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Exploring options to measure the climate consistency of real economy investments: The manufacturing industries of Norway

Author

Listed:
  • Alexander Dobrinevski

    (OECD)

  • Raphaël Jachnik

    (OECD)

Abstract

This paper presents results from a first pilot study to measure the consistency of real economy investments with climate change mitigation objectives. The analysis focuses on investments in infrastructure and equipment in the manufacturing industries in Norway between 2010 and 2017, estimated at USD 2.5 billion per year on average. The consistency or inconsistency of these investments is then measured at subsector level based on two readily available reference points: the European Union Taxonomy for Sustainable Activities, and a 2°C scenario for the Nordic region from the International Energy Agency. The analysis further identifies sources of financing in these subsectors and discusses future investment and financing challenges, in light of more ambitious forward-looking decarbonisation targets and needs. Finally, the study draws methodological conclusions and calls for further pilot studies in order to improve and scale up such analysis at international level, including in terms of using different or complementary reference points specifically aligned to the temperature goal of the Paris Agreement.

Suggested Citation

  • Alexander Dobrinevski & Raphaël Jachnik, 2020. "Exploring options to measure the climate consistency of real economy investments: The manufacturing industries of Norway," OECD Environment Working Papers 159, OECD Publishing.
    • Handle: RePEc:oec:envaaa:159-en
    DOI: 10.1787/1012bd81-en
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    More about this item

    Keywords

    capital expenditure; climate change; emissions; energy efficiency; finance; investment; low-greenhouse gas development; manufacturing; measurement; scenarios; taxonomy; tracking;
    All these keywords.

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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