analysis of this shows that under a business as usual (BAU) scenario, electricity generation could contribute upwards of 56% of China's energy related greenhouse gas emissions by 2020. Meanwhile, consumption of coal will also increase, growing to nearly 60% of total national demand by 2020. However, variations in a number of key drivers could produce significant deviation from the BAU scenario. With accelerated economic output, even with greater technological advances and greater potential to bring natural gas on stream, carbon dioxide emissions would rise 10% above the BAU. Alternatively, in a scenario where China's economy grows at a tempered pace, less investment would be available for advanced technologies, developing natural gas infrastructure, or nuclear energy. In this scenario, reduced economic growth and electricity demand would thereby be countered by reduced efficiency and a higher contribution of coal.  相似文献   

9.
Comparison of nine conservation supply curves for electricity shows that fully implementing a series of energy efficiency measures will result in annual saving of 734 billion kWh (BkWh). This is 45 percent of 1989 U.S. building sector electricity use of 1627 BkWh and represents a $29 billion saving. When translated to units of conserved carbon dioxide (CC CO2), this annual saving is 514 megatonnes, which is 10 percent of the total 1989 U.S. carbon dioxide (CO2) emissions from all sources. Implementing additional fuel efficiency measures would result in further potential saving of 5·2 quads of fuel (natural gas and oil) per year, or another 300 megatonnes of CO2, at a net savings of $20 billion. Fuel switching (replacing electric resistance heat with on-site natural gas combustion) would produce annual saving of another 74 megatonnes of CO2 at a net saving of $6·8 billion. Thus, total CO2 saving from these combined efficiency measures are 890 megatonnes at a net saving of $56 billion per year.  相似文献   

10.
In this paper, we distinguish between factor/output substitution and shifts in the production technology frontier. Our model includes the by-products of carbon dioxide and sulfur dioxide emissions where the function requires the simultaneous expansion of good outputs and reductions in emissions. We estimate a directional output distance function for 80 countries over the period 1971–2000 to measure the exogenous and oil price-induced technological change. On average, we find substantial oil price-induced technological progress at the world level when long-term oil prices are rising, although the growth rate is more volatile in developed countries than in developing countries. The results also show that developed countries experience higher exogenous technological progress in comparison with developing countries, and the gap between the two has increased during the period of our study.  相似文献   

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