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"Klimaschutz"
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Carbon Tail Risk
Strong regulatory actions are needed to combat climate change, but climate policy uncertainty makes it difficult for investors to quantify the impact of future climate regulation. We show that such uncertainty is priced in the option market. The cost of option protection against downside tail risks is larger for firms with more carbon-intense business models. For carbon-intense firms, the cost of protection against downside tail risk is magnified at times when the public’s attention to climate change spikes, and it decreased after the election of climate change skeptic President Trump.
Journal Article
Climate Change and Long-Run Discount Rates
We show that housing markets provide information about the appropriate discount rates for valuing investments in climate change abatement. Real estate is exposed to both consumption and climate risk and its term structure of discount rates is downward sloping, reaching 2.6% for payoffs beyond 100 years. We use a tractable asset pricing model that incorporates features of climate change to show that the term structure of discount rates for climate-hedging investments is thus upward sloping but bounded above by the risk-free rate. At horizons at which risk-free rates are unavailable, the estimated housing discount rates provide an upper bound.
Journal Article
Governance, democracy and sustainable development : moving beyond the impasse
\"This very timely and important collection draws together some of the world's leading thinkers on environment and development to debate one of the most important issues of our time: sustainable development. They very usefully remind us all that in order to be politically sustainable, the sustainability transition will have to find a way to maximize policy synergies in a democratically legitimate manner.\"--Provided by publisher.
Book
The Social Cost of Carbon with Economic and Climate Risks
Uncertainty about future economic and climate conditions substantially affects the choice of policies for managing interactions between the climate and the economy. We develop a framework of dynamic stochastic integration of climate and economy, and show that the social cost of carbon is substantially affected by both economic and climate risks and is a stochastic process with significant variation. We examine a wide but plausible range of values for critical parameters with robust results and show that large-scale computing makes it possible to analyze policies in models substantially more complex and realistic than usually used in the literature.
Journal Article
The politics of climate change
Since it first appeared, this book has achieved a classic status. Reprinted many times since its publication, it remains the only work that looks in detail at the political issues posed by global warming. This new edition has been thoroughly updated and provides a state-of-the-art discussion of the most formidable challenge humanity faces this century. If climate change goes unchecked, the consequences are likely to be catastrophic for human life on earth. Yet for most people and for many policy-makers too, it tends to be a back-of-the-mind issue. We recognize its importance and even its urgency, but for the most part it is swamped by more immediate concerns. Political action and intervention on local, national and international levels are going to have a decisive effect on whether or not we can limit global warming as well as how we adapt to that already occurring. However, at the moment, argues Giddens, we do not have a systematic politics of climate change. Politics-as-usual won't allow us to deal with the problems we face, while the recipes of the main challenger to orthodox politics, the green movement, are flawed at source. Giddens introduces a range of new concepts and proposals to fill in the gap, and examines in depth the connections between climate change and energy security--Back cover.
Book
Will COVID-19 fiscal recovery packages accelerate or retard progress on climate change?
Abstract
The COVID-19 crisis is likely to have dramatic consequences for progress on climate change. Imminent fiscal recovery packages could entrench or partly displace the current fossil-fuel-intensive economic system. Here, we survey 231 central bank officials, finance ministry officials, and other economic experts from G20 countries on the relative performance of 25 major fiscal recovery archetypes across four dimensions: speed of implementation, economic multiplier, climate impact potential, and overall desirability. We identify five policies with high potential on both economic multiplier and climate impact metrics: clean physical infrastructure, building efficiency retrofits, investment in education and training, natural capital investment, and clean R&D. In lower- and middle-income countries (LMICs) rural support spending is of particular value while clean R&D is less important. These recommendations are contextualized through analysis of the short-run impacts of COVID-19 on greenhouse gas curtailment and plausible medium-run shifts in the habits and behaviours of humans and institutions.
Journal Article
Mitigating Emissions in India: Accounting for the Role of Real Income, Renewable Energy Consumption and Investment in Energy
Accomplishing environmental sustainability has become a global initiative whilst addressing climate change and its effects. Thus, there is a necessity for innovation on part of economies as they seek energy for sustainable development. Thus, we explore the case of India a highly industrialized and heavy emitter of carbon emission. To this end, this study explores the effect of renewable energy, non-renewable, economic growth, and investment in the energy sector on CO2 emission in the Indian economy. Canonical Cointegration Regression (CCR), Fully Modified Least Squares (FMOLS) and Dynamic Least Squares (DOLS) were used to access the long-run elasticity of the variables as well as Granger Causality analysis to detect the direction of causality relationship among the highlighted variables. Empirical regression shows a negative relation between CO2 emission and renewable energy. Thus, suggesting that renewable energy serves as a panacea for sustainable development in the face of economic growth trajectory. However, there was a positive relationship between CO2 emission and both non-renewable and real GDP growth. On the Granger analysis, we observe a one-way causality among renewable energy consumption and CO2 emission, economic development, and energy investment. These outcomes have far-reaching policy direction of environmental sustainability target in Indian economy.
Journal Article