Climate Webinar #3: Putting a Price on Carbon

Thursday, June 10, 2021 at 14:30-16:00 Vienna time (CEST)

Panelists
Mr. Simon Black, Economist, Fiscal Affairs Department, International Monetary Fund
Ms. Marissa Santikarn, Climate Change Specialist, World Bank

Moderator
Mr. Laurent Millischer, Economist, Joint Vienna Institute


Following the introductory webinar on April 23 and the webinar on the political economy of climate policy in CEE on May 6, this third webinar of the Climate series will discuss carbon pricing with a special focus on the JVI region. Ensuring that polluters are charged the external costs of greenhouse gas emissions is commonly considered the first-best climate mitigation policy. This webinar looks at why this is so and what types of carbon pricing schemes exist in theory and in practice.

Simon Black will give an overview of carbon pricing, covering carbon taxes, emission trading schemes, and the role of fuel subsidies. He will discuss the best uses of carbon pricing revenues and how carbon border adjustments can avoid regulatory arbitrage, the so-called ‘carbon leakage’. Marissa Santikarn will present the World Bank’s latest report on the state and trends of carbon pricing, discussing which carbon pricing schemes are in place globally and presenting examples of such schemes in Eastern Europe and Central Asia.

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 will offer 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, will take place June 14-18, 2021. The second one, “Climate Change Economics”, coordinated by the JVI faculty, will take place September 13-17, 2021. We encourage you to visit the course pages and apply.

Leading up to these two courses, the JVI will organize a webinar series on selected issues in climate change economics. In discussion with experts from the 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.

The webinar will be held in English.

Participants are encouraged to ask written questions to the presenters using the webinar’s chat forum.

To participate in the webinar please sign up here.

A list of JVI webinars on topical issues in the field of financial stability, fiscal policy, and macroeconomics can be found here.

The schedule of JVI courses – including virtual courses – can be found here.

We look forward to continuing our engagement with you!

Hervé Joly, Director (JVI)

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