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• W2624525399 abstract "The Paris Agreement aimed at keeping global temperature increase below the 2 degrees C target has triggered a growing momentum for green finance. Indeed, massive investments in the low-carbon energy transition are needed to retrofit the whole economy but capital is still locked-in into carbon-intense investments exposed to the risk of stranded assets. Both business and financial actors, and policy-makers have been increasingly advocating for market-based solutions to climate change (such as the Emission Trading Scheme or a carbon tax) but their recent applications did not deliver as expected. The slow increase of new green projects also slows down the further development of new green financial products such as green bonds, whose market has kept expanding in the last few years. In addition, G20 governments still highly subsidize fossil fuels extraction, production and consumption, thus contributing to increase uncertainty for investors on the irreversibility of the shift towards renewable energy. In this paper we focus on the role of public policy and public finance as either a driver or an obstacle for the low-carbon transition. By applying the EIRIN Stock-Flows Consistent (SFC) flow-funds behavioural model (Monasterolo and Raberto 2017), we analyse decarbonization scenarios characterized by: - The gradual phasing out of fossil fuels subsidies in industrialized but fossil dependent countries, - The gradual introduction of green public measures to decrease the costs of renewable energy investments (e.g. solar panels) for utility companies, financed either through fiscal measures (i.e. general taxation) or through the issuance of green sovereign bonds. We display their effects on firms’ investments, capital accumulation and unemployment in the green and brown sectors, on bank’s liquidity and credit market performance (endogenous money creation), on the bonds market, and on income inequality. We find that phasing out fossil fuels subsidies brings positive externalities for the economy as a whole: governments could find fiscal space to support green new projects without increasing public debt and deficit, and contain inequality from wealth concentration in mining companies. Green scenarios differ in terms of distributive effects and macroeconomic performance because of the different type of public support used. Under the model’s conditions, green bonds have less distributive effects than green fiscal measures because the effect of the latter on the households (workers/capitalists) depends on how regressive the tax system is, and on the level of fiscal compliance in the country. However, green sovereign bonds could lead to wealth concentration in the commercial bank, and to moral hazard for the central bank (who could accept the green bonds as a collateral in case of green Quantitative Easing) in absence of a harmonized classification for green bonds and withstanding green projects." @default.
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• W2624525399 date "2017-06-08" @default.
• W2624525399 modified "2023-09-26" @default.
• W2624525399 title "Fossil Fuels versus Green Subsidies: A Stock-Flows Consistent Model of Public Policies for the Low-Carbon Transition" @default.
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