Canada’s Ecofiscal Commission’s latest report, Supporting Carbon Pricing: How to identify policies that genuinely complement an economy-wide carbon price, provides governments with a framework to identify these policies. In particular the report provides three rationales for when non-pricing policies are justified: they fill a gap in carbon pricing policies (gap-fillers), they boost the signal of the carbon price (signal-boosters), or they generate significant co-benefits (benefit-expanders).
In this webinar Jason Dion will go through the findings and recommendations of the report, and answer questions.
The European Union has agreed on a new 2030 Framework for climate and energy, which includes EU-wide targets and policy objectives for the period between 2020 and 2030. The targets aim to help the EU achieve a more competitive, secure and sustainable energy system and to meet its long-term 2050 greenhouse gas reductions target as set out in the 2050 Low Carbon Roadmap.
The framework was created to communicate to the market a clear commitment by the EU in view of encouraging private investment in new networks and low-carbon technologies. The targets themselves are based on a thorough analysis made by the European Commission that measured how to cost-effectively achieve decarbonisation by 2050.
The key targets are:
* 40% cut in greenhouse gas emissions (from 1990 levels);
* at least 27% of EU energy from renewables in terms of final consumption;
* and, at least 27% energy savings compared to business-as-usual.
The European Union has agreed on a new 2030 Framework for climate and energy, which includes EU-wide targets and policy objectives for the period between 2020 and 2030. The targets aim to help the EU achieve a more competitive, secure and sustainable energy system and to meet its long-term 2050 greenhouse gas reductions target as set out in the 2050 Low Carbon Roadmap.
The framework was created to communicate to the market a clear commitment by the EU in view of encouraging private investment in new networks and low-carbon technologies. The targets themselves are based on a thorough analysis made by the European Commission that measured how to cost-effectively achieve decarbonisation by 2050.
The key targets are:
* 40% cut in greenhouse gas emissions (from 1990 levels);
* at least 27% of EU energy from renewables in terms of final consumption;
* and, at least 27% energy savings compared to business-as-usual.
These are the supporting materials used by the different speakers of the H2020 WHY project opening session. This evento was held on September 10, 2020.
Calculating the environmental impacts of public action - Ian Thom, United Kin...OECD Governance
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The European Union’s Emissions Trading Scheme (EU ETS) is designed to reduce greenhouse gas emissions in Europe in a cost-effective manner. It is based on the cap-and-trade approach where a carbon market is created on which emission allowances are auctioned. Although today auctioning does not cover the totality of the emission allowances in the EU, it represents the main allocation principle.
To create the carbon market and allow auctioning to happen, the European legislators have put in place a system classically involving an auction platform, a monitoring, reporting and verification system, as well as rules regarding transparency and market abuse.
This system results in a carbon price which is key to the current structure of the EU climate and energy policy and is a matter of interest for a series of stakeholders.
The course will look into the structure and functioning of auctioning under the EU ETS and bring some practical perspectives based on experience before reflecting on the expected evolution of the system.
This presentation would introduce the main findings of the report “Mapping Carbon Pricing Initiatives” which was prepared by the World Bank together with Ecofys. It outlines key developments and prospects of existing and emerging carbon pricing initiatives around the world. It covers initiatives that give a direct price to greenhouse gas emissions, such as emissions trading schemes, offsets and new market mechanisms as well also non-market initiatives such as results-based financing and carbon taxes. The report analyses common considerations across the initiatives, such as setting the appropriate ambition level, implementing price stabilisation mechanisms, using offsets, and taking concrete moves towards linking schemes together.
Slides: Webinar: What to know about B.C.’s Climate Leadership Plan process Pembina Institute
Webinar 1: What to know about B.C.’s Climate Leadership Plan process
Description: Join the Pembina Institute for a brief overview of the ongoing B.C. Climate Leadership Plan process. This webinar will provide insights into what is needed to achieve a strong plan, a summary of the Climate Leadership Team’s recommendations, and insights on how British Columbians can effectively contribute to the process.
Date: February 18, 12 p.m. to 1 p.m.
http://www.pembina.org/blog/webinar-series-whats-needed-for-a-strong-bc-climate-leadership-plan
This report provides information on policies to reduce greenhouse gas (GHG) emissions in Vermont.1 It considers both carbon pricing policies, such as carbon taxes or cap-and-trade programs, and nonpricing policies, such as electric vehicle (EV) and energy efficiency incentives, weatherization programs and investments in low-carbon agriculture. This study aims to inform the policy dialogue but is not intended to address the complete universe of policy options. The key findings are presented below.
These are the supporting materials used by the different speakers of the H2020 WHY project opening session. This evento was held on September 10, 2020.
Calculating the environmental impacts of public action - Ian Thom, United Kin...OECD Governance
This presentation was made by Ian Thom, United Kingdom, at the Introductory Workshop on Green Budgeting Tools held at the OECD, Paris, on 29 April 2019
Calculating the environmental impacts of public action -- Nils Axel Braathen,...OECD Governance
This presentation was made by Nils Axel Braathen, OECD, at the Introductory Workshop on Green Budgeting Tools held at the OECD, Paris, on 29 April 2019
This introduction to the kick-off meeting on "Piloting and scaling of low emission development options in large scale dairy farms in China" was presented on September 28th, 2020, by Jelle Zijlstra (WUR) and Hongmin Dong (CAAS).
Auctioning of emission allowances under the EU ETSLeonardo ENERGY
The European Union’s Emissions Trading Scheme (EU ETS) is designed to reduce greenhouse gas emissions in Europe in a cost-effective manner. It is based on the cap-and-trade approach where a carbon market is created on which emission allowances are auctioned. Although today auctioning does not cover the totality of the emission allowances in the EU, it represents the main allocation principle.
To create the carbon market and allow auctioning to happen, the European legislators have put in place a system classically involving an auction platform, a monitoring, reporting and verification system, as well as rules regarding transparency and market abuse.
This system results in a carbon price which is key to the current structure of the EU climate and energy policy and is a matter of interest for a series of stakeholders.
The course will look into the structure and functioning of auctioning under the EU ETS and bring some practical perspectives based on experience before reflecting on the expected evolution of the system.
This presentation would introduce the main findings of the report “Mapping Carbon Pricing Initiatives” which was prepared by the World Bank together with Ecofys. It outlines key developments and prospects of existing and emerging carbon pricing initiatives around the world. It covers initiatives that give a direct price to greenhouse gas emissions, such as emissions trading schemes, offsets and new market mechanisms as well also non-market initiatives such as results-based financing and carbon taxes. The report analyses common considerations across the initiatives, such as setting the appropriate ambition level, implementing price stabilisation mechanisms, using offsets, and taking concrete moves towards linking schemes together.
Slides: Webinar: What to know about B.C.’s Climate Leadership Plan process Pembina Institute
Webinar 1: What to know about B.C.’s Climate Leadership Plan process
Description: Join the Pembina Institute for a brief overview of the ongoing B.C. Climate Leadership Plan process. This webinar will provide insights into what is needed to achieve a strong plan, a summary of the Climate Leadership Team’s recommendations, and insights on how British Columbians can effectively contribute to the process.
Date: February 18, 12 p.m. to 1 p.m.
http://www.pembina.org/blog/webinar-series-whats-needed-for-a-strong-bc-climate-leadership-plan
This report provides information on policies to reduce greenhouse gas (GHG) emissions in Vermont.1 It considers both carbon pricing policies, such as carbon taxes or cap-and-trade programs, and nonpricing policies, such as electric vehicle (EV) and energy efficiency incentives, weatherization programs and investments in low-carbon agriculture. This study aims to inform the policy dialogue but is not intended to address the complete universe of policy options. The key findings are presented below.
Presentation by The Climate Trust's Executive Director, Sean Penrith, at the Northwest Legislators Carbon Policy Forum. Presentation includes: the basics of cap, tax and dividend; real world performance; Oregon's choices; and implications for the region and compliance with the Clean Power Plan.
Design of Pareto optimal CO2 cap-and-trade policies for de.docxcarolinef5
Design of Pareto optimal CO2 cap-and-trade policies for deregulated electricity
networks
h i g h l i g h t s
A mathematical–statistical model for designing Pareto optimal CO2 cap-and-trade policies.
The model fills a gap in the current literature that primarily supports cap-and-trade policy evaluation but not policy design.
Pareto optimal policies accommodate conflicting goals of the market constituents.
Electricity demand-price sensitivity and social cost of carbon have significant influence on the cap-and-trade policies.
Higher demand-price sensitivity increases the influence of penalty and social cost of carbon on reducing carbon emissions.
a r t i c l e i n f o a b s t r a c t
Article history:
Received 15 August 2013
Received in revised form 2 January 2014
Accepted 4 January 2014
Keywords:
Electricity networks
Cap-and-trade
Game theory
MPEC/EPEC
Among the CO2 emission reduction programs, cap-and-trade (C&T) is one of the most used policies. Economic studies have
shown that C&T policies for electricity networks, while reducing emissions, will likely increase price and decrease consumption
of electricity. This paper presents a two layer mathematical– statistical model to develop Pareto optimal designs for CO2 cap-
and-trade policies. The bottom layer finds, for a given C&T policy, equilibrium bidding strategies of the competing generators
while maximizing social welfare via a DC optimal power flow (DC-OPF) model. We refer to this layer as policy evaluation.
The top layer (called policy optimization) involves design of Pareto optimal C&T policies over a planning horizon. The
performance measures that are considered for the purpose of design are social welfare and the corresponding system marginal
price (MP), CO2 emissions, and electricity consumption level.
2014 Elsevier Ltd. All rights reserved.
1. Introduction
A major part of the total CO2 emissions come from the electricity
production sector, e.g., 40% in the U.S. ([1]). In 2009, 70% of the electricity
was produced from fossil fuel such as gas, coal, and petroleum ([2]). In 2005,
the European Union Emissions Trading System (EU ETS) launched a cap-
and-trade system that seeks to reduce the greenhouse gas (GHG) emissions
by 21% by 2020 from the 2005 level. Currently, the EU ETS is the largest
emission market in the world [3], and according to the European Commission
[4], at least 20% of its budget for 2014–2020 will be spent on climate-related
projects and policies. In the United States, as well as in the EU, different
regulations have been discussed to cut CO2 emissions such as carbon tax,
renewable portfolio standards (RPS), and capand-trade programs (C&T). In
the northeastern U.S., the Regional Greenhouse Gas Initiative (RGGI) has
already implemented a C&T program through a nine state collaborative effort,
which seeks to cut the CO2 emissions by 10% by 2018. Recently the
California Air Resources Board .
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Supporting Carbon Pricing: complementary climate policies that work with carbon pricing
1. Supporting Carbon Pricing
How to identify policies that genuinely complement
an economy-wide carbon price
Canada’s Ecofiscal Commission
June 2017
2. Overview
1. Context
2. A framework for thinking about complementarity
3. Applying the framework
4. Three case studies:
• Federal methane regulations
• Quebec electric vehicle subsidies
• Alberta coal phase-out
5. Building a climate policy package
6. A note on coordination and federalism
7. Recommendations
2
4. Key policy questions
1. What non-pricing policies might make sense in addition to
carbon pricing?
2. How can policy-makers identify those policies that
genuinely complement a carbon price... But also those that
don’t?
3. How can governments assemble a policy package that will
achieve our GHG objectives at lowest cost?
4
1. Context
6. Defining ‘complementary’
• A climate policy is complementary to a carbon price if:
– It is effective (delivers additional GHG mitigation)
– It is cost-effective (more on defining this later)
…not all additional climate policies are complementary
• Of course, other considerations can matter too:
– Fairness
– Competitiveness
– Political acceptability
• We focus on effectiveness and cost-effectiveness
6
1. Context
7. A framework for assessing additional policies
7
1.What is the rationale for
the additional policy?
2. How does it interact with
carbon pricing?
3. How is the policy
designed?
What does that mean for
effectiveness
(i.e., emissions reduced)
What does that mean for
cost-effectiveness
(i.e., the costs of doing so)
2. Framework
8. 1. Rationale for complementarity
• Gap-filler:The policy covers GHG emissions not
covered by the carbon price
– e.g., Montreal Protocol regulating HFCs
• Signal-booster:The policy addresses market
problems to make carbon pricing work better
– e.g., Providing EV charging network infrastructure
• Benefit-expander:The policy achieves both GHG
mitigation and other objectives
– e.g., Measures to improve urban walkability
8
2. Framework
9. 2. Policy interactions
• Complementary policies and carbon taxes can
support each other (additional GHG mitigation)
• Complementary policies and cap-and-trade
systems can overlap with each other
(GHG mitigation not necessarily additional)
• Interactions affect linked cap-and-trade systems
in a slightly different way (financial flows can
also be affected)
9
2. Framework
10. 3. Design Details
• Stringency: increases policy
effectiveness
• Coverage: increases policy
effectiveness
• Flexibility: reduces the costs of
policy, improving cost-
effectiveness
• Predictability: leads to more
emissions reductions and lower
costs
• Good governance: improves
policy performance
10
2. Framework
14. Step 3: Quantify emissions reductions and
costs
Emissions reductions:
• The difference between two cases:
1) emissions levels under the policy
(i.e., the policy case)
2) emissions levels in the absence of the policy
(i.e., the counterfactual)
Costs:
14
3. Applying the framework
16. Case studies
1. Federal methane regulations
2. Quebec electric vehicle subsidies
3. Alberta coal phase-out
16
4. Case studies
17. 1. Federal regulation of oil and gas
methane emissions
Description:
Federal regulation to
reduce oil & gas methane
emissions 40-45% below
2012 levels by 2025
Approach:
Literature review
(Regulatory Impact
Analysis Statement)
17
4. Case studies
19. 2. Electric vehicle subsidies in Quebec
Description:
• “Drive Electric” program -
subsidy of up to $8,000
per vehicle
• Runs until 2020 or until
available $93M is
exhausted
Approach:
Modeling by Navius
Research
19
4. Case studies
22. 3. Alberta phase-out of coal-fired
electricity
Description:
Phasing-out coal-fired
electricity generation in the
province by 2030
Approach:
Modeling by Ecofiscal
Commission
22
4. Case studies
23. 3. Alberta phase-out of coal-fired
electricity
23
4. Case studies
Health benefits of
$21/tonne
25. Building a climate policy package
25
5. Policy packages
Easy Hard
Gap-fillers Signal-boosters
Benefit-expanders
26. 26
Building a climate policy package
Harmonize implicit and explicit prices
Use caution with overlapping policies
Use integrated modelling to forecast GHG reductions
and to assess interactions
Implement regular review and evaluation of GHG
policies
Define processes for intergovernmental coordination
5. Policy packages
27. 27
6. Coordination
Implications for federal non-pricing
policies that overlap with carbon pricing
BC and Alberta Carbon taxes:
emissions reductions
costs
Ontario and Quebec
cap-and-trade systems:
emissions reductions
costs
permit imports from
California
Not
applicable to
‘gap-filling’
policies
e.g., CFS
28. 28
6. Coordination
Implications for provincial actions under
the Pan Canadian Framework
BC and Alberta Carbon taxes:
Provincial complementary policies do
not contribute to required policy
action under PCF
(minimum carbon price unaffected)
Ontario and Quebec
cap-and-trade systems:
Provincial complementary policies do
contribute to required policy action
under PCF (declining caps are “easier”
to achieve)
These effects could increase the differences in
explicit carbon prices seen across provinces
29. Recommendations
29
7. Recommendations
1. Governments should make carbon pricing the core of their
climate policy, with steadily increasing stringency
2. Governments should clearly demonstrate
complementarity before adopting non-pricing policies
• Gap-filling
• Signal-boosting
• Benefit-expanding
3. Governments should strive to coordinate carbon pricing
and complementary policies across the country
30. Recommendations
30
6. Recommendations
4. Governments should regularly review and assess both
individual climate policies and the larger policy package
5. Governments should rely on integrated modelling to
assess the overall effectiveness of proposed and existing
policies
6. With the implementation of an economy-wide carbon
price, governments should phase out and avoid
redundant, high-cost, or ineffective policies
Editor's Notes
Use a verbal walk through example when presenting this
Step 5 is to make an assessment re: complementarity
Policy will apply nationally, but British Columbia, Alberta, and Saskatchewan will be disproportionately affected because of their large oil & gas sectors
The three provinces each have planned or existing measures covering methane from oil & gas, but typically focus only on emissions from venting and flaring
Affected provinces will likely be able to pursue equivalency agreements
Quantity-focused policy and will not stipulate use of specific technologies
Regulations will not interact with carbon pricing policies directly, they could interact with offset systems
Timetable for implementation recently pushed back from 2018-2020 to 2020-2023
Alberta has 18 coal plants in total, responsible for 38% of the province’s electricity generating capacity and 62% of its electricity generation; 6 are captured by this policy
In Alberta, the sector’s emissions currently fall under the Specified Gas Emitters Regulation, but as of 2018, they will be regulated under the province’s planned Carbon Competitiveness Regulation
$1.3 billion compensation payout to the owners of the 6 coal plants spread out between 2017 and 2030
Co-benefits reduce the cost of the policy by $21/tonne
Three case studies, three different results
Remember—case studies aren’t intended to be the last word: intended to illustrate application (and utility) of the framework
…They highlight the importance of considering policy interactions, as well as co-benefits
Three case studies, three different results
Remember—case studies aren’t intended to be the last word: intended to illustrate application (and utility) of the framework
…They highlight the importance of considering policy interactions, as well as co-benefits
-PCF’s carbon price instrument flexibility affects the incentives for implementing complementary policies
-To the extent that the GHG mitigation ambition of a carbon-taxing province is only defined by the requirements of the Pan-Canadian Framework, it may choose to leave opportunities for low-cost mitigation from complementary policies unrealized
-upshot would be higher overall cost of GHG mitigation and additional complications for firms operating in multiple provinces with divergent policies