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Overview of EMF 24 Policy Scenarios

Allen A. Fawcett, Leon C. Clarke, Sebastian Rausch, and John P. Weyant

Year: 2014
Volume: Volume 35
Number: Special Issue
DOI: 10.5547/01956574.35.SI1.3
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The Energy Modeling Forum 24 study included a set of policy scenarios designed to compare economy wide market-based and sectoral regulatory approaches of potential U.S. climate policy. Models from seven teams participated in this part of the study assessing economy-wide cap-and-trade climate policy and sectoral policies in the transportation and electric sector in terms of potential greenhouse gas emissions reductions, economic cost, and energy systems implications. This paper presents an overview of the results from the U.S. policy scenarios, and provides insights into the comparison of results from the participating models. In particular, various metrics were used to compare the model results including allowance price, the efficient frontier, consumption loss, GDP loss, and equivalent variation. We find that the choice of economic metric is an important factor in the comparison of model results. Among the insights, we note that the carbon price should cautiously be considered when other non-cap sectoral policies affecting emissions are assumed in tandem. We also find that a transportation sector policy is consistently shown to be inefficient compared to an economy-wide capand-trade policy with a comparable level of emissions reductions. Keywords: Climate policy, Energy-economy modeling, Sectoral climate policies, Policy interaction

Renewable Energy Targets in the Context of the EU ETS: Whom do They Benefit Exactly?

Florian Landis and Peter Heindl

Year: 2019
Volume: Volume 40
Number: Number 6
DOI: 10.5547/01956574.40.6.flan
View Abstract

We study how European climate and energy policy targets affect different member states and households of different income quintiles within the member states. We find that renewable energy targets in power generation, by reducing eu ets permit prices, may make net permit exporters worse off and net permit importers better off. This effect appears to dominate the efficiency cost of increasing the share of energy provided by renewable energy sources in the countries that adopt such targets. While an increase in prices for energy commodities, which is entailed by the policies in question, affects households in low income quintiles the most, recycling revenues from climate policy allows governments to compensate them for the losses. If renewable targets reduce the revenues from ets permit auctions, member states with large allocations of auctionable permits will lose some of the ability to do so.

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