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Economics of Energy & Environmental Policy
Volume 13, Number 2

10.5547/2160-5890.13.2

ISSN 2160-5882 (Print)
ISSN 2160-5890 (Online)


Towards a Green Monetary Policy for Developing Countries: A Climate Rating Mechanism for Funding Sustainable Projects

Sahnoun Kacem, Himri Hicham, Bazzi Mehdi and El Alaoui Abdelkader

DOI: 10.5547/2160-5890.13.1.aela
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Abstract:
Even though the monetary policy first mission, has never been oriented to fight against global warming, central banks are starting to mobilize more efforts, in the financial sector, to tackle the negative impact posed by the uncontrolled climate change on the economy. In this paper, we propose a new mechanism contributing to the greening of the monetary policy for local authorities, particularly in developing countries, engaged in pro-environmental projects. Therefore, the low-carbon investments should be supported indirectly by the Central Bank and channelled to the real economy through local development banks using loans refinancing program. Analysis and illustration of the proposed mechanism show that funding sustainable projects, through an adequate climate rating mechanism, can be quite successful while central bank's primary mission of macroeconomic stabilization and inflation control, will not be altered but will be extended to encompass the climate change issues.


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Regional Electricity Trade in Latin America Without Expanding Generation Capacities

Govinda Timilsina, Ilka Deluque Curiel, and Deb Chattopadhyay

DOI: 10.5547/2160-5890.13.1.gtim
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Abstract:
The current cross-border electricity trade provision in Latic America is limited, only to about 4% of the total regional generation. This study estimates the potential savings on electricity supply costs if 20 Latin American countries trade electricity between the borders without expanding their current electricity generation capacity. We simulated two scenarios on electricity trade—an unconstrained trade of electricity between the countries within the Andean, Central, and Mercosur subregions and a full regional trade involving all 20 countries using a power system model. The study shows that the volume of cross-border electricity trade would increase by 13% and 29% under the subregional and regional scenarios, respectively. The region would gain US$1.5 billion annually under the subregional scenario and almost US$2 billion under the full regional scenario. The Andean subregion would realize more than half of this gain under both scenarios. The findings of the study are expected to motivate policymakers in the region and international development partners in fostering their dialogues to enhance regional electricity trade in Latin America.


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Are energy performance certificates a strong predictor of actual energy use? Evidence from high-frequency thermostat panel data

Tensay Hadush Meles, Niall Farrell, and John Curtis

DOI: 10.5547/2160-5890.13.1.tmel
No Abstract


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Energy Markets Under Stress: Some Reflections on Lessons From the 2021–2023 Energy Price Crisis in Europe

Michael G. Pollitt

DOI: 10.5547/01956574.45.4.mpol
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Abstract:
This paper examines the 2021–2023 energy crisis in Europe exacerbated by the energy consequences of the full-scale Russia—Ukraine war which began in February 2022. We show that this was an historically unprecedented price shock to both gas and electricity prices. We then draw on lessons from UK energy policy in World War Two to inform our analysis of European energy policy during this crisis. In light of this, we highlight four good and three bad policy responses to observed across Europe. The EU has responsibility for the European single market in electricity and gas (which also formally includes Norway and effectively includes the UK). We examine its attempts to co-ordinate EU-27 responses to the crisis. We conclude with longer-run lessons for energy and climate policy arising from this gas and electricity price shock.


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Leveraging the Inflation Reduction Act to Achieve 80x30 in the US Electricity Sector

Maya Domeshek, Dallas Burtraw, Karen Palmer, Nicholas Roy, and Jhih-Shyang Shih

DOI: 10.5547/2160-5890.13.2.mdom
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Abstract:
The US Inflation Reduction Act (IRA) promises to deliver important reductions in CO2 emissions from the electricity sector along with a host of other benefits to citizens and electricity consumers, but it falls short of achieving the 80 percent reduction (below 2005 levels) by 2030 (80x30) consistent with meeting the nation's Paris goals. This paper examines the consequences of the IRA and of policies designed to hit the Paris target for generation mix, consumer costs of electricity, the federal budget, air quality, and human health. Our modeling shows that the IRA substantially reduces the allowance price necessary under an emissions trading cap to meeting the 80x30 goal in the power sector and that doing so yields savings to consumers, particularly those with lower incomes, and additional health benefits beyond those promised from the IRA.


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