IDEAS home Printed from https://ideas.repec.org/p/arx/papers/2104.08342.html
   My bibliography  Save this paper

Paris Agreement requires substantial, broad, and sustained engagements beyond COVID-19 public stimulus packages

Author

Listed:
  • Katsumasa Tanaka
  • Christian Azar
  • Olivier Boucher
  • Philippe Ciais
  • Yann Gaucher
  • Daniel J. A. Johansson

Abstract

It has been claimed that COVID-19 public stimulus packages could be sufficient to meet the short-term energy investment needs to leverage a shift toward a pathway consistent with the 1.5 degrees C target of the Paris Agreement. Here we provide complementary perspectives to reiterate that substantial, broad, and sustained engagements beyond stimulus packages will be needed for achieving the Paris Agreement long-term targets. Low-carbon investments will need to scale up and persist over the next several decades following short-term stimulus packages. The required total energy investments in the real world can be larger than the currently available estimates from Integrated Assessment Models (IAMs). Existing databases from IAMs are not sufficient for analyzing the effect of public spending on emission reduction. To inform what role COVID-19 stimulus packages and public investments may play for reaching the Paris Agreement targets, explicit modelling of such policies is required.

Suggested Citation

  • Katsumasa Tanaka & Christian Azar & Olivier Boucher & Philippe Ciais & Yann Gaucher & Daniel J. A. Johansson, 2021. "Paris Agreement requires substantial, broad, and sustained engagements beyond COVID-19 public stimulus packages," Papers 2104.08342, arXiv.org, revised Feb 2022.
    • Handle: RePEc:arx:papers:2104.08342
    as

    Download full text from publisher

    File URL: http://arxiv.org/pdf/2104.08342
    File Function: Latest version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Editorial, 2020. "Covid-19 and Climate Change," Journal, Review of Agrarian Studies, vol. 10(1), pages 5-6, January-J.
    2. Kalkuhl, Matthias & Edenhofer, Ottmar & Lessmann, Kai, 2013. "Renewable energy subsidies: Second-best policy or fatal aberration for mitigation?," Resource and Energy Economics, Elsevier, vol. 35(3), pages 217-234.
    3. Cameron Hepburn & Brian O’Callaghan & Nicholas Stern & Joseph Stiglitz & Dimitri Zenghelis, 2020. "Will COVID-19 fiscal recovery packages accelerate or retard progress on climate change?," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 36(Supplemen), pages 359-381.
    4. Lovering, Jessica R. & Yip, Arthur & Nordhaus, Ted, 2016. "Historical construction costs of global nuclear power reactors," Energy Policy, Elsevier, vol. 91(C), pages 371-382.
    5. David L. McCollum & Wenji Zhou & Christoph Bertram & Harmen-Sytze Boer & Valentina Bosetti & Sebastian Busch & Jacques Després & Laurent Drouet & Johannes Emmerling & Marianne Fay & Oliver Fricko & Sh, 2018. "Energy investment needs for fulfilling the Paris Agreement and achieving the Sustainable Development Goals," Nature Energy, Nature, vol. 3(7), pages 589-599, July.
    6. Cameron Hepburn & Brian O’Callaghan & Nicholas Stern & Joseph Stiglitz & Dimitri Zenghelis, 0. "Will COVID-19 fiscal recovery packages accelerate or retard progress on climate change?," Oxford Review of Economic Policy, Oxford University Press, vol. 36(Supplemen), pages 359-381.
    7. World Bank, "undated". "State and Trends of Carbon Pricing 2020 [Situación y tendencias de la fijación del precio al carbono 2020]," World Bank Publications - Reports 33809, The World Bank Group.
    8. Sanden, Bjorn A. & Azar, Christian, 2005. "Near-term technology policies for long-term climate targets--economy wide versus technology specific approaches," Energy Policy, Elsevier, vol. 33(12), pages 1557-1576, August.
    9. Andrea Baranzini & Jeroen C. J. M. van den Bergh & Stefano Carattini & Richard B. Howarth & Emilio Padilla & Jordi Roca, 2017. "Carbon pricing in climate policy: seven reasons, complementary instruments, and political economy considerations," Wiley Interdisciplinary Reviews: Climate Change, John Wiley & Sons, vol. 8(4), July.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Michal Brzezinski, 2021. "The impact of past pandemics on CO$_2$ emissions and transition to renewable energy," Papers 2104.14199, arXiv.org.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Batini, Nicoletta & Di Serio, Mario & Fragetta, Matteo & Melina, Giovanni & Waldron, Anthony, 2022. "Building back better: How big are green spending multipliers?," Ecological Economics, Elsevier, vol. 193(C).
    2. Polzin, Friedemann & Sanders, Mark, 2020. "How to finance the transition to low-carbon energy in Europe?," Energy Policy, Elsevier, vol. 147(C).
    3. Katsumasa Tanaka & Christian Azar & Olivier Boucher & Philippe Ciais & Yann Gaucher & Daniel J. A. Johansson, 2022. "Paris Agreement requires substantial, broad, and sustained policy efforts beyond COVID-19 public stimulus packages," Climatic Change, Springer, vol. 172(1), pages 1-10, May.
    4. Robert J. R. Elliott & Ingmar Schumacher & Cees Withagen, 2020. "Suggestions for a Covid-19 Post-Pandemic Research Agenda in Environmental Economics," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 76(4), pages 1187-1213, August.
    5. Patrycja Klusak & Matthew Agarwala & Matt Burke & Moritz Kraemer & Kamiar Mohaddes, 2023. "Rising Temperatures, Falling Ratings: The Effect of Climate Change on Sovereign Creditworthiness," Management Science, INFORMS, vol. 69(12), pages 7468-7491, December.
    6. David Klenert & Franziska Funke & Linus Mattauch & Brian O’Callaghan, 2020. "Five Lessons from COVID-19 for Advancing Climate Change Mitigation," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 76(4), pages 751-778, August.
    7. Agarwala, Matthew & Burke, Matt & Klusak, Patrycja & Mohaddes, Kamiar & Volz, Ulrich & Zenghelis, Dimitri, 2021. "Climate Change And Fiscal Sustainability: Risks And Opportunities," National Institute Economic Review, National Institute of Economic and Social Research, vol. 258, pages 28-46, November.
    8. Zhu Liu & Zhu Deng & Philippe Ciais & Jianguang Tan & Biqing Zhu & Steven J. Davis & Robbie Andrew & Olivier Boucher & Simon Ben Arous & Pep Canadel & Xinyu Dou & Pierre Friedlingstein & Pierre Gentin, 2021. "Global Daily CO$_2$ emissions for the year 2020," Papers 2103.02526, arXiv.org.
    9. Stern, Nicholas & Valero, Anna, 2021. "Innovation, growth and the transition to net-zero emissions," Research Policy, Elsevier, vol. 50(9).
    10. Paul Malliet & Frédéric Reynès & Gissela Landa & Meriem Hamdi-Cherif & Aurélien Saussay, 2020. "Assessing Short-Term and Long-Term Economic and Environmental Effects of the COVID-19 Crisis in France," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 76(4), pages 867-883, August.
    11. Apostolou, Apostolos & Papaioannou, Michael, 2021. "Towards Greening Finance: Integration of Environmental Factors in Risk Management & Impact of Climate Risks on Asset Portfolios," MPRA Paper 106779, University Library of Munich, Germany.
    12. Carla Barlagne & Mariana Melnykovych & David Miller & Richard J. Hewitt & Laura Secco & Elena Pisani & Maria Nijnik, 2021. "What Are the Impacts of Social Innovation? A Synthetic Review and Case Study of Community Forestry in the Scottish Highlands," Sustainability, MDPI, vol. 13(8), pages 1-25, April.
    13. Barbara Annicchiarico & Stefano Carattini & Carolyn Fischer & Garth Heutel, 2022. "Business Cycles and Environmental Policy: A Primer," Environmental and Energy Policy and the Economy, University of Chicago Press, vol. 3(1), pages 221-253.
    14. Massimiliano Mazzanti & Antonio Musolesi, 2020. "Modeling Green Knowledge Production and Environmental Policies with Semiparametric Panel Data Regression models," SEEDS Working Papers 1420, SEEDS, Sustainability Environmental Economics and Dynamics Studies, revised Sep 2020.
    15. Candice Howarth & Peter Bryant & Adam Corner & Sam Fankhauser & Andy Gouldson & Lorraine Whitmarsh & Rebecca Willis, 2020. "Building a Social Mandate for Climate Action: Lessons from COVID-19," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 76(4), pages 1107-1115, August.
    16. Shaikh Eskander & Sam Fankhauser & Joana Setzer, 2021. "Global Lessons from Climate Change Legislation and Litigation," Environmental and Energy Policy and the Economy, University of Chicago Press, vol. 2(1), pages 44-82.
    17. Nghiem, Son & Tran, Bach & Afoakwah, Clifford & Byrnes, Joshua & Scuffham, Paul, 2021. "Wealthy, healthy and green: Are we there yet?," World Development, Elsevier, vol. 147(C).
    18. Sibylle Braungardt & Veit Bürger & Benjamin Köhler, 2021. "Carbon Pricing and Complementary Policies—Consistency of the Policy Mix for Decarbonizing Buildings in Germany," Energies, MDPI, vol. 14(21), pages 1-14, November.
    19. Anand, Paul & Blanchflower, Danny & Bovens, Luc & De Neve, Jan-Emmanuel & Graham, Carol & Nolan, Brian & Krekel, Christian & Thoma, Johanna, 2020. "Post-Covid 19 economic development and policy: submitted as recommendations to the Scottish economic recovery group," LSE Research Online Documents on Economics 105023, London School of Economics and Political Science, LSE Library.
    20. Chakraborty, Debaditya & Alam, Arafat & Chaudhuri, Saptarshi & Başağaoğlu, Hakan & Sulbaran, Tulio & Langar, Sandeep, 2021. "Scenario-based prediction of climate change impacts on building cooling energy consumption with explainable artificial intelligence," Applied Energy, Elsevier, vol. 291(C).

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:arx:papers:2104.08342. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: arXiv administrators (email available below). General contact details of provider: http://arxiv.org/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.