Monday, October 4, 2021 at 16:30-18:00 Vienna time (CEST)
Mr. Jean-Marc Jancovici, Co-founder of Carbone4, Professor at Mines ParisTech
Mr. Gernot Wagner, Climate Economics Professor at New York Universit
Mr. Laurent Millischer, Economist, JVI
This seventh webinar of the JVI series on climate change economics will look at concrete climate mitigation policies. Putting a price on carbon is commonly considered the first-best climate mitigation policy, creating incentives to reduce greenhouse gas emissions. The actual reduction in emissions, however, will come from specific technological and behavioral changes, which can be fostered by other policies.
Historically, economic growth and energy use have been strongly correlated. What’s more, three quarters of global greenhouse gas emissions are caused by energy use. Given these constraints, Jean-Marc Jancovici will discuss some of the policies that can be pursued, in areas such as electricity production or mobility, to drive down emissions and how this may impact living standards.
Designing concrete mitigation policies requires cost-benefit analyses, as the costs of a policy (e.g., building a new train line) need to be weighed against the benefits (avoided climate change-related costs). Gernot Wagner will explain the ‘social cost of carbon’ and how to estimate it. He will further present the impact of urban planning on emissions and discuss one controversial mitigation policy: solar geoengineering.
The JVI focus on climate change
If greenhouse gas emissions continue unabated, global temperatures will keep on rising at an unprecedented pace, with catastrophic implications for lives and livelihoods worldwide. Economic policy has a pivotal role to play in changing the ways we produce and consume in order to slow climate change.
Countries in the JVI region will not be spared the economic costs of rising temperatures nor the difficult task of transforming their economies within the next thirty years to drastically reduce greenhouse gas emissions. Yet, this transformation also holds opportunities for countries in the region, such as public investment-triggered growth, good quality green jobs, and better health from reduced air pollution.
In this context, the JVI offers two new courses on the economics of climate change. The first one, “Climate Change and Green Finance”, coordinated by the Austrian Federal Ministry of Finance and the Austrian National Bank, took place June 14-18, 2021. The second one, “Climate Change Economics”, coordinated by the JVI faculty, took place September 13-17, 2021. Both courses will be taught again in 2022 and we encourage everyone to apply!
Over the course of 2021 the JVI has organized a webinar series on selected issues in climate change economics. In discussion with experts from JVI partner organizations, academia, central banks, and other institutions, we will shed light on topics such as the political economy of climate change, carbon taxation, the role of financial sector oversight, and macroeconomic modelling – with a special focus on the JVI region.