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1. Navigating the Crises in European Energy

Author:
Michael Grubb
Publication Date:
09-2022
Content Type:
Working Paper
Institution:
Institute for New Economic Thinking (INET)
Abstract:
The energy crisis engulfing Europe is a crisis of both gas and electricity markets, with huge cost impacts on consumers across all European countries. In Britain, half of typical household energy expenditure arises from electricity. This paper examines how the cost of gas-powered generation feeds through to electricity bills, on the principle of marginal cost pricing, setting the price for most of the time though it accounts for only about 40% of GB generation. Combined with the steep decline in wind and solar costs over the past decade, this has resulted in an unprecedented degree of ‘cost inversion’ in the electricity system. We offer estimates of the increase of revenues across the wholesale market, and outline five principles for reform for addressing the combined challenges of energy costs and accelerating low-carbon transition.
Topic:
Climate Change, Energy Policy, Environment, Green Technology, and Energy Crisis
Political Geography:
Global Focus

2. The portfolio of economic policies needed to fight climate change

Author:
Olivier Blanchard, Christian Gollier, and Jean Tirole
Publication Date:
11-2022
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
Climate change poses an existential threat. The authors argue that carbon pricing and green research and development (R&D) support are good economics, but their implementation can be improved. Even if carbon prices are generalized and given more substance, green R&D is still likely to be smaller than needed. Much more money must be spent on it than is now the case, and this money must be properly allocated in order to have an impact. Moreover, done well, other policies, such as standards, bans, and targeted subsidies, can be good economics. But they have often been incoherent and their implementation is delicate. The authors also argue that domestic and international compensation is key to the acceptability of efficient policies. Finally, although a country’s emissions will not materially alter the course of climate change, individual countries can still show the way ahead: They can develop technologies that can be used by other, poorer, countries. They can provide leadership/momentum on global agreements and on the need to fund climate change policies in developing economies.
Topic:
Climate Change, Economy, Green Technology, Carbon Emissions, and Research and Development
Political Geography:
Global Focus

3. Greenhouse Gas Emissions from State-Owned Enterprises: A Preliminary Inventory

Author:
Alex Clark and Philippe Benoit
Publication Date:
02-2022
Content Type:
Special Report
Institution:
Center on Global Energy Policy (CGEP), Columbia University
Abstract:
State-owned enterprises (SOEs) play a major role in the production of goods and services across many of the world’s largest economies, particularly in electricity generation, oil and gas, and heavy industry. SOEs (defined in this report as companies for which 50 percent or more of voting shares are held by a government) are also major sources of greenhouse gas emissions. The governments that control these SOEs are also signatories to the Paris Agreement on climate change. State ownership provides these governments with a major direct point of control over the climate and energy outcomes of these companies, both in terms of reducing emissions and directing future investment into low-carbon technologies and infrastructure. Improving the measurement of SOEs’ contribution to both national and global-level emissions provides important information to help understand to what extent SOEs should be targeted and to design strategies to maximize their potential role in the broader energy transition. This report provides an accounting of direct emissions associated with SOEs globally. It is challenging to comprehensively identify every SOE, as the total is estimated at well over 100,000. In addition, most identified SOEs do not disclose their emissions nor are estimates of these emissions available in the public domain. Despite these limitations, data compiled for this report covering almost 300 major SOEs suggest that SOEs globally are responsible for at least 7.49 gigatons of carbon dioxide equivalent (GtCO2e) annually in direct (Scope 1) emissions. While the true scale of SOE-related emissions is likely to be substantially higher, particularly when accounting for national oil companies and iron and steel manufacturers that do not currently report their emissions, this figure is over 1 GtCO2e greater than various previous estimates, and larger than the total annual emissions of any country except China.
Topic:
Climate Change, Energy Policy, Environment, and Green Technology
Political Geography:
China, Asia, and Global Focus

4. Tallying Updated NDCs to Gauge Emissions Reductions in 2030 and Progress toward Net Zero

Author:
James Glynn, Kristin Smith, Melissa Lott, Lilly Yejin Lee, Jordan Shenhar, and Pekun Bakare
Publication Date:
03-2022
Content Type:
Working Paper
Institution:
Center on Global Energy Policy (CGEP), Columbia University
Abstract:
The Paris Agreement included two particularly crucial innovations for supporting greenhouse gas emissions reductions: a voluntary, bottom-up nationally determined contribution (NDC) and a ratchet mechanism. The latter change meant that, in the run-up to the 26th Conference of the Parties (COP26) to the United Nations Framework Convention on Climate Change in Glasgow last fall, countries prepared updated NDCs—specific commitments to reduce emissions by 2030—that outlined their increased ambition. After the adoption of the Glasgow Climate Pact, many observers have focused on what these NDCs, as well as countries’ pledges to reach net-zero greenhouse gas emissions by certain dates, could mean for the world’s ability to limit global temperature rise to well below 2° Celsius—the central goal of the Paris Agreement. But another critical question remains: how would these targets and ambitions drive near-term emissions reductions. Understanding the answer can provide insights to investors, utilities, or others with decision time horizons of 10–15 years and that wish to align with net-zero ambitions. This report, part of the energy systems modeling program at Columbia University’s Center on Global Energy Policy, aims to assess the alignment between updated NDCs and current net-zero pledges for policy makers and industry leaders to gain insight into their own national and corporate decarbonization outlooks. It considers all classes of NDCs, including: 1) percentage reduction in emissions relative to a historical base year level, 2) percentage reduction compared to a 2030 business-as-usual scenario, and 3) reduction in emissions intensity of gross domestic product. It presents an estimate of the percentage reduction in greenhouse gases (GHGs) from 2015 to 2030 for all commitments outlined in NDCs for countries that also have a net-zero target. Overall, this analysis finds that the NDCs of economies with 2050 net-zero pledges would lead to a 27 percent reduction in GHG emissions by 2030, relative to 2015. However, countries with post-2050 net-zero pledges are projected to increase their emissions by 10 percent between 2015 and 2030, lowering the net global emission reduction to 9 percent over this period.
Topic:
Environment, Green Technology, Carbon Emissions, and Decarbonization
Political Geography:
Global Focus

5. International Political Economy and Sustainable Finance: Assessing the EU’s Green Deal and UNCTAD’s Green New Deal

Author:
Johannes Jager
Publication Date:
04-2022
Content Type:
Journal Article
Journal:
Contexto Internacional
Institution:
Institute of International Relations, Pontifical Catholic University of Rio de Janeiro
Abstract:
Sustainable green finance is often promoted as an innovative tool to deal with environmental problems. This paper assesses policy proposals at the level of the EU and UNCTAD’s Green New Deal, specifically regarding its suggestions in the field of sustainable finance. It provides a theoretical framework in the tradition of critical political economy and combines a global perspective with regulation theory in order to assess different strategies in the area of sustainable finance. The respective proposals and initiatives can be considered as possible blueprints for hegemonic strategies within different contexts. However, the analysis suggests both proposals, although substantially different and representing different entities in the international political economy, fail to provide a systematic answer to the problems of a highly unequal over-use of natural and environmental resources at a global level.
Topic:
Political Economy, Finance, Green Technology, and Sustainability
Political Geography:
Global Focus

6. We Will Build the Future: A Plan to Save the Planet

Author:
Tricontinental: Institute for Social Research
Publication Date:
01-2022
Content Type:
Working Paper
Institution:
Tricontinental: Institute for Social Research
Abstract:
Under the leadership of the Bolivarian Alliance for the Peoples of Our America – People’s Trade Treaty (ALBA-TCP), Tricontinental: Institute for Social Research partnered with 26 research institutes from around the world to draft A Plan to Save the Planet. This living, evolving document puts forward a vision for the present and the immediate future centred on twelve key themes: democracy and the world order, the environment, finance, health, housing, food, education, work, care, women, culture, and the digital world. Dossier no. 48 includes and elaborates on the Plan and lays out our orientation, principles, and horizon.
Topic:
Climate Change, Environment, Regional Cooperation, and Green Technology
Political Geography:
Global Focus

7. Can adjustment costs in research derail the transition to green growth?

Author:
Laura Nowzohour
Publication Date:
05-2021
Content Type:
Research Paper
Institution:
Centre for International Environmental Studies, The Graduate Institute (IHEID)
Abstract:
Adjustment costs are a central bottleneck of the real-world economic transition essential for achieving the sizeable reduction of greenhouse gas (GHG) emissions set out by policy makers. Could these costs derail the transition process to green growth, and if so, how should policy makers take this into account? I study this issue using the model of directed technical change in Acemoglu, Aghion, Bursztyn, and Hemous (2012), AABH, augmented by a friction on the choice of scientists developing better technologies. My results show that such frictions, even minor, materially affect the outcome. In particular, the risk of reaching an environmental disaster is higher than in the baseline AABH model. Fortunately, policy can address the problem. Specifically, a higher carbon tax ensures a disaster-free transition. In this case, the re-allocation of research activity to the clean sector happens over a longer but more realistic time horizon, namely around 15 instead of 5 years. An important policy implication is that optimal policies do not act over a substantially longer time horizon but must be more aggressive today in order to be effective. In turn, this implies that what may appear as a policy failure in the short-run | a slow transition albeit aggressive policy | actually re ects the efficient policy response to existing frictions in the economy. Furthermore, the risk of getting environmental policy wrong is highly asymmetric and `robust policy' implies erring on the side of stringency.
Topic:
Climate Change, Economics, Environment, Economic Growth, Green Technology, Economic Policy, Renewable Energy, and Sustainability
Political Geography:
Global Focus

8. Climate-Migration: A Security Analysis within the Context of Green Theory

Author:
Tayyar Ari and Faith Bilal Gokpinar
Publication Date:
01-2021
Content Type:
Journal Article
Journal:
Uluslararasi Iliskiler
Institution:
International Relations Council of Turkey (UİK-IRCT)
Abstract:
This study aims to discuss climate migration as a relatively new global issue with various dimensions and to widen the current perspective within global politics to be more inclusive and ecocentric. This study argues that traditional international relations theories and practices are ineffective in discussing and analyzing climate migration as a new global security problem. After a discussion of the conceptual problems, the traditional paradigms of international relations, their policy implications, and the traditional actors will be identified as the primary sources of this problems. Finally, we will conclude that the application of an ecocentric perspective, with holistic characteristics, will provide a better understanding of the current problems.
Topic:
Security, Climate Change, Environment, Migration, and Green Technology
Political Geography:
Global Focus

9. Will Only a Green Power Remain a Great Power?

Author:
Marie Dejonghe
Publication Date:
05-2021
Content Type:
Policy Brief
Institution:
EGMONT - The Royal Institute for International Relations
Abstract:
When the coronavirus broke out in 2020 the whole world literally came to a pause. The pandemic overshadowed all other major problems and started to shape relations between states. Climate change suddenly disappeared from the international agenda. However, the effects of the global climate crisis are showing faster and more severely than ever before: wildfires in Australia, extreme weather events in Asia, tornado’s in America, a melting Arctic... Secondary effects like climate migration and conflicts have become visible as well. This crisis is more urgent than ever. The COVID-19 crisis has shattered our economies, but lockdown measures taken by almost all governments have had a positive impact on the emission of greenhouse gases. The world took a step forward, even if unintended, towards the goals set in Paris in 2015. COVID-19 has taken away a lot from the world, but it may also have created a momentum to continue this downward trend and make it structural. Even the world’s great powers will have to integrate the green transition in their COVID-19 economy recovery plans in order to not fall off the wagon. But will only a green great power remain a great power?
Topic:
Climate Change, Energy Policy, Environment, Green Technology, Pandemic, and COVID-19
Political Geography:
Global Focus

10. The geopolitics of the energy transition: Global issues and European policies driving the development of renewable energy

Author:
Marco Siddi
Publication Date:
12-2021
Content Type:
Policy Brief
Institution:
Finnish Institute of International Affairs (FIIA)
Abstract:
Fighting climate change makes a green energy transition imperative. The transition will have significant geopolitical consequences, notably a shift of power away from fossil fuel producers that do not adapt to a decarbonizing world. Access to critical minerals, rare earth elements and storage technology for renewable energy applications will be essential, and will determine the new geopolitics of energy. Some critical elements such as cobalt are only found in a few areas of the globe. Hydrogen is a carbon-free energy carrier that will allow the storage and dispatch of energy produced by intermittent renewable sources such as solar and wind. While hydrogen trade could lead to new dependencies, it will provide a back-up for the electricity system and strengthen energy security. Currently, China is a leader in securing resources for the energy transition. The Belt and Road Initiative could consolidate its position. As it strives to be a leader in the energy transition, the EU is focusing on securing relevant supply chains, deploying technology and developing hydrogen capacity. International cooperation will accelerate the transition and give the world a chance to avoid catastrophic climate change.
Topic:
Energy Policy, Environment, Green Technology, Renewable Energy, and Green Transition
Political Geography:
Europe and Global Focus