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Séminaire CIRED : Meriem Hamdi-Cherif

par Arancha Sánchez - publié le , mis à jour le

Résumé / Abstract

This article analyzes the gap between the recommendations of public economics in favor of a unique carbon price throughout the world and the results of empirical nonstandard modeling exercises in a second best world. It uses the IMACLIM-R model, a CGE energy-economy model. It investigates the use of complementary instruments to carbon pricing in the design of policy packages that go further than a global and unique carbon price.

The article highlights the asymmetry between developed and developing countries when implementing a unique carbon price and shows that the recycling of carbon tax revenues towards lower labor taxes and an early action on long-lived infrastructures offer important reductions of mitigation costs. Furthermore, it highlights the role of devices that reward low carbon investments beforehand through lowering their risk-weighted capital costs in lowering the magnitude of the macroeconomic mitigation costs.

We find that such a policy package is particularly important during the first phase of the climate policy, in which energy costs rise and technical change is limited by strong inertias and risk aversions. It helps the deployment of a development model that will be more labor intensive, more resilient to external economic and political conditions, more inclusive and with a higher level of energy security.

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