nep-ene New Economics Papers
on Energy Economics
Issue of 2022‒09‒19
forty papers chosen by
Roger Fouquet
London School of Economics

  1. The Next Wave of Energy Innovation: Which Technologies? Which Skills? By David Popp; Francesco Vona; Myriam Gregoire-Zawilski; Giovanni Marin
  2. Can Information and Communication Technology and Institutional Quality help mitigate climate change in E7 economies? An Environmental Kuznets Curve extension By Bright A. Gyamfi; Asiedu B. Ampomah; Festus V. Bekun; Simplice A. Asongu
  3. The Effectiveness of Policy Measures to Reduce CO2 Emissions from Passenger Cars in Austria By Tobias Eibinger; Hans Manner
  4. A legal-economic framework of electricity markets: Assessing Australia’s transition By Csereklyei, Zsuzsanna; Kallies, Anne
  5. Electric stoves as a solution for household air pollution: Evidence from rural India By E. Somanathan; Marc Jeuland; Eshita Gupta; Utkarsh Kumar; T. V. Ninan; Rachit Kamdar; Vidisha Chowdhury; Suvir Chandna; Michael H. Bergin; Karoline Barkjohn; Christina Norris; T. Robert Fetter; Subhrendu K. Pattanayak
  6. How carbon tariffs and climate clubs can slow global warming By Shantayanan Devarajan; Delfin S. Go; Sherman Robinson; Karen Thierfelder
  7. OECD blended finance guidance for clean energy By OECD
  8. Creating a Global Hydrogen Economy: Review of International Strategies, Targets, and Policies with a Focus on Japan, Germany, South Korea, and California By Vijayakumar, Vishnu; Fulton, Lewis; Shams, Mahdi; Sperling, Daniel
  9. Evaluating the Impacts of Minigrid Electrification in Sub-Saharan Africa By Ayhan, Sinem H.; Falchetta, Giacomo; Steckel, Jan C.
  10. The Growing US-Mexico Natural Gas Trade and Its Regional Economic Impacts in Mexico By Haoying Wang; Rafael Garduno Rivera
  11. Allocation, allocation, allocation! The political economy of the development of the European Union Emissions Trading System By Sato, Misato; Rafaty, Ryan; Calel, Raphael; Grubb, Michael
  12. Climate alpha and the global capital market By Alexander Golub; Jon Anda; Anil Markandya; Michael Brody; Aldin Celovic; Angele Kedaitiene
  13. Investment Cost Specifications Revisited By Mathias Mier; Jacqueline Adelowo
  14. Not all political relation shocks are alike: Assessing the impacts of US-China tensions on the oil market By Valérie Mignon; Yifei Cai; Jamel Saadaoui
  15. Will COVID-19 fiscal recovery packages accelerate or retard progress on climate change? By Hepburn, Cameron; O'Callaghan, Brian; Stern, Nicholas; Stiglitz, Joseph; Zenghelis, Dimitri
  16. The Philippines: Impacts of the Ukraine and global crises on poverty and food security By Diao, Xinshen; Dorosh, Paul A.; Pauw, Karl; Thurlow, James; Pradesha, Angga
  17. The Historical Role of Energy in UK Inflation and Productivity and Implications for Price Inflation in 2022 By Jennifer L. Castle; David F. Hendry; Andrew B. Martinez
  18. Die EU – Vorreiter im weltweiten Kampf gegen den Klimawandel? By Neubäumer, Renate
  19. Intensidad de materiales en la transición energética de América Latina: estimaciones sobre la base de un escenario de integración energética de América del Sur By Leañez, Frank
  20. Financial implications of the EU Emission Trading System: an analysis of wavelet coherence and volatility spillovers By Pietro De Ponti; Matteo Romagnoli
  21. Economic Globalisation and Inclusive Green Growth in Africa: Contingencies and Policy-Relevant Thresholds of Governance By Ofori, Isaac K.; Figari, Francesco
  22. Intervention on biofuels and the Japan WTO rice stock to stabilise world food prices By Franck Galtier
  23. Energy Poverty and Health Care Expenditures: Evidence from the China Family Panel Studies By Nie, Peng; Li, Qiaoge
  24. Democratic Climate Policies with Overlapping Generations By Arnaud Goussebaïle
  25. Household characteristics, Irish inflation and the cost of living By Lydon, Reamonn
  26. Motivate the crowd or crowd-them out? The impact of local government spending on the voluntary provision of a green public good By Lara Bartels; Martin Kesternich
  27. Globalized system of market production in crisis. Global warming, rare earths, GAFAM, economic war By Jacques Fontanel
  28. Green & non-green relatedness: challenges and diversification opportunities for regional economies in Argentina By Belmartino, Andrea
  29. GreenDeal: What is the reporting on local content in the extractive sector? By Florian Favreau
  30. Coordinating charging request allocation between self-interested navigation service platforms By Marianne Guillet; Maximilian Schiffer
  31. An Empirical Note on Tourism and Sustainable Development Nexus By Destek, Mehmet Akif; Aydın, Sercan
  32. Building Social Capital through Rural Women’s Groups: The Role of Corporate Social Responsibility in Oil Host Communities By Joseph I. Uduji; Elda N. Okolo-Obasi
  33. Gobernanza de áreas metropolitanas y desafíos de la electromovilidad By Martínez, Lía
  34. Technological developments to address climate change in South Technological developments to address climate change in South Africa and their potential economic impacts By Jarrad Wright
  35. Towards the measurement of electromobility in international trade By Ronzheimer, Ira Nadine; Durán Lima, José Elías; Budnevich, Cristóbal; Gomies, Matthew
  36. A climate change modelling framework for financial stress testing in Southern Africa By Vafa Anvari; Channing Arndt; Faaiqa Hartley; Konstantin Makrelov; Kenneth Strezepek; Tim Thomas; Sherwin Gabriel; Bruno Merven
  37. Consumption Cities vs. Production Cities: New Considerations and Evidence By Remi Jedwab; Elena Ianchovichina; Federico Haslop
  38. Environmental Policies Benefit Economic Development: Implications of Economic Geography By Seth Morgan; Alexander Pfaff; Julien Wolfersberger
  39. Sustainable corporate governance in the United Kingdom: Environmental sustainability in directors' decision-making By Jung, Constantin
  40. Intervenir sur les biocarburants et sur le stock OMC de riz du Japon pour stabiliser les prix alimentaires mondiaux By Franck Galtier

  1. By: David Popp; Francesco Vona; Myriam Gregoire-Zawilski; Giovanni Marin
    Abstract: The costs of low-carbon energy fell dramatically over the past decade, leading to rapid growth in its deployment. However, many challenges remain to deploy low-carbon energy at a scale necessary to meet net zero carbon emission targets. If net zero goals are to be met, developing complementary technologies and skills will be a necessary part of the next wave of low-carbon energy innovation. These include both improvements in physical capital, such as smart grids to aid integration of intermittent renewables, and human capital, to develop the skills workers need for a low-carbon economy. We document recent trends in energy innovation and discuss the lessons learnt for policy. We then discuss the potential role for complementary innovation in both physical capital—using smart grids as an example of how policy can help—and human capital, where we show how a task approach to labor informs policy and research on the worker skills needed for the energy transition.
    JEL: J24 O31 O38 Q42 Q55
    Date: 2022–08
  2. By: Bright A. Gyamfi (Cyprus International University, Nicosia, Turkey); Asiedu B. Ampomah (Cyprus International University, Nicosia, Turkey); Festus V. Bekun (Istanbul Gelisim University, Istanbul, Turkey); Simplice A. Asongu (Yaoundé, Cameroon)
    Abstract: Understanding the role of information communication and technology (ICT) in environmental issues stemming from extensive energy consumption and carbon dioxide emission in the process of economic development is worthwhile both from policy and scholarly fronts. Motivated on this premise, the study contributes to the rising studies associated with the roles economic growth, institutional quality and information and communication technology (ICT) have on CO2emissionin the framework of the 21st Conference of the Parties (COP21) on climate convention in Paris. Obtaining data from the emerging industrialized seven (E7) economies (China, India, Indonesia, Russia, Mexico, Brazil and Turkey) covering annual frequency from 1995 –2016 for our analysis achieved significant outcome. From the empirical analysis, economic globalization and renewable energy consumption both reduce CO2 emissions while ICT, institutional quality and fossil fuel contribute to the degradation of the environment. This study affirms the presence of an Environmental Kuznets Curve (EKC) phenomenon which shows an invented U-Shaped curve within the E7 economies. On the causality front, both income and its square have a feedback causal relationship with carbon emissions while economic globalization, institutional quality, ICT and clean energy all have a one-way directional causal relationship with CO2 emissions. Conclusively, the need to reduce environmental degradation activities should be pursued by the blocs such as tree planting activities to mitigate the effect of deforestation. Furthermore, the bloc should shift from the use of fossil-fuel and leverage on ICT to enhance the use of clean energy which is environmentally friendly.
    Keywords: ICT; environmental sustainability; institutional quality; renewable energy transition; carbon-reduction; economic globalization, panel econometrics; E7 economies
    Date: 2022–01
  3. By: Tobias Eibinger (University of Graz, Austria); Hans Manner (University of Graz, Austria)
    Abstract: Passenger transport plays a crucial role in achieving climate-neutrality. While a switch to zero-emission vehicles is a crucial part in this process, policy makers likely have to resort to a differentiated mix of complementary policy measures to achieve global targets on climate-neutrality. To help policy makers design effective measures, we analyse the effect of environmental policies on CO2 emissions from passenger cars in Austria from 1965-2019. In a first step, we propose an environmental policy stringency index for the Austrian transport sector for the period 1950-2019. In a second step, we analyse the effect of different policies on transport-related CO2 emissions in a structural vector autoregressive model. This allows us to control for possible interdependencies between the variables. We find that taxes on vehicle-related emissions and policies that influence the usage of cars (through, e.g., speed limits, car-free days, road pricing) can significantly reduce CO2 emissions and contribute to an accelerated transition towards a carbon-neutral society. Among tax-based policies, we find emission-based taxes on new vehicles to be most effective. Finally, our results indicate that more efficient fuels can reduce emissions from existing vehicles at a limited magnitude.
    Keywords: Climate change; CO2 emissions; passenger transport; mitigation; policy stringency; vector autoregression.
    JEL: C32 C54 Q54 Q58 R48
    Date: 2022–08
  4. By: Csereklyei, Zsuzsanna; Kallies, Anne
    Abstract: Recent years have seen a surge in renewable generation investment in many countries, displacing traditional fossil-fuel generation at scale. The continuation of this clean energy transition is however threatened by outdated electricity market frameworks, which were not designed for large amounts of intermittent, zero-marginal cost generation. Clean energy transitions have amplified existing problems of liberalized wholesale markets and introduced new ones, including but not limited to maintaining system resilience and reliability and ensuring adequate future investment levels. Addressing these challenges will be central to a successful transition and requires a detailed understanding of the dynamic processes between electricity system objectives, legal frameworks, and market economics. We develop an integrated legal-economic model of electricity market design under transition conditions. The model proposes preferred pathways to proactively address major changes in electricity system objectives and the discrepancies between these objectives and market outcomes demonstrated on the example of Australia.
    Keywords: Electricity market economics, market frameworks, law and regulation
    JEL: K2 Q40 Q48
    Date: 2022
  5. By: E. Somanathan (Indian Statistical Institute, Delhi); Marc Jeuland (Duke University, RWI-Leibniz Institute for Economic Research); Eshita Gupta (KPMG India); Utkarsh Kumar (Indian Statistical Institute, Columbia Univeristy); T. V. Ninan (Indian Statistical Institute, University of Washington); Rachit Kamdar (Indian Statistical Institute, University of Maryland); Vidisha Chowdhury (Indian Statistical Institute); Suvir Chandna (Indian Statistical Institute, United Nations Development Programme); Michael H. Bergin (Duke University); Karoline Barkjohn (Duke Univesity, US Environmental Protection Agency); Christina Norris (Duke University); T. Robert Fetter (Duke University); Subhrendu K. Pattanayak (Duke University)
    Abstract: We collected minute-by-minute data on electricity availability, electric induction stove use, and kitchen and outdoor particulate pollution in a sample of rural Indian households for one year. Using within household-month variation generated by unpredictable outages, we estimate the effects of electricity availability and electric induction stove use on kitchen PM2.5 concentration at each hour of the day. Electricity availability reduces kitchen PM2.5 by up to 50 μg/m3, which is between 10 and 20 percent of peak concentrations during cooking hours. Induction stove use instrumented by electricity availability reduces PM2.5 in kitchens by 200-450 μg/m3 during cooking hours
    Keywords: household air pollution, indoor air pollution, induction cookstoves, electricity reli- ability
    Date: 2022–08
  6. By: Shantayanan Devarajan (Georgetown University); Delfin S. Go; Sherman Robinson (Peterson Institute for International Economics); Karen Thierfelder (US Naval Academy)
    Abstract: Slowing global warming requires countries to reduce carbon emissions, which imposes costs on their economies. To be effective, most countries must agree collectively to participate (e.g., the Paris Agreement, COP26). However, every country has an incentive not to comply and still reap the benefits of other countries' actions--a classic free-rider problem. This paper evaluates recent recommendations to use trade policy to solve the free-rider problem associated with climate mitigation strategies. It shows that the European Union's carbon border adjustment mechanism (CBAM tariffs) are effective at offsetting the unfair competitive advantage of noncompliant countries in the markets of compliant countries but have little effect on the trade of noncompliant countries, who can divert trade to other noncompliers. CBAM tariffs alone have little impact on global CO2 emissions. The paper also examines "climate clubs" (coalitions of countries that agree to impose carbon taxes or other equivalent policies and impose punitive tariffs on non-club members to induce them to join the club). It finds that punitive climate club tariffs can be effective in inflicting significant damage on the economies of nonmembers, providing a strong incentive for them to join the club. The paper identifies trade dependence between club and non-club members as an important consideration for the success of a climate club. Club members that are strongly linked to non-club members suffer losses when the club punishes non-club members, which would make them hesitant to impose punitive tariffs on a major nonmember trading partner.
    Keywords: carbon taxes, greenhouse gas (GHG) emissions, climate clubs, carbon tariffs, carbon border adjustment mechanism (CBAM), computable general equilibrium (CGE) models, trade dependence
    JEL: F18 C68 Q54 Q43
    Date: 2022–09
  7. By: OECD
    Abstract: Meeting the Paris Agreement goals will need a rapid acceleration of finance towards clean energy investments in emerging and developing economies. Blended finance is an important tool that can help mobilise commercial investment towards clean energy, whilst preserving scarce public resources for wider climate and development objectives. A systematic approach to the deployment of blended finance – that tailors instruments to the nature of underlying barriers to commercial investment, minimises concessionality, has a clear exit strategy, and is co-ordinated within a wider ecosystem of support and enabling measures – can help maximise its development impact and stimulate private sector development. This paper explores specific features of clean energy projects, and the wider transition, to draw lessons for donors, policymakers in beneficiary governments, and financial institutions on whether and how best to deploy blended finance in the sector. It revisits the OECD DAC's Blended Finance Principles, specifically Principle 2: designing blended finance to increase the mobilisation of commercial finance, and explores their applicability to clean energy. It also explores sector-specific considerations for the deployment of clean energy, setting out the considerations development practitioners can make to inform better decision-making on, and maximise the development impact of, blended finance interventions.
    Keywords: blended finance, clean energy, energy efficiency, off-grid renewables, renewable energy
    JEL: F35 G15 G18 G23 G28 H23 H41 L94 Q20 Q21 Q28
    Date: 2022–08–30
  8. By: Vijayakumar, Vishnu; Fulton, Lewis; Shams, Mahdi; Sperling, Daniel
    Abstract: Motivated by increasing emphasis on decarbonization, hydrogen as an energy carrier is enjoying unprecedented political and business momentum. This paper reviews the status of hydrogen strategies and progress in major global economies, with a particular focus on four leading jurisdictions (Japan, Germany, S. Korea and California). These have been among the most aggressive, though in different ways. Japan, Germany, and S. Korea have been more focused on developing a sustainable hydrogen supply chain, while California has been more focused on spurring hydrogen demand, especially in the transportation sector. Japan’s strategy involves forging partnerships to import “blue” hydrogen (from methane with carbon abatement strategies) while Germany has focused on “green” (e.g., electrolytic) hydrogen production, along with plans to leverage its extensive natural gas pipelines for hydrogen distribution. Japan anticipates the power sector to be the largest consumer of hydrogen, while others expect the transportation and industry sectors to be the prime movers of future hydrogen demand. Japan, S. Korea and Germany will likely import a substantial portion of their future hydrogen supplies, while California has the potential for low-cost hydrogen production, but will need to establish demand and invest in hydrogen transportation and distribution infrastructure. In all four jurisdictions, investments are still relatively small and there exists huge opportunities for cooperation to develop a self-sustaining global hydrogen market.
    Keywords: Engineering, GHG emissions, sector coupling, blue hydrogen, green hydrogen, hydrogen economy
    Date: 2022–08–30
  9. By: Ayhan, Sinem H. (Institute for East and Southeast European Studies, Regensburg); Falchetta, Giacomo (IIASA - International Institute for Applied Systems Analysis); Steckel, Jan C. (Mercator Research Institute on Global Commons and Climate Change (MCC))
    Abstract: A large share of the population of sub-Saharan Africa (SSA) lacks access to modern energy services. To bridge the electricity access gap, distributed power generation systems such as minigrids and stand-alone photovoltaic systems emerge as attractive options in the power supply solution space. In this study, we analyze the impact of minigrid electrification on household welfare and agricultural development across SSA countries. The empirical analysis makes use of a novel geocoded database covering 1,888 minigrid projects from 27 SSA countries, which is merged with various data sources including satellite-based nighttime light data, vegetation health index, and Demographic and Health Surveys. Our results indicate that minigrid electrification is positively associated with households’ electricity uptake, ownership of low-power home appliances, and agricultural employment and productivity, while being effective in changing neither overall labor market outcomes nor the choice of cooking fuels.
    Keywords: electricity access, minigrids, household welfare, agriculture, sub-Saharan Africa
    JEL: O13 J43 Q01 Q42 N57
    Date: 2022–07
  10. By: Haoying Wang; Rafael Garduno Rivera
    Abstract: With the recent administration change in Mexico, the fluctuations in national energy policy have generated widespread concerns among investors and the public. The debate centers around Mexico's energy dependence on the US and how Mexico's energy development should move forward. The goal of this study is two-fold. We first review the history and background of the recent energy reforms in Mexico. The focus of the study is on quantifying the state-level regional economic impact of the growing US-Mexico natural gas trade in Mexico. We examine both the quantity effect (impact of import volume) and the price effect (impact of natural gas price changes). Our empirical analysis adopts a fixed-effects regression model and the instrumental variables (IV) estimation approach to address spatial heterogeneities and the potential endogeneity associated with natural gas import. The quantity effect analysis suggests a statistically significant positive employment impact of imports in non-mining sectors. The impact in the mining sector, however, is insignificant. The state-level average (non-mining) employment impact is 127 jobs per million MCFs of natural gas imported from the US. The price effect analysis suggests a statistically significant positive employment impact of price increases in the mining sector. A one-percentage increase in natural gas price (1.82 Pesos/GJ, in 2015 Peso) leads to an average state-level mining employment increase of 140 (or 2.38%). We also explored the implications of our findings for Mexico's energy policy, trade policy, and energy security.
    Date: 2022–08
  11. By: Sato, Misato; Rafaty, Ryan; Calel, Raphael; Grubb, Michael
    Abstract: The European Union's pioneering carbon Emissions Trading System, the EU ETS, has inspired countries around the world to launch their own CO 2 markets. This paper analyses the evolution of the EU ETS from a political economy perspective, emphasizing the interaction of economic principles and political interests at pivotal moments, and showing how each compromise changed the scope for future design choices. We focus on the allowance allocation issue, which provides a window into the complex tug-of-war between economic efficiency and the politics of distribution. Our account highlights the dynamic nature of CO 2 market reform, and provides lessons that can help inform the design of more stable and effective CO 2 markets in the future. This article is categorized under: Climate Economics > Economics of Mitigation The Carbon Economy and Climate Mitigation > Policies, Instruments, Lifestyles, Behavior.
    Keywords: allowance allocation; carbon pricing; emissions trading; EU ETS; industry lobby; political economy; ES/N016971/1; ES/R009708/1; Grant recipient(s): MISATO SATO); Horizon 2020 Framework Programme (GrantNumber(s): GEMCLIME-2020 GA number 681228; Grant recipient(s): MISATO SATO); Wiley deal
    JEL: J1
    Date: 2022–08–01
  12. By: Alexander Golub (American University and Climate Equity Research); Jon Anda (Climate Equity Research); Anil Markandya (Basque Centre for Climate Change); Michael Brody (George Mason University); Aldin Celovic (SA Consulting GmbH); Angele Kedaitiene (Lithuanian Environment Agency)
    Abstract: The way in which climate policy and climate risks are currently accounted for in financial and real investment decisions is inadequate. The paper demonstrates weaknesses in methods presently used and proposes an alternative that aims to bridge the duration gap between climate policy modeling and mitigation capital. The core tool is real options analysis combined with an Integrated Assessment Framework designed to capture the complex set of issues linking climate change, climate policy and the economy. The tools are meant for use in both capex decisions by corporations and portfolio decisions by investors. The tools will be a hedge against the risk of mitigation short squeeze occurring because investment is deferred beyond the 5 year or less timeframe of finance.
    Keywords: Climate alpha, option value, abatement short squeeze, green transition
    JEL: G11 G17 G18 Q54
    Date: 2022–08
  13. By: Mathias Mier; Jacqueline Adelowo
    Abstract: Policymakers misjudge results of technology-rich optimization models because those models specify investment cost differently and thus are not equally sensitive towards changing financing cost and discount rates. We apply an intertemporally optimizing power market model to analyze three different investment cost specifications. The three specifications lead to a substantially different pace and rate of adoption for specific generation technologies and diverging carbon prices. The first assumes that an investment is financed by equity only, the second one applies a mix of equity and debt, and the third one assumes complete debt financing. The equity specification is completely insensitive towards changing financing cost, fosters early wind power deployment, and finally yields lowest carbon prices. The mixed capital one is extremely sensitive towards changing financing cost and postpones wind power deployment towards later periods. The debt specification is also insensitive towards changing discount rates and in general yields lowest investments and highest carbon prices.
    Keywords: Investment cost, discounting, financing cost, optimization model, power market model
    JEL: C61 C68 Q40 Q41
    Date: 2022
  14. By: Valérie Mignon; Yifei Cai; Jamel Saadaoui
    Abstract: This paper assesses the effects of US-China political tensions on the oil market. Relying on a quantitative measure of these relationships, we investigate how their dynamics impact oil demand, supply, and prices over various periods, starting from 1971 to 2019. To this end, we estimate a structural vector autoregressive model as well as local projections and show that political tensions between the two countries pull down oil demand and raise supply at medium- and long-run horizons. Overall, our findings show that conflicting relationships between these two major players in the oil market may have crucial impacts, such as the development of new strategic partnerships.
    Keywords: China, Oil market, Political relations
    JEL: Q4 F51 C32
    Date: 2022
  15. By: Hepburn, Cameron; O'Callaghan, Brian; Stern, Nicholas; Stiglitz, Joseph; Zenghelis, Dimitri
    Abstract: The COVID-19 crisis is likely to have dramatic consequences for progress on climate change. Imminent fiscal recovery packages could entrench or partly displace the current fossil-fuel-intensive economic system. Here, we survey 231 central bank officials, finance ministry officials, and other economic experts from G20 countries on the relative performance of 25 major fiscal recovery archetypes across four dimensions: speed of implementation, economic multiplier, climate impact potential, and overall desirability. We identify five policies with high potential on both economic multiplier and climate impact metrics: clean physical infrastructure, building efficiency retrofits, investment in education and training, natural capital investment, and clean R&D. In lower- and middle-income countries (LMICs) rural support spending is of particular value while clean R&D is less important. These recommendations are contextualized through analysis of the short-run impacts of COVID-19 on greenhouse gas curtailment and plausible medium-run shifts in the habits and behaviours of humans and institutions.
    Keywords: climate change; Covid-19; fiscal stimulus; green recovery; coronavirus
    JEL: E62 E65 Q54
    Date: 2020–09–28
  16. By: Diao, Xinshen; Dorosh, Paul A.; Pauw, Karl; Thurlow, James; Pradesha, Angga
    Abstract: Global food, fuel, and fertilizer prices have risen rapidly in recent months, driven in large part by the fallout from the ongoing war in Ukraine and the sanctions imposed on Russia. Other factors, such as export bans, have also contributed to rising prices. Palm oil and wheat prices increased by 56 and 100 percent in real terms, respectively, between June 2021 and April 2022, with most of the increase occurring since February (Figure 1). Wide variation exists across products, with real maize prices increasing by only 11 percent and rice prices declining by 13 percent. The price of crude oil and natural gas has also risen substantially, while the weighted average price of fertilizer has doubled. With these changes in global prices, many developing countries and their development partners are concerned about the implications for economic stability, food security, and poverty.
    Keywords: PHILIPPINES, SOUTH EAST ASIA, ASIA, Ukraine, poverty, food security, armed conflicts, crises, prices, shock, agrifood systems, equality, diet, commodities, fertilizers
    Date: 2022
  17. By: Jennifer L. Castle (Climate Econometrics and Nuffield College, University of Oxford, UK); David F. Hendry (Climate Econometrics and Nuffield College, University of Oxford, UK); Andrew B. Martinez (Office of Macroeconomic Analysis, U.S. Department of the Treasury)
    Abstract: We model UK price and wage inflation, productivity and unemployment over a century and a half of data, selecting dynamics, relevant variables, non-linearities and location and trend shifts using indicator saturation estimation. The four congruent econometric equations highlight complex interacting empirical relations. The production function reveals a major role for energy inputs additional to capital and labour, and although the price inflation equation shows a small direct impact of energy prices, the substantial rise in oil and gas prices seen by mid-2022 contribute half of the increase in price inflation. We find empirical evidence for non-linear adjustments of real wages to inflation: a wage-price spiral kicks in when inflation exceeds about 6–8% p.a. We also find an additional non-linear reaction to unemployment, consistent with involuntary unemployment. A reduction in energy availability simultaneously reduces output and exacerbates inflation.
    Keywords: Energy; Inflation; Location Shifts; Indicator Saturation Estimation; Equilibrium Correction.
    JEL: C51 C22
    Date: 2022–09
  18. By: Neubäumer, Renate (University of Koblenz-Landau)
    Abstract: Die EU ist durch ihre Erweiterung auf 27 Länder zunehmend heterogener geworden. Ihre Mitgliedsstaaten unterscheiden sich hinsichtlich ihres Pro-Kopf-Einkommens und ihres Energiemix und - eng damit verknüpft - ihrer CO2-Intensität sowie ihrer Einstellungen zum Klimaschutz, zum Kohleausstieg und zur Nutzung von Kernkraft und Gas als Übergangstechnologien. Als Folge kommt es zu zahlreichen Konflikten zwischen den Mitgliedsstaaten über die Verschärfung der Klimaziele durch den "European Green Deal" sowie die Instrumente zur Erreichung von Klimaneutralität 2050. Kann die EU vor diesem Hintergrund "Führer der Welt im Kampf gegen den globalen Klimawandel" sein – wie sie selbst beansprucht?
    Keywords: Klimaschutz, Europäischer „Green Deal“, EU
    JEL: F53 Q54 Q58
    Date: 2022–08
  19. By: Leañez, Frank
    Abstract: En esta investigación, se analiza y documenta cuantitativamente la intensidad de uso de minerales de las distintas tecnologías de generación y transmisión eléctrica, particularmente las basadas en energías renovables, considerando distintos escenarios de transición energética proyectados para los países de América del Sur que han formado parte de la simulación llevada a cabo con el programa PLEXOS, en el marco del programa Complementariedad Energética y Desarrollo Sostenible (ECOSUD), cuyo objetivo es la planificación de la expansión óptima de la capacidad instalada del sector eléctrico regional hacia 2032. Conocer la intensidad de uso de minerales permite dimensionar la importancia que tiene la actividad minera en otros sectores de la economía; en este estudio en concreto, el de las energías renovables. Por otro lado, dados los efectos negativos que puede acarrear la explotación de los recursos mineros, se hace un nuevo llamado a reflexionar sobre la necesidad de gestionar estos recursos de manera más sostenible para apoyar la transición energética y el desarrollo de las economías de América Latina.
    Date: 2022–08–08
  20. By: Pietro De Ponti (Department of Economics, Management and Statistics, University of Milano-Bicocca); Matteo Romagnoli (Department of Economics, Management and Statistics, University of Milano-Bicocca)
    Abstract: We study the European Union’s Emission Trading System (EU ETS) from a financial perspective. Using ARMA-eGARCH filtered volatilities, we first discuss the evolution of the volatility of EU ETS allowances’ returns from 2008 to 2021. Second, we study the degree of co-movement and interdependence between the EU ETS returns’ volatility and those of 37 large companies in industries subject to the System; to this end, we employ Wavelet Coherence and Volatility Spillovers Analyses. Despite spotting seasons of co-movement between volatilities in the markets under consideration, the market performances of the companies in our sample are not particularly responsive to the EU ETS dynamics, except for temporary seasons of interconnection in correspondence of relevant policy changes.
    Keywords: EU Emission Trading System, volatility spillovers, wavelet coherence
    JEL: C22 G11 Q58
    Date: 2022–08
  21. By: Ofori, Isaac K.; Figari, Francesco
    Abstract: This study employs macrodata for 23 African countries to examine whether good governance interacts with economic globalisation (EG) to foster inclusive green growth (IGG). First, the study finds that EG hampers IGG in Africa. Second, although unconditionally good governance promotes IGG, only government effectiveness interacts with EG to foster IGG. Across the social and environmental sustainability dimensions of IGG, however, the effects differ substantially. Notably, while the EG-governance pathways yield remarkable environmental sustainability net gains, a modest harmful effect was observed for socioeconomic sustainability. Evidence from our threshold analyses also suggests that while government effectiveness is critical for propelling EG to promote IGG, across the social and environmental perspectives of IGG, it is investments in building frameworks and structures for corruption control and the rule of law that are crucial. Our results shed new light on IGG and have several implications for Agenda 2030 and Agenda 2063.
    Keywords: Africa; Economic Globalisation; Governance; Inclusive Growth; Inclusive Green Growth; Greenhouse Gas Emissions; Sustainable Development
    JEL: F18 F4 F6 F63 F64 H11 O5 O55 Q01 Q56
    Date: 2022–09
  22. By: Franck Galtier (UMR MoISA - Montpellier Interdisciplinary center on Sustainable Agri-food systems (Social and nutritional sciences) - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - IRD - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement, Cirad-ES - Département Environnements et Sociétés - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement)
    Abstract: On international markets, prices of grains (wheat, maize) and vegetable oils (rapeseed, sunflower, soybean, palm) have been rising since mid-2020. Biofuels play a major part in this increase, and the war in Ukraine, which began in February 2022, has exacerbated it. Biofuels in fact link the price of these commodities to that of crude oil: when the crude oil price rises, the biofuels industry increases its demand for maize and vegetable oils. Temporarily limiting this industrial usage would reduce the price of these commodities. Moreover, in case of an increase in rice prices, one solution would be to authorise Japan to export the rice stock it has built up under World Trade Organization (WTO) rules. In order to prevent future crises, these two levers could be activated as soon as world prices of these agricultural commodities reach predetermined levels.
    Keywords: Price,price stabilisation,price policy,food product,grain,wheat,maize,rice,vegetable oil,rapeseed oil,sunflower oil,palm oil,soybean oil,crude oil,biofuel,fossil fuels,economic crisis,food security,domestic market,world market,food stock,WTO,Africa,United States,world,developed country,developing country,Russia,Ukraine,European Union countries
    Date: 2022
  23. By: Nie, Peng (Xi’an Jiaotong University); Li, Qiaoge (Xi’an Jiaotong University)
    Abstract: Using the 2012-2018 waves of the China Family Panel Studies (CFPS), we investigate the impact of energy poverty (EP) on health care expenditures among Chinese adults aged 18+. Employing a methodology combining a random effects two-part model and instrumental variable estimations, we show that EP leads to higher levels of total (305 yuan), out-of-pocket (199 yuan), inpatient (230 yuan) and other (113 yuan) health care expenditures, with more pronounced impacts among females and those living in urban areas and Central and Western China. These results are robust not only to alternative EP and health care expenditure measures but also to a series of estimation approaches that control for endogeneity. An additional structural equation modeling analysis of the underlying pathways further reveals that this EP-health care expenditure relationship is mediated by individual self-reported health as well as expenditures on food and other daily necessities.
    Keywords: energy poverty, health care expenditures, China
    JEL: I10 I11 I32 Q40 R21
    Date: 2022–08
  24. By: Arnaud Goussebaïle (CER-ETH – Center of Economic Research at ETH Zurich, Zuerichbergstrasse 18 8092 Zurich, Switzerland)
    Abstract: An extensive climate policy literature provides various recommendations, but they are not supported democratically since the models employed consider either infinitely-lived individuals or normative social objectives (or both). In contrast, the present paper provides policy recommendations that are able to go through democratic processes. I develop an overlapping generation model with political process micro-foundations. I analyze how democratic policies, which are directly and indirectly related to climate change, differ from standard recommended policies. The novel politico-economic formula derived for the interest rate highlights that individual pure time preference, individual altruism toward descendants, and young generation political power are key determinants of democratic climate policy ambition.
    Keywords: Climate change; Discounting; Externality; Overlapping generations; Political economy
    JEL: D6 D7 E6 Q5
    Date: 2022–08
  25. By: Lydon, Reamonn (Central Bank of Ireland)
    Abstract: Lower income, older and rural households experienced relatively larger cost of living increases from higher inflation in recent months. This is because energy-related spending – both home heating/energy and transport – is a higher share of overall expenditure for these households, and higher energy prices are currently the main driver of inflation. Taking a longer-term perspective on inflation developments from 1998 to the present, I find little historic evidence of systematic differences in inflation experienced by lower and higher income households.
    Date: 2022–02
  26. By: Lara Bartels (University of Kassel); Martin Kesternich (University of Kassel)
    Abstract: Cities are increasingly hold accountable for climate action. By demonstrating their pro-environmentality through own climate-related activities, they not at least aspire to encourage individual climate protection efforts. Based on standard economic theory there is little reason to assume that this is a promising strategy. Financed by taxpayers’ money, cities’ contributions are considered as substitutes that crowd-out private contributions to the same public good. Inspired by research on providing information on reference group behavior, we challenge this argument and conduct a framed-field experiment to analyze the impact of reference group information on the voluntary provision of a green public good. We investigate whether information on previous contributions by fellow citizens or the city affect individual contributions. We do not find statistical evidence that city-level information crowds-out additional individual contributions. A reference to fellow citizens significantly increases the share of contributors as it attracts subjects that are not per-se pro-environmentally oriented.
    Keywords: Voluntary provision of environmental public goods; Social Norms; Crowding-out; Willingness to pay; Framed-field experiment
    JEL: C93 C83 D9 H41 Q54
    Date: 2022
  27. By: Jacques Fontanel (CESICE - Centre d'études sur la sécurité internationale et les coopérations européennes - UPMF - Université Pierre Mendès France - Grenoble 2 - IEPG - Sciences Po Grenoble - Institut d'études politiques de Grenoble)
    Abstract: The globalized system of market production is in a strong crisis. Global warming, rare earths, GAFAM, economic war. Climate change poses a problem for the economic system that fostered the polluting industrial revolutions of coal and oil. Today, the digital economy revolution offers significant hope for reducing pollution and promoting decarbonisation. However, the economic interest struggles of the powerful lobbies of the polluting sectors seem to reduce the potential for transformation of an economic system driven by the search for shortterm profit. The major powers want to preserve their economic gains and are undertaking this revolution at a pace that suits them, which is not without conflict, given the urgency of action in the face of the harmful transformations undergone by ecosystems. Furthermore, the GAFAMs, the powerful providers of digital services and instruments, together with their Chinese competitors, have a considerable economic and strategic force that could undermine freedoms and human and citizens' rights. For the production of digital tools, rare earths are likely to pose new problems, those relating to the pollution involved in their production and their relative scarcity compared to the stocks known today. Finally, the economic war threatens the World Trade Organization, with the establishment of international and regional blocks.
    Keywords: Digital economy,climate change,GAFAM,Rare Earths,Economic war
    Date: 2021–02–08
  28. By: Belmartino, Andrea
    Abstract: This paper analyzes the role of relatedness in the development of new green specializations for the Argentinean provinces between 2008-2019. The development of products with environmental benefits (called green products) is considered one step towards a sustainable transition. These products present a growing demand that may provide an opportunity in terms of green development. The empirical strategy draws on the evolutionary economic geography through indices that capture knowledge bases in the region. The aim is to analyze the role of green and non-green relatedness in the development of new green specializations and to identify potential diversification opportunities. Empirical results show that the green economy has an uneven spatial distribution across the country, that remains stable over time. Furthermore, the development of a new green specialization is positively related to the productive knowledge bases present in the region (proxied by relatedness density). Both, green and non-green relatedness are relevant to develop new specializations in green products. Potential diversification opportunities are also in favor of wealthier regions. Finally, the results reveal a path dependence process on the development of new specialization in green products.
    Keywords: Diversificación de la Producción; Economía Regional; Economía Verde; Argentina; 2008-2019;
    Date: 2022–07
  29. By: Florian Favreau (IODE - Institut de l'Ouest : Droit et Europe - UR1 - Université de Rennes 1 - UNIV-RENNES - Université de Rennes - CNRS - Centre National de la Recherche Scientifique, Métis Lab EM Normandie - EM Normandie - École de Management de Normandie)
    Abstract: Companies in the extractive sector implement local content measures in the areas in which they operate. These measures - training, education, employment, infrastructure, health - must benefit local populations. Companies report on these activities by publishing the information required by the Non-Financial Reporting Directive (NFRD). The literature and the exploratory analysis of local content clauses appearing in extractive contracts published over the last three years (2018-2020) by the Extractive industry transparency initiative, show that the reform of the NFRD should provide for a precise definition of the notion of local population and a precise measurement of its satisfaction, for example through the use of the notion of consent (FPIC).
    Abstract: Les entreprises du secteur extractif mettent en œuvre des mesures de local content, sur les territoires sur lesquelles elles opèrent. Ces mesures – formation, enseignement, emploi, infrastructures, santé – doivent bénéficier aux populations locales. Les entreprises rendent compte de ces activités en publiant les informations prévues dans la Non financial reporting directive (NFRD). La littérature et l'analyse exploratoire des clauses de local content qui apparaissent dans les contrats extractifs publiés ces trois dernières années (2018-2020) par l'Extractive industry transparency initiative, montrent que la réforme de la NFRD devrait prévoir une définition précise de la notion de population locale et une mesure de sa satisfaction, par exemple au travers de l'utilisation de la notion de consentement (CLPE).
    Keywords: Reporting,Non-Financial reporting directive (NFRD) GreenDeal,Extractive sector,Energy transition,Employability,Local populations,Non-Financial Reporting Directive (NFRD),GreenDeal,Secteur extractif,Transition énergétique,Employabilité,Populations locales
    Date: 2021–12–17
  30. By: Marianne Guillet; Maximilian Schiffer
    Abstract: Current electric vehicle market trends indicate an increasing adoption rate across several countries. To meet the expected growing charging demand, it is necessary to scale up the current charging infrastructure and to mitigate current reliability deficiencies, e.g., due to broken connectors or misreported charging station availability status. However, even within a properly dimensioned charging infrastructure, a risk for local bottlenecks remains if several drivers cannot coordinate their charging station visit decisions. Here, navigation service platforms can optimally balance charging demand over available stations to reduce possible station visit conflicts and increase user satisfaction. While such fleet-optimized charging station visit recommendations may alleviate local bottlenecks, they can also harm the system if self-interested navigation service platforms seek to maximize their own customers' satisfaction. To study these dynamics, we model fleet-optimized charging station allocation as a resource allocation game in which navigation platforms constitute players and assign potentially free charging stations to drivers. We show that no pure Nash equilibrium guarantee exists for this game, which motivates us to study VCG mechanisms both in offline and online settings, to coordinate players' strategies toward a better social outcome. Extensive numerical studies for the city of Berlin show that when coordinating players through VCG mechanisms, the social cost decreases on average by 42 % in the online setting and by 52 % in the offline setting.
    Date: 2022–08
  31. By: Destek, Mehmet Akif; Aydın, Sercan
    Abstract: The goal of this research is to investigate the impact of tourism on sustainable development in the 10 most visited countries. For this purpose, following the STIRPAT model, the impact of urbanization, energy intensity and tourism on the newly designed sustainable development index is examined for the period 1995-2015. In doing so, tourism is represented by two different indicators, the number of tourists and tourism receipts. In addition, the impact of tourism on economic growth is analyzed to compare the effects of tourism development on economic growth and sustainable development. While doing this, second generation panel data methods are used to take into account the possible inter-country dependency. According to the findings obtained in the study, tourism, energy intensity and urbanization have positive effects on economic growth. On the other hand, the effects of all three factors on the sustainable development index are negative and statistically significant. These findings indicate that the harmful effects of tourism on other dimensions of sustainable development are greater than the beneficial effects of tourism on economic growth.
    Keywords: Tourist Arrivals; Sustainable Development Index; Energy Intensity; Urbanization; Panel Data
    JEL: Q5
    Date: 2021–09–09
  32. By: Joseph I. Uduji (University of Nigeria, Nsukka, Nigeria); Elda N. Okolo-Obasi (University of Nigeria, Nsukka, Nigeria)
    Abstract: Purpose – The purpose of this paper is to critically examine the corporate social responsibility (CSR) initiatives implemented by multinational oil companies (MOCs) in Nigeria. Its special focus is to investigate the impact of the global memorandum of understanding (GMoU) on closing the social capital, through enterprising rural women’s groups in the Niger Delta region of Nigeria. Design/methodology/approach – This paper adopted a survey research technique, aimed at gathering information from a representative sample of the population. Itwas essentially cross-sectional, describing and interpreting the current situation. A total of 800women respondents were sampled across the rural areas of the Niger Delta region. Findings – The results from the logistic regression model indicate that CSR of the MOCs using the GMoU model has recorded little but significant success in improving women’s participation in the socio-economic activities of the region. The results also demonstratethat women’s groups and other forms of collective actions can be effective in building social capital and addressing gender gaps in other areas as well, through reducing transactions cost, pooling risks, developing skills, and building confidence. Practical implications – The result suggests that building women’s social capital can be an effective way to improve information exchange and resource allocation, pool risks, and ensure that women’s voices are heard in decision-making at all levels. Additionally, it proposes that community-based organizations including cluster development boards (CDBs) and women’s groupscan be useful for generating social capital. Social implications – The result implies that women’s groups that serve as production cooperatives, savings associations, and marketing groupscan boost production and help women in maintaining control over the additional income they earn. It also indicates that achieving scale through pooling resources can help women in overcoming some of the constraints experiencedby individual farmers. Originality/value – This research contributes to the gender discourse in social capitalfrom a CSR perspective in developing countries and the rationale for host communities’ desires for social projects. It concludes that businessesmust assist in solving public-interest challenges.
    Keywords: Gender, social capital, corporate social responsibility, multinational oil companies, sub-Saharan Africa.
    Date: 2022–01
  33. By: Martínez, Lía
    Abstract: Las áreas metropolitanas presentan un gran desafío, así como una oportunidad, para abordar la movilidad sostenible. El modelo de gobernanza de áreas metropolitanas es una forma de incorporar la multiplicidad de actores e intereses necesarios para articular los niveles del Estado y los gobiernos locales que conforman un área metropolitana. En este documento se presenta un marco para definir y analizar los diferentes componentes de la gobernanza de las áreas metropolitanas y, de este modo, identificar los factores que dificultan o limitan la institucionalización de estas formas de organización territorial.
    Date: 2022–07–25
  34. By: Jarrad Wright
    Abstract: Technological developments to address climate change in South Africa and their potential economic impacts
    Date: 2022–05–25
  35. By: Ronzheimer, Ira Nadine; Durán Lima, José Elías; Budnevich, Cristóbal; Gomies, Matthew
    Abstract: This document, which was prepared as part of a collaborative project between the Economic Commission for Latin America and the Caribbean (ECLAC) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), provides a methodology for disaggregating electric and conventional buses into their parts, in order to analyse international trade flows in electromobility components. The vectors developed are based on the 2017 version of the Harmonized Commodity Description and Coding System and include all parts needed to build electric or conventional (diesel) buses. The vectors capture global trade related to parts on three levels: raw materials, semi-manufactured parts and manufactured parts. Disaggregation into different parts also enables reconstruction of global value chains for electric buses and identification of the key suppliers of inputs at all three product levels. The methodology can also be employed to determine prospects for productive integration in the manufacturing of buses in Latin America and the Caribbean.
    Date: 2022–07–19
  36. By: Vafa Anvari; Channing Arndt; Faaiqa Hartley; Konstantin Makrelov; Kenneth Strezepek; Tim Thomas; Sherwin Gabriel; Bruno Merven
    Abstract: A climate change modelling framework for financial stress testing in Southern Africa
    Date: 2022–08–05
  37. By: Remi Jedwab (George Washington University); Elena Ianchovichina (The World Bank); Federico Haslop (George Washington University)
    Abstract: Cities dramatically vary in their sectoral composition across the world, possibly lending credence to the theory that some cities are production cities with high employment shares of urban tradables while others are consumption cities with high employment shares of urban non-tradables. A model of structural change highlights three paths leading to the rise of consumption cities: resource rents from exporting fuels and mining products, agricultural exports, and premature deindustrialization. These findings appear to be corroborated using both country- and city-level data. Compared to cities in industrialized countries, cities of similar sizes in resource-rich and deindustrializing countries have lower shares of employment in manufacturing, tradable services and the formal sector, and higher shares of employment in non-tradables and the informal sector. Results on the construction of "vanitous" tall buildings provide additional evidence on the relationship between resource exports and consumption cities. Finally, the evidence suggests that having mostly consumption cities might have economic implications for a country.
    Keywords: Structural Change; Urbanization; Consumption Cities; Macro-Development Economics; Industrialization; Natural Resources; Deindustrialization; Construction
    JEL: O11 E24 E26 O13 O14 O18 R1 R12
    Date: 2022–05
  38. By: Seth Morgan; Alexander Pfaff; Julien Wolfersberger (UMR PSAE - Paris-Saclay Applied Economics - AgroParisTech - Université Paris-Saclay - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)
    Abstract: For over a century, starting with the work of Alfred Marshall (and including in resource economics), economic geography has emphasized the productivity of dense urban agglomerations. Yet little attention goes to one key policy implication of economic geography's core mechanisms: Environmental policies can aid economic development, per se—not hurting the economy to help the environment but advancing both objectives. We review mechanisms from economic geography which imply that environmental policies can deliver such win-wins: influences upon agglomeration of long-standing natural conditions, like usable bays, which long were perceived as fixed yet now are being shifted by global environmental quality; agglomeration's effects on other influential conditions, like urban environmental quality; and the effects of rural nvironmental quality on the flows to cities of people and environmental quality. Finally, we consider a geographic policy typology in asking why society leaves money on the table by failing to promote environmental policies despite the potential win-wins that we highlight.
    Keywords: economic geography,development,environment,natural resources
    Date: 2022–10
  39. By: Jung, Constantin
    Abstract: Environmental sustainability is one of the greatest challenges of this century. It depends on both compliance with environmental protection laws and its integration into directors' decision-making beyond these laws. In this regard, the duty to promote the company's success stipulates in the Companies Act 2006 that directors, who are protected by Business Judgment Rule, shall consider their companies' environmental impacts. Since the stakeholders' interests are regarded as a means to increase shareholder value, directors may pursue their companies' environmental sustainability through a business case. The latest changes to the UK Corporate Governance Code 2018 further encourage directors to consider environmental sustainability in their business decisions. They may also link environmental sustainability to mandatory and voluntary disclosures through publishing their companies' achievements. As a result, directors have broad discretion to pursue environmental sustainability beyond environmental protection laws. However, evidence shows that directors frequently neglect this discretion, the environmental sustainability's resulting business case and that they even cause environmental damages to increase (the short-term) shareholder value. This is due to the social norm of shareholder primacy, which is now exacerbated by Brexit's and the Ukraine war's unclear economic impacts as well as the ongoing COVID-19 pandemic. In this regard, the current approach of the UK's company law in the predominant form of narrative reporting laws is insufficient because of the resulting greenwashing possibilities. This paper's main argument is thus that changes to the current legal framework for directors' decision-making are needed to achieve more environmental sustainability. Accordingly, a new principle for the UK Corporate Governance Code 2018 could lead to a greater consideration of environmental sustainability in directors' decision-making and increased shareholder value in times of rising societal awareness of climate change and a growing trend towards environmental activist shareholders.
    Date: 2022
  40. By: Franck Galtier (UMR MoISA - Montpellier Interdisciplinary center on Sustainable Agri-food systems (Social and nutritional sciences) - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - IRD - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement, Cirad-ES - Département Environnements et Sociétés - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement)
    Abstract: Sur les marchés internationaux, les prix des céréales (blé, maïs) et des huiles végétales (colza, tournesol, soja, palme) ont augmenté à partir de la mi-2020. Les biocarburants jouent un rôle majeur dans cette hausse et la guerre en Ukraine, qui a débuté en février 2022, l'a exacerbée. Les biocarburants lient en effet le prix de ces denrées à celui du pétrole : lorsque le prix du pétrole augmente, l'industrie des biocarburants accroît sa demande de maïs et d'huiles végétales. Limiter provisoirement cet usage industriel ferait baisser leurs prix. De plus, en cas de hausse du prix du riz, une solution serait d'autoriser le Japon à exporter son stock de riz constitué dans le cadre des règles de l'Organisation mondiale du commerce (OMC). Afin de prévenir les crises futures, ces deux leviers pourraient être déclenchés dès que les prix internationaux de ces denrées agricoles atteignent des niveaux prédéfinis.
    Keywords: Prix,Stabilisation des prix,Politique des prix,Produit alimentaire,Céréale,blé,maïs,huile végétale,huile de colza,huile de tournesol,huile de palme,huile de soja,pétrole,biocarburant,combustibles fossiles,crise économique,Sécurité alimentaire,Marché intérieur,Marché mondial,stock alimentaire,OMC,riz,Afrique,États-Unis,monde,pays développé,pays en développement,Russie,Ukraine,pays de l’Union européenne
    Date: 2022

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