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After Paris: fiscal, macroeconomic, and financial implications of climate change

Object category:
Elektronische Ressource
Person/Institution:
Farid, Mai
Keen, Michael (1956)
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Papaioannou, Michael G.
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Parry, Ian W. H. (1965)
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Pattillo, Catherine A.
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Ter-Martirosyan, Anna
Publisher:
International Monetary Fund
Place of publication:
Washington, D.C.
Date:
2016
Extent, illustration, format:
1 Online-Ressource (46 S.;)
Language:
Englisch
Abstract:
This paper discusses the implications of climate change for fiscal, financial, and macroeconomic policies. Most pressing is the use of carbon taxes (or equivalent trading systems) to implement the emissions mitigation pledges submitted by 186 countries for the December 2015 Paris Agreement while providing revenue for lowering other taxes or debt. Carbon pricing in developing countries would effectively mobilize climate finance, and carbon price floor arrangements are a promising way to coordinate policies internationally. Targeted fiscal measures that are tailored to national circumstances and robust across climate scenarios are needed to counter private sector under-investment in climate adaptation. And increased disclosure of carbon footprints, stress testing of asset values, and greater proliferation of hedging instruments, will facilitate low-emission investments and climate risk diversification through financial markets.
Object text:
prepared by Mai Farid, Michael Keen, Michael Papaioannou, Ian Parry, Catherine Pattillo, Anna Ter-Martirosyan, and other IMF staff
Includes bibliographical references (pages 39-46)

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Universität Erfurt
Forschungsbibliothek Gotha
Schloss Friedenstein
Schlossplatz 1
99867 Gotha
+49 361 737-5540
bibliothek.gotha(at)uni-erfurt.de
Created:
2023-04-12
Last changed:
2023-03-10
Added to portal:
2023-04-12