nep-ene New Economics Papers
on Energy Economics
Issue of 2023‒07‒10
57 papers chosen by
Roger Fouquet
National University of Singapore

  1. Screening for Collusion in Wholesale Electricity Markets: A Review of the Literature By Brown, David P.; Eckert, Andrew; Silveira, Douglas
  2. Perfect So Far? Substitutability Between Wind & Solar and Dirty Electricity Generation By Anthony Wiskich
  3. How aggregate electricity demand responds to hourly wholesale price fluctuations By Hirth, Lion; Khanna, Tarun; Ruhnau, Oliver
  4. Free-Ridership in Subsidies for Company- and Private Electric Vehicles By Burra, Lavan T., Sommer, Stephan; Vance, Colin
  5. Lessons from Gulf Cooperation Council Countries’ Participation in the Clean Development Mechanism By Mari Luomi; Thomas Bosse; Zlata Sergeeva
  6. Behavioural science for sustainable tourism: Insights and policy considerations for greener tourism By Chiara Varazzani; Michaela Sullivan-Paul; Henrietta Tuomaila
  7. Electricity Intensity Convergence in the OECD Countries By Lior Gallo
  8. CO2 emissions reduction from residential buildings: cost estimate and policy design By Riccardo Camboni; Alberto Corsini; Raffaele Miniaci; Paola Valbonesi
  9. Social welfare Promotion, Carbon Emission and Tax By Ellalee, Haider; Alali, Walid Y.
  10. Climate change and banking sector (in)stability in Kenya: A vulnerability assessment By Kimundi, Gillian; Wambui, Reuben
  11. Monthly Report No. 12/2022 By Hubert Gabrisch; Doris Hanzl-Weiss; Esther Linton-Kubelka; Leon Podkaminer; Roman Stöllinger
  12. The greening of Kenya's banking sector: Macro-financial stability implications of a low carbon transition By Talam, Camilla C.; Maru, Lucy
  13. Ecotourism for Transformative and Youth Development in sub-Saharan Africa: the Role of Corporate Social Responsibility in Nigeria’s Oil Host Communities By Joseph I. Uduji; Elda N. Okolo-Obasi
  14. 인도의 신ㆍ재생에너지 시장 및 정책 분석과 한-인도 협력 방안(Analysis of India’s New and Renewable Energy Market and Policies and Implications for Korea-India Cooperation) By Han, Hyoungmin; Kim, Jeong Gon; Kim, Doyeon; Pek, Jong Hun; Kim, Soeun
  15. I-2. Tour du monde de la situation conjoncturelle. Japon : un bouclier tarifaire pour soutenir la croissance By Sabine Le Bayon
  16. Urban Transport Energy Demand Model for Riyadh: Methodology and Preliminary Analysis By Abu Toasin Oakil; Ahm Mehbub Anwar; Alma; Nourah Al Hosain; Abdelrahman Muhsen; Anvita Arora
  17. “The nexus between variable renewable energy, economy and climate: Evidence from European countries by means of exploratory graphical analysis” By Christina Carty; Oscar Claveria
  18. Optimal Climate and Monetary-Fiscal Policy in a Climate-DSGE Framework By Lorenzo Forni; Mehrab Kiarsi
  19. Physical energy cost serves as the ''invisible hand'' governing economic valuation: Direct evidence from biogeochemical data and the U.S. metal market By Zhicen Liu
  20. Does COVID-19 Help or Harm the Climate? Modelling Long-run Emissions under Climate and Stimulus Policies By Paolo Zeppini; Jeroen C.J.M. van den Bergh
  21. 중국의 녹색금융 발전전략과 주요내용(China’s Green Finance Strategy:the Policy and the Market ) By Moon , Jiyoung; Lee, Hyojin
  22. Frequency Regulation with Storage: On Losses and Profits By Dirk Lauinger; Fran\c{c}ois Vuille; Daniel Kuhn
  23. The Social Cost of Carbon under Climate Volatility Risk By Xu Lin; Sweder van Wijnbergen
  24. The dark side of green innovation? Green transition and regional inequality in Europe By Nils Grashof; Stefano Basilico;
  25. The Economics of Forest Fuel Removals on Federal Lands By Wibbenmeyer, Matthew; Joiner, Emily; Wear, David N.
  26. Risk and rewards of residential energy efficiency By Bohorquez Correa, Santiago
  27. Uniform Pricing vs Pay as Bid in 100%-Renewables Electricity Markets: A Game-theoretical Analysis By Dongwei Zhao; Audun Botterud; Marija Ilic
  28. Do Green Users Become Green Voters? By Comin, Diego; Rode, Johannes
  29. Air Pollution, Smoky Days and Hours Worked By Ron Chan; Martino Pelli; Veronica Vienne
  30. Is export quality a viable option for sustainable development paths of Asian countries? By Manga, Muge; Cengiz, Orhan; Destek, Mehmet Akif
  31. Does Green Transition promote Green Innovation and Technological Acquisitions? By BOSE Udichibarna; GREGORI Wildmer; MARTINEZ CILLERO Maria
  32. Costs and benefits of the green transition envisaged in the italian NRRP. An evaluation using the Social Cost of Carbon By Matteo Alpino; Luca Citino; Federica Zeni
  33. Assessing the Future of Oil and Gas Production and Local Government Revenue in Five Western US Basins By Prest, Brian C.; Raimi, Daniel; Whitlock, Zachary
  34. "Carbon Management": Chancen und Risiken für ambitionierte Klimapolitik By Schenuit, Felix; Böttcher, Miranda; Geden, Oliver
  35. Hierarchical forecasting for aggregated curves with an application to day-ahead electricity price auctions By Paul Ghelasi; Florian Ziel
  36. Bard evaluates US climate bill By Bard, AI
  37. Assessing Climate Mitigation Benefits of Public Support to CCS-EOR: An Economic Analysis By Hossa Almutairi; Axel Pierru
  38. 중국 도시의 녹색전환 정책과 시사점(Green Transition Policy and Implications of Chinese Cities) By Choi, Wonseok; Jung, Jihyun; Pak, Jinhee; Lee, Hanna; Choi, Jiwon; Kim, Joo Hye
  39. The Dynamic Role of Subsidies in Promoting Global Electric Vehicle Sales By Tamara Sheldon; Rubal Dua
  40. The Joint Crediting Mechanism in the Paris Agreement Era: The Challenges of and Potential for Future Saudi-Japanese Cooperation By Shigeto Kondo
  41. Green jobs and the city: Towards a just transition in developing countries By Kleibrink, Alexander; Pegels, Anna; Fink, Michael; Scholz, Wolfgang
  42. Methane Emissions Baseline Forecasts for Saudi Arabia Using the Structural Time Series Model and Autometrics By Anwar Gasim; Lester C. Hunt; Jeyhun Mikayilov
  43. Distribution Hosting Capacity Tool By Khalid Alhadhrami
  44. Corporate cost of debt in the low-carbon transition: The effect of climate policies on firm financing and investment through the banking channel By Filippo Maria D’Arcangelo; Tobias Kruse; Mauro Pisu; Marco Tomasi
  45. Artificial Energy General Intelligence AEGI By Alfarisi, Omar
  46. Entering European countries: advantages and difficulties for Chinese electric vehicle firms By Yanting Gu; Fiorenza Belussi; Rajneesh Narula
  47. City Shape and Air Pollution By Gallé, Johannes
  48. Effectiveness of Oil and Gas Regulatory Authority By Afia Malik
  49. Governments and companies must address climate and governance risks when petroleum assets change hands By Woodroffe, Nicola; Westenberg, Erica
  50. Brückenstrompreis: Fehler aus der Vergangenheit fortführen? By von Graevenitz, Kathrine; Rottner, Elisa; Gerster, Andreas
  51. Wissenspolitik im Kontext der internationalen Klimaverhandlungen: Der IPCC-Synthesebericht wird die COP28 und den Global Stocktake prägen By Hansen, Gerrit; Geden, Oliver
  52. Foreign direct investment, stock market capitalization and sustainable development: Relative impacts of domestic and foreign capital By Destek, Mehmet Akif; Sohag, Kazi; Aydın, Sercan; Destek, Gamze
  53. An Approximate Feasibility Assessment of Electric Vehicles Adoption in Nigeria: Forecast 2030 By Qasim Ajao; Lanre Sadeeq
  54. Climate Change and Security Implications By Alexandru Petrea
  55. How an international agreement on methane emissions can pave the way for enhanced global cooperation on climate change By Kimberly A. Clausing; Luis Garicano Bruegel; University of Chicago Booth School of Business; Catherine Wolfram
  56. 한-호주 공급망 협력 방향: 핵심광물과 수소를 중심으로(Korea-Australia Supply Chain Cooperation: Focus on Critical Minerals and Hydrogen) By Cho, Seung Jin; Shin, Minlee
  57. Die globale Abkehr von fossiler Energie: Ein blinder Fleck der Klimaaußenpolitik By Thielges, Sonja

  1. By: Brown, David P. (University of Alberta, Department of Economics); Eckert, Andrew (University of Alberta, Department of Economics); Silveira, Douglas (University of Alberta, Department of Economics)
    Abstract: Wholesale electricity markets have several features that increase the likelihood of collusion, including frequent interaction, multimarket contact, and a high degree of information transparency. As a result, screening techniques for detecting collusive agreements are desired. In this paper, we survey the existing literature on collusive screens and collusion in electricity markets. We discuss key features of non-competitive behaviour to be reflected in screens and suggest directions for improved screening in this industry. In particular, there is considerable potential to include machine learning and data mining techniques in screens in the electricity sector due to recent improvements in these methods.
    Keywords: Screening Methods; Collusion; Electricity Markets
    JEL: L13 L40 L94 Q40
    Date: 2023–06–13
  2. By: Anthony Wiskich
    Abstract: Wind and solar are driving the clean transition in electricity: this paper uses panel data to investigate how these technologies substitute with dirty (fossil fuel) electricity generation. Production functions with a constant and a variable elasticity of substitution are estimated. Results suggest a higher elasticity of substitution than previous estimates, aligning with long-run analysis from electricity dispatch models and assumptions often made in economic models. Little evidence is found of the elasticity decreasing so far. However, the uptake of wind and solar decreases the utilisation rates of dirty capital.
    Keywords: elasticity of substitution, climate change, energy, electricity, production function
    JEL: O33 Q41 Q42 Q54 Q58
    Date: 2023–06
  3. By: Hirth, Lion; Khanna, Tarun; Ruhnau, Oliver
    Abstract: Electricity needs to be consumed at the very moment of production, leading wholesale prices to fluctuate widely at (sub-)hourly time scales. This article investigates the response of aggregate electricity demand to such price variations. Using wind energy as an instrument, we estimate a significant and robust short-term price elasticity of about -0.05 in Germany and attribute this to industrial consumers. While seemingly modest, our results imply that even with limited exposure to real time prices, short-term demand response facilitates decarbonization of the electricity grid by reducing the need for battery storage or backup fossil power by approximately 8%.
    Keywords: Short-term price elasticity, Electricity markets, Demand response, Instrumental variables, Wind energy
    JEL: Q41 Q42
    Date: 2023
  4. By: Burra, Lavan T., Sommer, Stephan; Vance, Colin
    Abstract: Consumer subsidies are commonly employed to incentivize the purchase of battery electric vehicles (BEVs), but free-ridership potentially undermines their effectiveness. The present study investigates BEV subsidies in Germany, distinguishing their effect between company- and private cars. Drawing on a panel of high-resolution car registration data, we use the estimates from a Poisson pseudo-maximum likelihood model to predict BEV registrations in the absence of the subsidy. We calculate aggregate free-rider rates of 19% for private cars and 43% for company cars. We further find that the cost of the subsidy per induced BEV among private consumers is €5, 400, while it is €7, 215 among companies. Overall, the estimates suggest that the subsidy is considerably less cost effective among company cars, which comprise 55% of new BEV sales.
    Keywords: Electric vehicles, consumer subsidy, company cars, free ridership
    JEL: H23 L91 Q58
    Date: 2023
  5. By: Mari Luomi; Thomas Bosse; Zlata Sergeeva (King Abdullah Petroleum Studies and Research Center)
    Abstract: Carrbon markets have rapidly risen on government and corporate agendas in the Gulf Cooperation Council (GCC) countries as the region gears up to implement the Paris Agreement and pursue ambitious net-zero greenhouse gas (GHG) emission targets. Governments have expressed interest in participating in international carbon markets in their most recent nationally determined contributions (NDCs), various major companies across the region have set ambitious emission reduction targets, and three GCC countries have begun developing voluntary carbon market standards or marketplaces.
    Keywords: Article 6, Carbon market, Carbon pricing, Clean technology
    Date: 2023–06–06
  6. By: Chiara Varazzani; Michaela Sullivan-Paul; Henrietta Tuomaila
    Abstract: This working paper explores the use of behavioural science for promoting environmentally sustainable tourism. It looks at how to use behavioural science to encourage sustainable behaviour, targeting both the consumers and suppliers of tourism activities and services. It concludes with recommendations for planning and implementing a tourism recovery strategy that prioritises both economic and environmental sustainability.
    Keywords: Behavioral Insights, Behavioural Science, Carbon emission, COVID-19, Green transition, Greenhouse gas emissions, Net zero, Sustainability, Sustainable Tourism, Tourism, Travel
    Date: 2023–06–14
  7. By: Lior Gallo (Bank of Israel)
    Abstract: This paper analyzes the dynamics of electricity intensity – i.e., the ratio of electricity consumption to gross domestic product – in the OECD countries for the period 1990– 2017. In particular, it analyzes electricity intensity dynamics against the background of different subgroups (or ”clubs”) of the OECD countries, changes in electricity prices, and the industrial structure of the economy. The main results are that general electricity intensity convergence in all OECD countries has decreased in recent years, yet club convergence in subgroups of OECD countries continues, and that the role of the economy’s industrial structure and electricity prices in these trends are negligible. The main driver of the dynamics and convergence of electricity intensity is electricity efficiency at the industry level.
    Keywords: Electricity demand, Electricity intensity, Convergence, Club convergence, Decomposition, Structural transformation, Electricity prices
    Date: 2023–06
  8. By: Riccardo Camboni (University of Padova); Alberto Corsini (Spanish National Research Council and OIPE); Raffaele Miniaci (University of Brescia); Paola Valbonesi (University of Padova)
    Abstract: We assess the efficiency of a bonus financed by the government to support energy renovation of dwellings and the related CO2 emissions reduction. The bonus considered is a fixed percentage of the cost of the energy improvement. Efficiency of this policy is assessed by comparing the cost of the bonus with the cost of individually tailored subsidies that a fully informed government would have paid to achieve the same CO2 reduction. Relying on the Energy Performance Certificates (EPCs) dataset, which includes information on characteristics of the buildings, recommendations to improve their energy efficiency and related CO2 reduction, we derive the costs and benefits of three bonuses levels (25%, 50%, and 75%) of the upfront cost to implement EPCs recommendation. Matching our data with the socio-economic characteristics of the household most likely to live in the observed dwellings shows that without any bonus, only 15% of the recommended efficiency enhancing investments have a positive private net present value (NPV) and their upfront cost averages about 22% of annual household spending; a bonus of 50% of the upfront costs brings the percentage of recommended investments with positive NPV to 30% and reduces the incidence on the annual household budget to 11%.
    Keywords: CO2 emissions, policy design
    Date: 2023–05
  9. By: Ellalee, Haider; Alali, Walid Y.
    Abstract: The objective of this research is to find the preferable carbon taxation regime to achieve net-zero carbon emissions and enhance social welfare levels. Two regimes were discussed in this paper, including a carbon tax at the aggregate level of social welfare (CTTW) and a carbon tax at the level of single social welfare (CTSW). The results present a preferable regime depending on the substitution of the product and product price flexibility of demand. Not only does industrial transformation bring about changes in the substitution of the product and demand flexibility in product prices, but as well both regimes have a serious effect on achieving net zero carbon emissions and enhancing the level of social welfare.
    Keywords: Social welfare, Carbon Tax, Carbon Emission, Environment
    JEL: D6 I31 K23
    Date: 2022–09–10
  10. By: Kimundi, Gillian; Wambui, Reuben
    Abstract: This paper offers a climate change vulnerability assessment of the Kenyan banking sector by examining the time-varying linkages of climate risk drivers, economic sectors that get impacted by a disorderly low-carbon transition (climate policy relevant sectors (CPRSs)), and banking sector stability. We use temperature and precipitation climate data, identify 5 CPRSs and their quarterly outputs, construct a banking sector stability index, and examine the time-varying linkages of these variables. Effectively, we assess the response of banking sector stability to sectoral output shocks arising from physical and transition risks. Three important findings emerge: First, the agriculture sector is the sole channel of physical climate risk transmission. Second, manufacturing and utilities sectors are becoming increasingly critical/significant channels for transmitting transition risks. Third, during the COVID-19 era, all CPRSs have become increasingly linked to banking sector stability, effectively exacerbating the transmission of climate risks to the banking sector.
    Keywords: climate change, climate risk drivers, climate policy relevant sectors (CPRS), banking sector, stability
    Date: 2023
  11. By: Hubert Gabrisch (The Vienna Institute for International Economic Studies, wiiw); Doris Hanzl-Weiss (The Vienna Institute for International Economic Studies, wiiw); Esther Linton-Kubelka; Leon Podkaminer (The Vienna Institute for International Economic Studies, wiiw); Roman Stöllinger (The Vienna Institute for International Economic Studies, wiiw)
    Abstract: Chart of the Month EU-CEE at the forefront of electric vehicle production and export by Doris Hanzl-Weiss Opinion Corner Into the Maelstrom - The EU in the Zeitenwende by Hubert Gabrisch Multiple crises have hit the European Union since 2008, and a new global order is evolving. The EU needs to adjust its 1990s-era treaties in the direction of more democracy and sovereignty. There is a European momentum to reform; yet the political leadership that would enable the opportunity to be seized is lacking. Russian energy dependence and European inflation by Esther Linton-Kubelka and Roman Stöllinger Despite a common monetary policy and closely synchronised business cycles in the euro area, the increase in inflation since the outbreak of war in Ukraine has varied considerably across member states. As the increase in inflation across the EU is positively associated with energy dependence on Russia, the overreliance on Russian gas and oil supplies may turn out to be rather costly both economically and politically. More evidence-based policy advice is warranted (rather than following groups with a vested interest). Rising public debt does not drive up short-term interest rates by Leon Podkaminer Econometric models for the European countries, the US and Japan suggest that increasing public debt may have been of only minor importance in determining short-term real interest rates. Moreover, the effect appears to be negative almost everywhere rising public debt has tended to reduce short-term interest rates, if only fairly marginally in most cases. The lingering opinion that fiscal deficits can drive up interest rates is not confirmed by the data. Monthly and quarterly statistics for Central, East and Southeast Europe
    Keywords: automotive industry, electric vehicles, EU institutions, Conference on the future of Europe, energy dependence, inflation, energy supply diversification, public debt, interest rates, crowding-out, theory of loanable funds
    Date: 2022–12
  12. By: Talam, Camilla C.; Maru, Lucy
    Abstract: Against the backdrop of climate-mitigation and green growth policies as well as regulations to account for climate-related risks in the financial sector, this study employs the Computable General Equilibrium model and Merton's Distance to Default model to study the implications of Kenya transitioning to a low carbon economy through introduction of a carbon tax on a carbon intensive sector. The study finds that a carbon tax would result in rise in general prices, and lower investment to GDP. These adverse effects are offset by a rise in real GDP and narrower fiscal and current account balances supported by a rise in government revenue and higher exports in low-carbon intensive sectors. A carbon tax policy would have adverse effects of declining output and income of firms in carbon intensive sectors. These adverse effects are varied which hedges the probability of default of a bank portfolio and allows for natural diversification to mitigate the adverse effects of such a policy for the banking sector. The carbon tax may also increase resilience in low carbon intensive firms where a bank may have exposures thus mitigating the environmental risks for these banks' exposures. From the findings, the paper persuades policymakers to consider a carbon tax rather than an emission trading system as a key carbon mitigation policy.
    Keywords: Green finance, Transition Risks, Carbon Pricing, Probability of Default
    Date: 2023
  13. By: Joseph I. Uduji (University of Nigeria, Nsukka, Nigeria); Elda N. Okolo-Obasi (University of Nigeria, Nsukka, Nigeria)
    Abstract: We examine the impact of multinational oil companies' (MOCs) corporate social responsibility (CSR) initiatives on enabling youth participation in theecotourism development in Niger Delta region of Nigeria. Results from the use ofaverage treatment test of a combined propensity score matching and logit model indicate a significant difference between youths in MOCs’ CSR global memorandum of understanding (GMoU) households and non-GMoU households in the four parameters measured: availability of finance (3.76), access to adequate training (5.91), direct patronage (18.97), and economic capability of the youths (8.2).It shows that opportunities to supply products and services to the tourism sector can help ensure a sustainable market and increase incomes and other revenues in local communities driven from ecotourism – related activities, while minimizing economic leakages. This suggests that a pro-youth GMoU ecotourism projects of MOCs have a potential to play in the formation of linkages to help promote local economic development through job creation and business opportunities. It implies that a younger generation can help to promote economic diversification and contribute to job creation and enterprise development, while helping to address underdevelopment in remort areas and intractable environmental challenges of sub- Saharan Africa.
    Keywords: Ecotourism development, environmental justice, corporate social responsibility, Niger Delta youth, sub-Saharan Africa
    Date: 2023–01
    Abstract: 최근 인도 신‧재생에너지 시장이 급속히 성장하고 있으며, 미국, 일본, EU, 중국 등 주요국의 진출과 협력이 본격화되고 있다. 본 연구는 상대적으로 정체된 한-인도 신‧재생에너지 협력을 위한 정책 과제 도출을 목적으로 추진되었으며, 이를 위하여 인도 신‧재생에너지 시장 구조, 관련 정책 및 제도, 주요국의 협력전략, 민간 부문의 협력 수요 및 정책 수요를 분석하였다. 본 연구는 한-인도 신‧재생에너지 협력을 확대하기 위하여 한-인도 에너지 대화 설립, 한-인도 기후변화 협력 협정 체결, 한-인도 신‧재생에너지 시범사업, 해외 진출을 위한 국내 기업 경쟁력 강화의 정책 과제를 제안한다. The importance of new and renewable energy has been a prominent issue since the Paris climate agreement in 2015. The Paris Agreement aims to keep the average temperature rise below2°C compared to before industrialization, and to limit the future temperature rise to 1.5°C or less. The main responses to the Paris climate agreement are centered on the active use of eco-friendly energy such as new and renewable energy and policies to supportthe ecosystem of low-carbon industries. Responding to the global green movement, the Korean government declared carbon neutrality in 2020 and announced policy plans to create a low-carbon ecosystem. However, the small size of the domestic renewable energy market is making it difficult to mass-produce renewable power generation plants. Also, as the international community’stransition to a low-carbon ecosystem is rapidly taking place, Korea needs to actively meet its Nationally Determined Contributions (NDCs) through various overseas cooperation projects if it is to achieve carbon neutrality by 2050. Therefore, it is clear that energy cooperation with developing countries will be needed to explore new markets and secure NDCs through overseas expansion.Considering India’s recent expansion of the renewable energy market and its active policy supports, India is likely to grow into a major partner for Korea in the renewable energy sector. India is currently active in expanding new and renewable energy to solveits domestic air pollution issue, and the demand for renewable energy is expected to grow in the long term. Currently, India’srenewable energy market is a major market on the global level. Specifically, the volume of India’s renewable energy production is second in the world, right after China. Therefore, in light of the growing importance of renewable energy and NDC needs, research on India’s renewable energy market is necessary. This study aims to produce a report on India’s renewable energy market and policy implications for Korea-Indiacooperation in renewable energy sector through analysis of India’s energy and renewable energy market, renewable energy policies and systems, and firm-level cases.(the rest omitted)
    Keywords: 경제협력; 에너지산업; Economic Cooperation; Energy Industry
    Date: 2022–12–30
  15. By: Sabine Le Bayon (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)
    Abstract: En 2022, la croissance du PIB japonais a tout juste atteint 1 %. La fin des mesures prophylactiques le 21 mars 2022 a entraîné un rebond seulement temporaire de la consommation privée, l'accélération de l'inflation ayant affecté le pouvoir d'achat des ménages et leur consommation au second semestre 2022. Le pic d'inflation enregistré en janvier 2023 (à 4, 4 %) est le plus élevé depuis 19912, en raison des tensions sur les prix des matières premières et malgré la mise en place dès le début de l'année 2022 de subventions pour limiter la hausse du prix du carburant puis du prix du blé. Depuis février 2023, l'inflation a même reflué (3, 3 % sur un an), à la suite d'une nouvelle subvention sur les prix de l'électricité et du gaz de ville, en vigueur au moins jusqu'en septembre 2023. Une aide devrait prochainement limiter également le coût du gaz de pétrole liquéfié pour les zones rurales.
    Date: 2023–05–15
  16. By: Abu Toasin Oakil; Ahm Mehbub Anwar; Alma; Nourah Al Hosain; Abdelrahman Muhsen; Anvita Arora (King Abdullah Petroleum Studies and Research Center)
    Abstract: Saudi Arabia intends to reduce its greenhouse gas (GHG) emissions by 278 million tonnes of CO2 equivalent annually by 2030, according to its Nationally Determined Contribution to the United Nations Framework Convention on Climate Change (UNFCCC). Among many policies it is introducing, a mass transit system and transit-oriented development are being advanced with the expectation of reducing energy consumption and GHG emissions in Riyadh. To what extent such an initiative can reduce energy consumption and GHG emissions is an important question. In this paper, a methodology is developed to systematically measure the impact of mass transit and transit-oriented development in Riyadh on energy demand.
    Keywords: Land use-Transportation interaction, Spatial economic model, Transit oreinted development, Urban energy model
    Date: 2023–06–13
  17. By: Christina Carty (Northwestern University); Oscar Claveria (AQR-IREA, University of Barcelona)
    Abstract: We propose a new approach for the visual inspection of interactions between several variables related to the wind and solar energy sector, and a set of socioeconomic variables and natural factors that may be affecting the sector. Focusing on fifteen European countries in the period from 2007 to 2019, we use Categorical Principal Component Analysis to reduce our data into two factors, the first relating to energy consumption, greenhouse gas emissions, per capita income, and solar energy, and the second capturing climactic and sociopolitical factors. The dimensionality reduction also displays a decoupling between natural factors and variable renewable energy sources (VRES) development, particularly in the case of solar energy, and instead shows a more influential relationship with economic factors. We additionally project all countries into a perceptual map and observe three clusters that roughly correspond to the main European regions (Southern and Eastern Europe, Northern Europe and Western Europe). Finally, we plot the average level and growth level of both the wind and solar energy share for each nation and observe a negative relationship in wind share and a slightly positive relationship in solar share. Our results show that, especially for wind energy, countries with higher levels of overall renewable energy development are more likely to show more intense VRES development than countries who already have high existing levels of the technology in their renewable energy mix. Solar energy investment on the other hand is more likely to be dominated by countries with pre-existing high levels of solar in the renewables mix. Our results emphasize the importance of individual nations attitude towards renewables as a whole as playing a key role in VRES development, as much as the natural resource availability of these energies.
    Keywords: Renewable energies, Wind share growth, Solar share growth, Economic growth, Human development, Multivariate analysis, Europe. JEL classification: C38, C55, O44, Q20, Q50.
    Date: 2022–05
  18. By: Lorenzo Forni (University of Padova); Mehrab Kiarsi (Henan University)
    Abstract: This paper points to the welfare enhancing effect of policies to regulate emissions in the face of climate shock. Fiscal and monetary policies alone would achieve suboptimal outcomes. We consider the Ramsey-optimal long-run and dynamic policy interactions between climate and fiscal-monetary policies in a climate-monetary DSGE model under sticky prices. In the model, the planner – on top of a fiscal and a monetary instrument – controls also a carbon tax (or, equivalently, an emission abatement technology) to manage emissions, and therefore temperatures and climate damages. In this setup, the presence of carbon taxation sharply reduces the fall in key macroeconomic variables such as output, consumption, and welfare, to a shock to emissions compared with the case without carbon taxation in place. We also show that it is essential to consider climate-specific shocks to appreciate the importance of carbon policies; the Ramsey optimal solution to typical TFP or government spending shocks is not very different whether or not the planner has access to carbon taxation. In the face of climate shocks, the optimal monetary is very similar to the one under no climate policy, while the optimal fiscal policy set distortionary labor income taxation at a lower rate, as the planner now raises revenue also through carbon taxes. Finally, in an extension of the model, we show that the optimal environmental implications can significantly change as we explicitly include climate fiscal outlays in the government budget constraint. As climate change becomes more costly for the government, the optimal abatement increases and the magnitude of carbon emissions and thus output damages decreases.
    Keywords: Climate change; Climate-specific shocks; Optimal environmental and fiscal- monetary policy; Carbon taxation; Fiscal finance; New Keynesian model
    Date: 2023–04
  19. By: Zhicen Liu
    Abstract: Energy supply is mandatory for the production of economic value. Nevertheless, tradition dictates that an enigmatic 'invisible hand' governs economic valuation. Physical scientists have long proposed alternative but testable energy cost theories of economic valuation, and have shown the gross correlation between energy consumption and economic output at the national level through input-output energy analysis. However, due to the difficulty of precise energy analysis and highly complicated real markets, no decisive evidence directly linking energy costs to the selling prices of individual commodities has yet been found. Over the past century, the US metal market has accumulated a huge body of price data, which for the first time ever provides us the opportunity to quantitatively examine the direct energy-value correlation. Here, by analyzing the market price data of 65 purified chemical elements (mainly metals) relative to the total energy consumption for refining them from naturally occurring geochemical conditions, we found a clear correlation between the energy cost and their market prices. The underlying physics we proposed has compatibility with conventional economic concepts such as the ratio between supply and demand or scarcity's role in economic valuation. It demonstrates how energy cost serves as the 'invisible hand' governing economic valuation. Thorough understanding of this energy connection between the human economic and the Earth's biogeochemical metabolism is essential for improving the overall energy efficiency and furthermore the sustainability of the human society.
    Date: 2023–06
  20. By: Paolo Zeppini (Université Côte d'Azur; GREDEG, CNRS, France; Department of Economics, University of Bath, UK); Jeroen C.J.M. van den Bergh (ICREA, Barcelona, Spain; Institute of Environmental Science and Technology, Universitat Autònoma de Barcelona, Spain; School of Business and Economics & Institute for Environmental Studies, VU University Amsterdam, the Netherlands)
    Abstract: We propose a model of global energy competition, GLO-COV, to shed light on long-run effects of COVID-19. It accounts for the joint impact of lockdown, economic stimulus programs and climate policy on CO2 emissions. The model also captures the role of peak oil. It incorporates evolutionary self-reinforcing dynamics which allows addressing path-dependence and lock-in. The model is empirically calibrated on historical energy demand, economic growth, emission intensity, and factors specific to COVID-19. The resulting long-term assessment complements previous studies that focus on short-term effects of the pandemic. We find that without countervailing climate policy, COVID-19 increases long-run emissions. With a carbon tax already in place, COVID-19 leads to lower emissions than scenarios without the pandemic or without policy. On their own, climate and stimulus policies increase variability of, and thus uncertainty about, emissions, while their combination reduces variability. A further advantage of combining stimulus and carbon taxation is that it creates strong synergy, resulting in maximal reduction of long-term emissions.
    Keywords: Climate change, economic crisis, energy, lock-in, path-dependence, tipping points
    Date: 2023–05
    Abstract: 중국은 탄소중립을 실현하기 위한 녹색산업 발전에 녹색금융의 활용이 반드시 동반되어야 한다는 사실을 인지하고 있다. 2016년 이후, 세계에서 가장 빠르고 적극적으로 녹색금융 시장 형성을 추진하고 있는 중국은 현재 최대 녹색대출 시장을 보유하고 있으며, 미국 다음으로 큰 녹색채권 시장을 보유하고 있다. 중국은 녹색금융을 자국의 탄소중립 목표 달성을 위한 중요한 전략적 정책도구로 활용하고 있으며, 정부 주도하에 자국 녹색산업 발전 지원, 외자유치, 대외협력 확대 등 다양한 측면에서 녹색금융을 활용하고 있다. 이에 본 연구에서는 중국의 녹색금융 발전전략을 분석하고 한중 간 녹색금융 협력방안을 제시하였다. China is a leading nation in the area of green finance, deeply recognizing that carbon neutrality should be accompanied with green finance to boost development of the green industry and actively working to develop green financial markets. In 2016, China published the “Guidelines for Establishing the Green Financial System, ” which provides core guidelines for establishing the domestic green financial market. These guidelines define the concept of green finance in China, namely as providing financial service to support projects such as for environmental protection, renewable energy development, and green infrastructure construction for response to climate change and efficient use of resources in economic activities. Viewing green finance as an important strategic policy tool for China to achieve its carbon neutrality goal, this research explores China‘s green finance strategy in terms of policy establishment and market formation, the tools for supporting domestic green industry development, and global cooperation, while also aiming to provide suggestions for Korea-China cooperation in the green finance field. Chapter 2 studies China’s policy establishment and market status in terms of green loan and bond markets, which are the main components of China’s green finance market. China’s green loan market is largely operated by state-owned banks and some large commercial banks as major players. These provide loans for domestic green projects to boost China’s green economy development. The support provided by these banks has increased the size of China’s green loan market to over 15.9 trillion RMB, making it the largest market in the world in 2021. China’s green bond market, as well, is one of the largest in the world. Its size recorded 1.56 trillion RMB in 2021, and according to the Climate Bond Initiative it is the second largest green bond market in the world after the United States. In China’s green bond market, local governments and corporations act as major suppliers of green bonds. According to the issuance type and purpose of use, China’s green bonds can be classified into various categories including finance bonds, intermediate bills, commercial bills, corporate bonds, and enterprise bonds. (the rest omitted)
    Keywords: 금융정책; 자본시장; 중국의 녹색금융 발전전략; Financial policy; capital market; Chinas green finance development strategy
    Date: 2022–12–30
  22. By: Dirk Lauinger; Fran\c{c}ois Vuille; Daniel Kuhn
    Abstract: Low-carbon societies will need to store vast amounts of electricity to balance intermittent generation from wind and solar energy, for example, through frequency regulation. Here, we derive an analytical solution to the decision-making problem of storage operators who sell frequency regulation power to grid operators and trade electricity on day-ahead markets. Mathematically, we treat future frequency deviation trajectories as functional uncertainties in a receding horizon robust optimization problem. We constrain the expected terminal state-of-charge to be equal to some target to allow storage operators to make good decisions not only for the present but also the future. Thanks to this constraint, the amount of electricity traded on day-ahead markets is an implicit function of the regulation power sold to grid operators. The implicit function quantifies the amount of power that needs to be purchased to cover the expected energy loss that results from providing frequency regulation. We show how the marginal cost associated with the expected energy loss decreases with roundtrip efficiency and increases with frequency deviation dispersion. We find that the profits from frequency regulation over the lifetime of energy-constrained storage devices are roughly inversely proportional to the length of time for which regulation power must be committed.
    Date: 2023–06
  23. By: Xu Lin (University of Amsterdam); Sweder van Wijnbergen (University of Amsterdam)
    Abstract: We calculate the social cost of carbon (SCC) under stochastic climate volatility resulting from uncertainty about future climate risk regimes where weather extremes are becoming more frequent and intense. Using a stochastic dynamic integrated climate-economy model where representative agents are endowed with Duffie-Epstein recursive preferences, we find that climate volatility risks substantially increase the SCC both in the business-as-usual and optimal abatement policy scenario. We also show that switching to a regime with more intense disasters increases the SCC more than a switch to a regime with more frequent disasters for equal expected value. Overall we show that stochastic volatility has a major impact on the SCC.Classification-JEL: G12, G13, Q51, Q54
    Keywords: stochastic volatility, social cost of carbon, climate damage, Duffie-Epstein preference
  24. By: Nils Grashof; Stefano Basilico;
    Abstract: This study explores the regional diversification processes into green technologies (2000- 2017) and their implications for regional inequalities. Utilizing patent and Eurostat data, we analyze these processes along the economic strength of regions and the nature of their knowledge base. Our findings reveal that both structurally strong and weak regions can successfully diversify into green technologies if they possess related technological capabilities. However, brown regions cannot do so. Already existing patterns of divergence between these two types of regions are unlikely to be exacerbated by a green transition, but new regional disparities between brown regions and other regions could emerge.
    Keywords: dark side of innovation, inequality, regional diversification, regional inequality, green innovation, green transition
    JEL: O32 O33 R11
    Date: 2023–06
  25. By: Wibbenmeyer, Matthew (Resources for the Future); Joiner, Emily (Resources for the Future); Wear, David N. (Resources for the Future)
    Abstract: Despite large recent investments by Congress, the costs of fuel removal and forest restoration needs in the western United States dramatically exceed available funding. Engaging the private sector may provide a means for enhancing the pace and scale of fuel removals to reduce wildfire hazard, but thus far this strategy—which has typically focused on increasing demand for small-diameter fuels—has not been broadly successful. To assess the economics of fuel treatments in the western United States, we develop a spatially explicit model of the revenues and costs of fuel removal in Idaho and Montana, under a variety of treatment scenarios. We find that fuel treatment sales would not be economically feasible across most of the study region unless prices of small-diameter material were to rise significantly, potentially via subsidies or another policy. Nevertheless, under current market conditions, bundling small amounts of sawtimber harvest with treatments is capable of dramatically expanding treatable area. Such an approach is a promising path to reducing fire hazard on public lands; however, a different approach will be necessary to encourage fuel removal on private lands, which make up a disproportionate share of forested lands near communities.
    Date: 2023–06–12
  26. By: Bohorquez Correa, Santiago (Tilburg University, School of Economics and Management)
    Date: 2023
  27. By: Dongwei Zhao; Audun Botterud; Marija Ilic
    Abstract: This paper evaluates market equilibrium under different pricing mechanisms in a two-settlement 100%-renewables electricity market. Given general probability distributions of renewable energy, we establish game-theoretical models to analyze equilibrium bidding strategies, market prices, and profits under uniform pricing (UP) and pay-as-bid pricing (PAB). We prove that UP can incentivize suppliers to withhold bidding quantities and lead to price spikes. PAB can reduce the market price, but it may lead to a mixed-strategy price equilibrium. Then, we present a regulated uniform pricing scheme (RUP) based on suppliers' marginal costs that include penalty costs for real-time deviations. We show that RUP can achieve lower yet positive prices and profits compared with PAB in a duopoly market, which approximates the least-cost system outcome. Simulations with synthetic and real data find that under PAB and RUP, higher uncertainty of renewables and real-time shortage penalty prices can increase the market price by encouraging lower bidding quantities, thereby increasing suppliers' profits.
    Date: 2023–05
  28. By: Comin, Diego; Rode, Johannes
    Abstract: We estimate the causal effect of the diffusion of solar photovoltaic (PV) systems on the fraction of Green Party votes in federal and state elections in Baden-Württemberg, Germany. Our estimates are based on instruments that induce exogenous variation in roof appropriateness to PV installation. We find that PV adoption had a strong positive effect on Green Party votes. The effect is connected to the direct engagement of households with the PV system and does not reflect reciprocity to economic gains from PV. Our estimates likely reveal changing attitudes towards environmentally friendly values after adopting PV produced by cognitive dissonance.
    Date: 2023–06
  29. By: Ron Chan; Martino Pelli; Veronica Vienne
    Abstract: The current literature on the economic cost of air pollution in the labor market primarily focuses on labor productivity, leaving the impact on working hours relatively unexplored. In this paper, we investigate the effects of air pollution on work hours using a nationally representative sample for Chile. To address the potential endogeneity of air pollution, we leverage the exogenous occurrence of wildfires between 2010 and 2018. We construct the smoke plumes originating from each wildfire to identify the causal impact of air pollution on hours worked. Our analysis reveals that an exogenous increase in fine particulate matter resulting from an extra smoky day leads to a 2% reduction in work hours for the average Chilean worker. The impact is more pronounced for male workers engaged in outdoor tasks, such as agriculture, and for economically disadvantaged households, where the negative effects of air pollution can be up to four times larger. Our findings imply that earlier studies focusing only on labor productivity may be underestimating the effect of air pollution on economic output by 11-13%. La littérature actuelle sur le coût économique de la pollution de l'air sur le marché du travail se concentre principalement sur la productivité du travail, laissant l'impact sur les heures de travail relativement inexploré. Dans cet article, nous étudions les effets de la pollution de l'air sur les heures de travail en utilisant un échantillon national représentatif du Chili. Pour traiter l'endogénéité potentielle de la pollution de l'air, nous tirons parti de l'occurrence exogène des incendies de forêt entre 2010 et 2018. Nous construisons les panaches de fumée provenant de chaque incendie afin d'identifier l'impact causal de la pollution de l'air sur les heures travaillées. Notre analyse révèle qu'une augmentation exogène des particules fines résultant d'une journée de fumée supplémentaire entraîne une réduction de 2 % des heures de travail pour le travailleur chilien moyen. L'impact est plus prononcé pour les hommes qui travaillent à l'extérieur, comme dans l'agriculture, et pour les ménages économiquement défavorisés, où les effets négatifs de la pollution de l'air peuvent être jusqu'à quatre fois plus importants. Nos résultats impliquent que les études antérieures axées uniquement sur la productivité du travail pourraient sous-estimer de 11 à 13 % l'effet de la pollution de l'air sur la production économique.
    Keywords: air pollution, hours worked, wildfires, Chile, pollution de l'air, heures travaillées, incendies de forêt, Chili
    JEL: Q53 J20 J22 O13 I15
    Date: 2023–06–12
  30. By: Manga, Muge; Cengiz, Orhan; Destek, Mehmet Akif
    Abstract: This paper investigates the role of export quality in climate action goal of the sustainable development goals in emerging Asian countries. For this purpose, the empirical model that observes the impact of real GDP, energy use and export quality index on carbon emissions is constructed and is analyzed by ARDL bound test approach for the period from 1970 to 2014. We also include the square of real GDP as independent variable to observe the existency of Environmental Kuznets Curve (EKC) hypothesis which implies the parabolic relationship between economic growth and environmental degradation. The findings show that increase in export quality leads to a fall in CO2 emissions for China and India. In contrast, the effect of increasing export quality increases CO2 emissions in Thailand and the Philippines. Lastly, our asymmetric causality results show that the positive shocks of export quality causes positive shocks of CO2 emissions in Thailand and Indonesia. Furthermore, we found that positive export quality shocks causes negative carbon emission shocks in India while negative export quality shocks causes positive carbon emissions shocks in China. We also confirm the inverted U-shaped EKC hypothesis in China and Thailand.
    Keywords: This paper investigates the role of export quality in climate action goal of the sustainable development goals in emerging Asian countries. For this purpose, the empirical model that observes the impact of real GDP, energy use and export quality index on carbon emissions is constructed and is analyzed by ARDL bound test approach for the period from 1970 to 2014. We also include the square of real GDP as independent variable to observe the existency of Environmental Kuznets Curve (EKC) hypothesis which implies the parabolic relationship between economic growth and environmental degradation. The findings show that increase in export quality leads to a fall in CO2 emissions for China and India. In contrast, the effect of increasing export quality increases CO2 emissions in Thailand and the Philippines. Lastly, our asymmetric causality results show that the positive shocks of export quality causes positive shocks of CO2 emissions in Thailand and Indonesia. Furthermore, we found that positive export quality shocks causes negative carbon emission shocks in India while negative export quality shocks causes positive carbon emissions shocks in China. We also confirm the inverted U-shaped EKC hypothesis in China and Thailand.
    JEL: Q01 Q5
    Date: 2022–09–29
  31. By: BOSE Udichibarna; GREGORI Wildmer; MARTINEZ CILLERO Maria (European Commission - JRC)
    Abstract: Our study explores the implications of technological shifts towards greener and sustainable innovations on acquisition propensity between firms with different technological capacities. Using a dataset of completed control acquisition deals over the period of 2009-2020 from 23 OECD countries, we find that green acquirors (i.e., firms with green patents) are more inclined to enter into acquisition deals with green firms due to their technological proximity and informational advantages. However, after the Paris Agreement, green acquisitions by non-green acquirors increased especially from those in climate policy-relevant sectors and based in countries with low environmental standards. We also find that green acquisitions after the Paris Agreement do not show any significant impact on their post-acquisition innovation performances, raising concerns related to greenwashing behaviour by investing firms.
    Keywords: Acquisitions, Green patents, Firm Innovation, Paris Agreement, Green Transition
    Date: 2023–05
  32. By: Matteo Alpino (Bank of Italy); Luca Citino (Bank of ItalyEuropean Central Bank); Federica Zeni (Bank of Italy)
    Abstract: We perform a cost-benefit analysis of the green investments contained in the Italian National Recovery and Resilience Plan (NRRP). We compute the future discounted benefits in terms of expected emission reductions using various estimates of the Social Cost of Carbon, and compare them with the investment cost. Our results suggest that several projects would not have a positive net present value, unless policymakers are willing to use relatively low discount rates and give higher weight to benefits accruing to developing countries. The fact that investments under the NRRP are financed via long-term debt helps in bridging the gap between costs and benefits. Investments in renewable energy are an exception, as their benefits outweigh the cost within a short time-frame.
    Keywords: inflation density, inflation risk premium, objective probability
    JEL: C22 C58 G12 E31 E44
    Date: 2022–10
  33. By: Prest, Brian C. (Resources for the Future); Raimi, Daniel (Resources for the Future); Whitlock, Zachary (Resources for the Future)
    Abstract: Oil and gas production is a major source of economic growth, employment, and public revenue in many US regions, but considerable uncertainty exists over the future of demand for hydrocarbons, particularly due to the need to reduce greenhouse gas emissions. To inform decisionmakers at local, regional, and national levels, we model how oil and gas production and related government revenue could change in five western US regions (in four states) depending on future oil and natural gas prices under three scenarios of climate policy ambition. Our findings suggest there is substantial variation across regions and scenarios: the Green River (Wyoming) and San Juan (Colorado, New Mexico) basins experience production declines across all scenarios, while production in the Bakken (North Dakota), Permian (New Mexico), and Powder River (Wyoming) basins are more dependent on prices. Although we find that government revenue generally follows the direction of production, these relationships are not directly proportional. For example, under the lower price scenarios, revenue declines more steeply than production because it reflects both production and prices, which both decline. Long-term permanent funds, which are in place across all the states we examine, provide an important fiscal cushion for school districts, their primary beneficiary. These results highlight the importance of developing economic resilience in oil- and gas-producing regions to prevent the potential negative impacts of a long-term reduction in demand for hydrocarbons and of long-term thinking when managing volatile and unpredictable natural resource revenues.
    Date: 2023–06–13
  34. By: Schenuit, Felix; Böttcher, Miranda; Geden, Oliver
    Abstract: Die Klimapolitik in der Europäischen Union und in Deutschland hat sich mit der Verabschiedung von Netto-Null-Zielen deutlich verändert. Eine neue Entwicklung ist die Bedeutung von Carbon Management. Der Sammelbegriff umfasst neben der Abscheidung und Speicherung von CO2 (Carbon Capture and Storage, CCS) auch die CO2-Abscheidung und Nutzung (Carbon Capture and Utilization, CCU) sowie die Entnahme von CO2 aus der Atmosphäre (Carbon Dioxide Removal, CDR). Es ist wichtig, Klarheit in Bezug auf die Abgrenzung dieser einzelnen Ansätze zu schaffen und ihr Verhältnis zu den sogenannten Restemissionen und schwer vermeidbaren Emissionen zu identifizieren. Dies ist insbesondere deshalb ratsam, weil davon das generelle Ambitionsniveau der Klimapolitik, die zukünftige Ausgestaltung der Politikdesigns sowie deren Verteilungswirkungen abhängen. Aktuelle Politik- und Gesetzgebungsprozesse sollten genutzt werden, um darauf hinzuwirken, dass Carbon Management den Ausstieg aus fossilen Energieträgern nicht verlangsamt. Die neuen Initiativen bieten die Gelegenheit, die Schnittstelle zwischen ambitioniertem Klimaschutz und Industriepolitik aktiv zu gestalten.
    Keywords: Carbon Management, Carbon Capture and Storage, CCS, Carbon Capture and Utilization, CCU, Carbon Dioxide Removal, CDR, BECCS, DACCS, Restemissionen, schwer vermeidbare Emissionen, Net Zero Industry Act, CO2-Abscheidung, Klimapolitik, Klimaschutz, Netto-Null-Ziel, netto-negative CO2-Emissionen, CO2-Entnahme
    Date: 2023
  35. By: Paul Ghelasi; Florian Ziel
    Abstract: Aggregated curves are common structures in economics and finance, and the most prominent examples are supply and demand curves. In this study, we exploit the fact that all aggregated curves have an intrinsic hierarchical structure, and thus hierarchical reconciliation methods can be used to improve the forecast accuracy. We provide an in-depth theory on how aggregated curves can be constructed or deconstructed, and conclude that these methods are equivalent under weak assumptions. We consider multiple reconciliation methods for aggregated curves, including previously established bottom-up, top-down, and linear optimal reconciliation approaches. We also present a new benchmark reconciliation method called 'aggregated-down' with similar complexity to bottom-up and top-down approaches, but it tends to provide better accuracy in this setup. We conducted an empirical forecasting study on the German day-ahead power auction market by predicting the demand and supply curves, where their equilibrium determines the electricity price for the next day. Our results demonstrate that hierarchical reconciliation methods can be used to improve the forecasting accuracy of aggregated curves.
    Date: 2023–05
  36. By: Bard, AI
    Abstract: Whether the bill is rational depends on your perspective. Some people believe that the bill is a rational response to the climate crisis, while others believe that it is not going far enough. The bill is rational in the sense that it is a significant step in the right direction. It includes funding for a variety of climate initiatives, such as clean energy research and development, energy efficiency programs, and climate adaptation efforts. These initiatives will help to reduce greenhouse gas emissions and mitigate the effects of climate change. However, some people believe that the bill is not rational because it does not go far enough. They argue that the US needs to do more to reduce its emissions and invest in climate adaptation measures. They also argue that the bill is not ambitious enough, and that it does not do enough to address the climate crisis. Ultimately, whether the bill is rational is a matter of opinion. There are valid arguments to be made on both sides of the issue.
    Date: 2023–05–22
  37. By: Hossa Almutairi; Axel Pierru (King Abdullah Petroleum Studies and Research Center)
    Abstract: By storing carbon dioxide CO2 captured from the atmosphere or point sources into oil fields, carbon capture and storage with enhanced oil recovery (CCS-EOR) increases the fields’ output by raising reservoir pressures. Since CO2-EOR has been experimented with for decades and the revenues from the additional oil production improve projects’ economics, CCS-EOR is the most readily deployable CCS technology. However, public support for CCS-EOR projects is sometimes contested on the grounds that the resulting increase in oil production undermines their environmental benefits. Addressing this concern requires determining the effects of implementing CCS-EOR on global CO2 emissions. This note presents a simple approach based on a marginal reasoning consistent with economic decision-making. It produces analytical formulas that account for the effects on the global oil market of incentivizing CCS-EOR. In addition, we quantify the volume of oil that can be decarbonized by storing a tonne of captured CO2 through EOR from different perspectives. We produce numerical results based on a first-cut calibration. Results suggest that, from an economic perspective, CCS-EOR is a technology that mitigates global emissions. However, after accounting for the need to decarbonize the EOR oil, the reduction in emissions is significantly less than the stored quantity of CO2. If fully allocated to oil production, the environmental benefits of capturing a tonne of CO2 and storing it through conventional EOR can allow the oil producer to decarbonize 3.4 barrels on a well-to-wheel basis and 14.4 barrels when offsetting its oil-upstream emissions only. Fiscal incentives granted by governments to support CCS-EOR as a climate-change mitigation technology should be sized accordingly. We compare our findings to the size of the subsidy in the revised Section 45Q of the 2022 United States Inflation Reduction Act.
    Keywords: Discounting, Domestic energy pricing, Economic distortions, Oil
    Date: 2023–06–06
    Abstract: 본 보고서는 중국 도시의 녹색전환 정책을 에너지, 공업, 교통 분야의 정책으로 분류하고 각 분야의 정책 추진체계와 특징 등을 파악하였다. 또한 각 분야의 주요 정책 특징과 추진사례 등을 통해 한국이 향후 녹색전환을 추진하는 데 필요한 정책적 시사점과 한·중 협력방안 그리고 관련 리스크 등을 제시하였다. As a strategy to promote green transition, Chinese cities are increasing their proportion of renewable energy consumption by diversifying and scaling small solar power, wind power, biomass, and geothermal power, and striving to supply eco-friendly energy by activating green electricity transactions between regions. In addition, policies to reduce pollution and carbon emissions andestablish a green manufacturing system are being promoted with a focus on cities where industrial complexes are situated. The green transition in China’s transportation sector also takes on the character of an industrial policy that utilizes urban green transition to foster industries, such as fostering the new energy automobile industry centering on large cities where automobiles and publictransportation are concentrated. In this respect, this study classified the green conversion policy of Chinese cities into policies in the energy, industry, and transportation sectors, and identified the policy implementation system and characteristics of each field. In addition, based on the characteristics of major policies and implementation cases in each field, policy implications and cooperation measures necessary for Korea to pursue a green transition in the future were identified, as well as matters to keep in mind. Chapter 2 of this report deals with the background and strategies for promoting green transformation in Chinese cities. Since the1980s, after the reform and opening up, China’s urbanization has progressed rapidly, with coastal cities being the center of industrialization, and these cities serving as hubs for international trade. However, the indiscriminate expansion of Chinese cities is evaluated as an unsustainable model, and the Chinese governmentis pursuing a green conversion policy of cities to reduce environmental pollution and to grow the economy centered on high value-added manufacturing and services. The green transition promotion strategy of Chinese cities aims to set low-carbon transition targets for each city and build an eco-friendly energy system. At the same time, it promotes green conversion of industrial complexes located in cities, and promotes investmentand consumption in the private sector through policies that lead the supply of new energy vehicles in public institutions and public transportation.(the rest omitted)
    Keywords: 경제개혁; 산업정책; economic reform; industrial policy
    Date: 2022–12–30
  39. By: Tamara Sheldon; Rubal Dua (King Abdullah Petroleum Studies and Research Center)
    Abstract: We offer the most comprehensive analysis to date of global plug-in electric vehicle (PEV) subsidies. We accomplish this by estimating vehicle choice models for 23 countries using 2010–2019 sales data and using counterfactual simulations to assess the cost-effectiveness of PEV incentives.
    Keywords: Alternative fuels, Carbon market, Clean technology, Climate change
    Date: 2023–06–06
  40. By: Shigeto Kondo (King Abdullah Petroleum Studies and Research Center)
    Abstract: The joint crediting mechanism (JCM) is a Japan-initiated bilateral mechanism for reducing greenhouse gas (GHG) emissions while transferring Japan’s technologies to partner countries in exchange for transferring carbon credits to Japan. It is seen as a leading pilot mechanism of “cooperative approaches” under Article 6.2 of the Paris Agreement. As of February 2022, 214 projects with 22 partner countries, including Saudi Arabia, had been selected by the Japanese government for support. Japan and Saudi Arabia have thus far implemented one project under this mechanism, and another project is in the process of being approved.
    Keywords: Article 6, Carbon market, Carbon pricing, Clean technology, Climate change
    Date: 2023–06–06
  41. By: Kleibrink, Alexander; Pegels, Anna; Fink, Michael; Scholz, Wolfgang
    Abstract: This policy brief examines actions for a just transition of local job markets in developing countries. We identify building blocks for shifting from carbon-intensive towards green jobs in this transition. Green jobs in cities are key to ensure a just transition of local employment markets, both formal and informal, and make cities function more sustainably. They are part of a wider inclusive green economy aiming at carbon-neutrality and resource efficiency with a focus on human well-being and social equity while paying special attention to local nature-based solutions. The transition will create winners and losers. Both need to be managed if the process and outcomes are to be just.
    Keywords: Green jobs, urbanisation, just transition, developing countries, climate change
    Date: 2023
  42. By: Anwar Gasim; Lester C. Hunt; Jeyhun Mikayilov (King Abdullah Petroleum Studies and Research Center)
    Abstract: Reducing methane (CH4) emissions is key to near-term efforts to limit global warming. CH4 is the second most abundant anthropogenic greenhouse gas (GHG) in the atmosphere after carbon dioxide (CO2). The production, transport, and consumption of fossil fuels, in addition to waste and agriculture, account for most anthropogenic CH4 emissions globally (IPCC 2018). Although CH4has only a 12-year lifetime in the atmosphere, it is 84 times more potent per ton than CO2 in a 20-year period and 28 times more potent in a 100-year period (IPCC 2018). The drastically stronger short-term potency of CH4 explains why its short-term impact on global warming is considerably greater than that of CO2. Therefore, meeting the goals of the Paris Agreement necessitates not only decarbonization but also significant CH4 emissions reductions, especially in the near term.
    Keywords: Belt and Road, Capital expenditure, Circular Carbon Economy, CO2 emissions
    Date: 2023–04–14
  43. By: Khalid Alhadhrami (King Abdullah Petroleum Studies and Research Center)
    Abstract: This study presents the methodology for the KAPSARC Distribution Hosting Capacity Tool (KDHCT). This tool can support the future of renewable energy in Saudi Arabia. The use of distributed energy resources (DERs), such as solar panels, energy storage and electric vehicles (EVs), is expected to increase. The KDHCT evaluates how many of these assets a particular distribution system can accommodate. The number of DERs and the load that an electric distribution system can reliably accommodate without significant grid upgrades is called its hosting capacity (HC) (Abad, Ma, and Han 2019). HC analysis informs electricity customers and utilities about the best places and times to install DERs and EVs on any distribution system. Thus, utilities can avoid reliability problems and costly distribution system upgrades.
    Keywords: Battery storage, Benefits of electricity trade, Business models, Climate change
    Date: 2023–05–14
  44. By: Filippo Maria D’Arcangelo; Tobias Kruse; Mauro Pisu; Marco Tomasi
    Abstract: This paper assesses to what extent markets with sophisticated investors and large firms price transition risks due to climate policies. The analysis exploits longitudinal data on firms’ economic and environmental performances - as measured by emission intensity, patenting activity in mitigation technologies, and ESG scores – and syndicated loan data. It provides three main results. First, firms with good environmental performance (in terms of emission intensity or patenting activity in mitigation technologies) benefit from a significantly lower cost of debt as climate-change mitigation policies become more stringent. Second, ESG scores and their environmental pillar are not sufficiently informative to assess and price domestic climate policy risks. Third, more stringent mitigation policies encourage investment in green firms by reducing the cost of debt: an increase of about EUR 10/t CO2 in carbon taxes raises investment by about 12% for firms with high patenting activity in mitigation technologies while it decreases investment by about 11% for firms with high emission intensity. The paper discusses policies to improve the available information on firms’ environmental performance metrics so as to enable investors who are smaller and less sophisticated than those participating in the syndicated-loan market to assess firms’ climate transition risks and to allocate capital in line with emission reduction targets.
    Keywords: climate policy, corporate investment, cost of capital, ESG, Green finance
    JEL: D22 G10 G38 O32 Q50 Q58
    Date: 2023–06–15
  45. By: Alfarisi, Omar
    Abstract: Artificial Energy General Intelligence (AEGI) is a natural progression of Artificial General Intelligence (AGI) that caters to the energy industry. It is crucial to optimize the entire value chain involved in generating, transporting, and storing energy for the betterment of humanity, the environment, industry, and the scientific community. Most research efforts focus on a specific area of the value chain, leading to a disconnect between multiple disciplines and hindering effective problem-solving. AEGI proposes integrating the learning from each discipline in the energy sector to create an optimal solution that simultaneously addresses multiple objectives. This integration is more complex than solving each discipline's challenges separately, but achieving a sustainable and efficient energy system is necessary.
    Date: 2023–06–01
  46. By: Yanting Gu (University of Padova); Fiorenza Belussi (University of Padova); Rajneesh Narula (University of Reading)
    Abstract: The great support from Chinese governments to upgrade the automotive industry has propelled Chinese automotive firms into developing and producing electric vehicles in recent years. However, despite their emergence in foreign markets, the internationalisation of Chinese EV firms still needs to be studied more. This paper investigates the advantages and disadvantages of Chinese EV firms when they expand into European markets. Our study finally provides solutions to mitigate the disadvantages to develop their businesses in Europe better.
    Keywords: Internationalization; Chinese electric vehicle firms; Advantages; Disadvantages
    Date: 2023–05
  47. By: Gallé, Johannes
    Abstract: Air pollution has become an increasing health threat for the local population in many cities around the world. Using high resolution remote sensing data on nightlights and fine particulate matter (PM2.5) for the years 1998-2013, I study the contemporary nexus between city shape and air pollution in India. I find that the compactness of a city has statistically significant and negative effects on local air quality. The results are more pronounced in larger cities and robust with respect to different compactness measures. While geographic dispersion allows for more fresh air corridors, differences in commuting patterns could serve as an additional explanation. People in less compact cities are more likely to use public transport and thereby reducing the overall road traffic within cities translating into less pollution. However, the statistically significant effects do not translate into substantial changes in the relative risk of PM2.5-induced diseases.
    Keywords: Urbanization, air pollution, commuting, India
    JEL: R10 R41 Q53
    Date: 2023
  48. By: Afia Malik (Pakistan Institute of Development Economics Islamabad)
    Abstract: OGRA was established on March 28, 2002, via the Oil and Gas Regulatory Authority Ordinance (2002) to regulate the midstream and downstream oil and gas sector. The objective behind establishing OGRA was to foster competition, increase private investment and ownership in the midstream and downstream petroleum industry, protect the public interest while respecting individual rights and provide effective and efficient regulations. This report evaluates the effectiveness of OGRA. It covers the quality of work done and the level of performance at OGRA.
    Keywords: Oil and Gas Regulatory Authority
    Date: 2022
  49. By: Woodroffe, Nicola; Westenberg, Erica
    Abstract: When MNEs with strong environmental and governance commitments sell petroleum assets to companies with weaker commitments, climate and governance risks may increase. Governments and companies should revisit approaches to petroleum legal frameworks and update company and investor social responsibility to ensure standards do not slip when projects change hands.
    Date: 2023
  50. By: von Graevenitz, Kathrine; Rottner, Elisa; Gerster, Andreas
    Abstract: Bedingt durch den Angriffskrieg Russlands auf die Ukraine und der damit einhergehenden Verknappung in der Erdgasversorgung sind deutsche Energie- und Strompreise in den vergangenen Monaten stark gestiegen. Zum Schutz des Wirtschaftsstandorts Deutschland hat das Bundeswirtschaftsministerium eine Begrenzung der Strompreise für energieintensive Unternehmen vorgeschlagen. Aus Sicht von Wissenschaftler/innen des ZEW Mannheim und der Universität Mannheim gibt es allerdings keine Hinweise auf einen negativen Einfluss der Strompreise auf die Wettbewerbsfähigkeit deutscher Industrieunternehmen. Empirische Studien zur Befreiung der vollständigen Zahlung der Erneuerbare-Energien-Gesetz(EEG)-Umlage sowie zu steigenden Netzentgelten zeigen, dass Industrieunternehmen mit ihrem Stromverbrauch auf Strompreise reagieren, nicht aber mit ihrer Beschäftigung oder ihrem Umsatz. Dies liegt auch daran, dass für die meisten Industrieunternehmen der Energiekostenanteil am Umsatz deutlich unter 5 Prozent liegt und andere Standortfaktoren für die Wettbewerbsfähigkeit relevanter sind. Eine Begrenzung industrieller Strompreise schwächt Anreize zur Innovation und zum Stromsparen ab. Diese Anreize aber sind dringend notwendig, um die Klimaziele zu erreichen. Während Versorgungssicherheit in der kritischen Infrastruktur sichergestellt werden muss, ist eine breite Subventionierung industrieller Strompreise für die Transformation zu einer klimaneutralen Wirtschaft eher kontraproduktiv.
    Date: 2023
  51. By: Hansen, Gerrit; Geden, Oliver
    Abstract: Mit der Veröffentlichung seines Syntheseberichts im März 2023 hat der Weltklimarat IPCC sein Arbeitsprogramm im sechsten Berichtszyklus abgeschlossen. Die IPCC-Berichte, und insbesondere deren politische Zusammenfassungen, liefern eine wissenschaftliche Basis für die Verhandlungen im Rahmen der UN-Klimarahmenkonvention (UNFCCC). Sie sind ein zentraler Orientierungspunkt der globalen Klimadebatte. Der jüngste Synthesebericht (SYR) gilt als eine der wichtigsten Informationsquellen für die im Pariser Abkommen vorgesehene erste Globale Bestandsaufnahme, die auf der UNFCCC-Vertragsstaatenkonferenz in Dubai (COP 28) im Dezember 2023 abgeschlossen werden soll. Die wissenspolitischen Kontroversen, die bei der Verabschiedung der Zusammenfassung sichtbar wurden, spiegeln Interessengegensätze wider, die die anstehende Runde neuer Emissionsminderungs- und Finanzierungszusagen prägen werden.
    Keywords: UN-Klimarahmenkonvention, UNFCCC, Globale Bestandsaufnahme, Global Stocktake, Summary for Policymakers, SPM, Intergovernmental Panel on Climate Change, IPCC, Weltklimarat, Synthesebericht, Nationally Determined Contributions, NDCs, Klimawandelfolgen, Anpassung, Netto-Null-Emissionen, burning embers, overshoot
    Date: 2023
  52. By: Destek, Mehmet Akif; Sohag, Kazi; Aydın, Sercan; Destek, Gamze
    Abstract: It is well acknowledged that achieving sustainable development goals without negatively impacting a country's economic activity is complicated. The question of whether foreign or domestic capital can be used to address the financial demands of the nations who lack the financial resources for a green transformation should now be resolved. Based on this, the main goal of this research is to analyze the impacts of domestic and foreign capital on carbon emissions for a heterogeneous panel of 42 countries for the period from 1990 to 2017. Aside from capital accumulation, the environmental impact of elements such as economic growth, urbanization, trade openness, and energy usage are also studied. The newly developed quantile via moment approach is utilized to isolate the impacts according to the countries' emission levels. Finally, the impact of these variables on the recently constructed sustainable development index is investigated in order to ensure its robustness. The findings of the study reveal that the environmental efficiency of domestic capital accumulation in countries with low emission levels is higher than in countries with high emission levels. Foreign capital, on the other hand, has no substantial effect on emission levels in all quantiles.
    Keywords: Stock market capitalization; foreign direct investment; carbon emissions, sustainable development
    JEL: Q5 Q58
    Date: 2022–09–21
  53. By: Qasim Ajao; Lanre Sadeeq
    Abstract: Efforts toward building a sustainable future have underscored the importance of collective responsibility among state and non-state actors, corporations, and individuals to achieve climate goals. International initiatives, including the Sustainable Development Goals and the Paris Agreement, emphasize the need for immediate action from all stakeholders. This paper presents a feasibility assessment focused on the opportunities within Nigeria's Electric Vehicle Value Chain, aiming to enhance public understanding of the country's renewable energy sector. As petroleum currently fulfills over 95% of global transportation needs, energy companies must diversify their portfolios and integrate various renewable energy sources to transition toward a sustainable future. The shifting investor sentiment away from traditional fossil fuel industries further highlights the imperative of incorporating renewables. To facilitate significant progress in the renewable energy sector, it is vital to establish platforms that support the growth and diversification of industry players, with knowledge sharing playing a pivotal role. This feasibility assessment serves as an initial reference for individuals and businesses seeking technically and economically viable opportunities within the sector.
    Date: 2023–05
  54. By: Alexandru Petrea (Military Academy of the Armed Forces Alexandru Cel Bun Republic of Moldova)
    Abstract: Climate change is arguably the first truly global security challenge in that, according to UN reports, only 11 out of the current 193 UN member states do not currently experience its impact in one form or another. In this sense, the Alliance includes in its policies the risks generated by the stress of climate change and orients its security strategies to take into account the impact of climate change. Continuous information, the approach based on prevention and resilience as well as the responsible determination of the energy independence that can be provided by renewable resources are some of the impactful measures in limiting these changes.
    Keywords: climate change, security, conflict, climate security, natural disasters, NATO
    Date: 2022–10
  55. By: Kimberly A. Clausing (Peterson Institute for International Economics; University of California, Berkeley); Luis Garicano Bruegel; University of Chicago Booth School of Business (Bruegel; University of Chicago Booth School of Business); Catherine Wolfram
    Abstract: Under the 2022 Inflation Reduction Act, the United States has for the first time implemented a methane emissions fee as a backstop to new methane regulations in the oil and gas sectors. The European Union is also implementing methane regulations on fossil energy. Methane is a short-lived but potent greenhouse gas, and reducing it is imperative for limiting global temperature rise to the 1.5°C target. Among the primary sources of methane emissions (including agriculture, fossil fuels, and waste), the oil and gas sectors have the greatest low-cost abatement potential. Clausing and colleagues recommend that the United States and the European Union coordinate their methane reduction policies and eventually impose border adjustments on imports from countries that fail to raise their standards. The aim would be to encourage oil and gas exporters to adopt comparable regulations or, if they fail to do so, pay a border adjustment fee on exports to the two jurisdictions. A US-EU methane border adjustment policy in oil and gas would reduce methane emissions by an estimated 15 to 45 percent worldwide, while having an indiscernible effect on key energy prices US and EU households face. With time, most major energy importers would ideally join the coalition of countries cooperating on both stringent domestic regulations on oil and gas production and border adjustments on any dirty, nonregulating exporters. Such an international agreement would help defuse frictions caused by differing climate policies and increase incentives for ambitious climate policy action worldwide.
    Date: 2023–06
    Abstract: 한국과 호주는 핵심광물과 수소 분야의 상호보완적 경쟁력을 바탕으로 양국간 협력 필요성이 증대되고 있다. 본 보고서에서는 호주의 핵심광물 및 수소 분야 정책과 대외협력 현황을 분석하였다. 이를 바탕으로 한국과 호주의 핵심광물 및 수소 분야의 공급망 협력 방안을 도출하였다. The U.S.-China rivalry and COVID-19 have increased the supply chain's vulnerability and reshaped the global value chain. The weaponization of resources, such as Russia's natural gas export restrictions in response to the war in Ukraine, demonstrates that the government must take urgent measures to stabilize the supply chain. Korea relies entirely on critical minerals such as lithium, cobalt, nickel, and rare earths from other countries because these minerals are essential for the electric vehicle and secondary battery industry. Moreover, Korea will increasingly rely on hydrogen imports to achieve carbon neutrality by 2050. Korea and Australia signed a memorandum of understanding on December 2021 for cooperation in the area of critical mineral supply chains, carbon-neutral technology and a clean hydrogen economy. Australia is the world's largest producer of lithium and contains large deposits of other critical minerals such as nickel, of which it has the largest reserves in the world. Australia has a favorable geographical environment for producing hydrogen. Australia also has the advantage of being relatively close to Korea, and is one of the countries expected to become a major hydrogen-exporting country. From Australia’s point of view, Korea offers a stable demand for critical minerals and hydrogen. Therefore, bilateral cooperation to stabilize the supply chain is expected to increase. Accordingly, this study analyzes Australia’s policy on critical minerals and hydrogen, and the current status of international cooperation. Based on this, effective measures to strengthen the supply chain cooperation between Korea and Australia are derived. The Australian government announced its critical minerals strategy in 2019 and 2022. This critical minerals strategy and modern manufacturing initiative were launched to boost the weak indigenous manufacturing sector. The Australian government is also aiming to boost the capacity of downstream industries by leveraging its strengths in the mining sector of critical minerals. This policy is also found in Western Australia’s Future Battery Industry Strategy and Critical Minerals and High-tech Metal Strategy announced by the state government. In addition, the Australian Government has announced the National Hydrogen Strategy in 2019 under the vision of becoming a leading country in the global hydrogen industry by 2030.(the rest omitted)
    Keywords: 경제협력; 경제안보; 한국; 호주; 공급망; 핵심광물; 탄소중립; Economic Cooperation; Economic Security; Korea; Australia; Supply Chain; Core Minerals; Carbon Neutrality
    Date: 2022–12–30
  57. By: Thielges, Sonja
    Abstract: Mit Sorge blickt die Weltgemeinschaft auf die nahende Präsidentschaft der Vereinigten Arabischen Emirate bei der diesjährigen Vertragsstaatenkonferenz (COP) der UN-Klimarahmenkonvention (UNFCCC). Bisher glänzte der Ölproduzent nicht mit Anstrengungen für den Klimaschutz, und Sultan Al Jaber, der diesjährige COP-Vorsitzende, ist Chef der Abu Dhabi National Oil Company, einer der größten Ölfirmen der Welt. Um den Anstieg der durchschnittlichen Erdtemperatur gemäß Pariser Klimaabkommen möglichst auf 1, 5 Grad Celsius über dem vorindustriellen Niveau zu begrenzen, strebt die Staatengemeinschaft Klimaneutralität in der zweiten Hälfte des Jahrhunderts an. Dafür muss in globalen Energiesystemen der weitgehende Ausstieg aus den fossilen Energieträgern gelingen - wo diese jedoch nach wie vor dominieren. Eine Trendwende lässt sich nicht absehen. Dass ein vollständiger fossiler Ausstieg momentan nicht zu erwarten ist, geht in klimapolitischen Debatten oft unter. Er ist in den meisten Ländern weder politisch gewollt noch in Langfristplänen vorgesehen. Ein geordnetes, zügiges Herunterfahren ist allerdings nicht nur wünschenswert, sondern absolut nötig, um die richtigen Investitionsanreize zu setzen und auch Sicherheiten für fossile Produzenten zu schaffen. Entsprechende Politik- und Governance-Instrumente müssen dringend weiterentwickelt werden, denn die Zeit drängt.
    Keywords: Klimaschutz, Klimaaußenpolitik, Ausstieg aus fossilen Energieträgern, Kohle, Erdgas, Erdöl, UN-Klimarahmenkonvention (UNFCCC), Vertragsstaatenkonferenz (COP), Pariser Klimaabkommen, Klimaneutralität
    Date: 2023

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