Rethinking Energy Policies in Europe Following the Ukraine War: How to Support the Vulnerable and Speed up the Green Transition

Tuesday, November 29, 2022, 14:00-15:15 Vienna Time (CET) 

Aiko Mineshima, European Department, International Monetary Fund (IMF)
Ian Parry, Fiscal Affairs Department, International Monetary Fund (IMF)
Iulia Teodoru, European Department, International Monetary Fund (IMF)
Karlygash Zhunussova, Fiscal Affairs Department, International Monetary Fund (IMF)

Patrick Imam, Deputy Director, Joint Vienna Institute 

Russia’s invasion of Ukraine is the biggest event shaping Europe since the fall of the Iron Curtain. Western sanctions on the Russian energy sector, have created a challenging environment for European policymakers. Policymakers have mostly responded to the shock with broad-based price-suppressing measures, including subsidies, tax reductions, and price controls. Going forward, the policy emphasis should shift rapidly towards allowing price signals to operate more freely and providing income relief to the vulnerable. The surge in energy prices will encourage energy conservation and investments in renewable energy, but the manyfold rise in natural gas prices could lead to a persistent switch towards coal. To ensure steady progress towards carbon emissions reduction goals, authorities should use the opportunity to strengthen carbon pricing when global fossil fuel prices decline in the future. Non-price incentives for investments in energy efficiency and renewable energy should also be enhanced. 

This webinar will discuss the impact of the energy shock on European (both advanced and emerging) households, and the design and effectiveness of policy measures, to protect the most vulnerable members of society while continuing the Green Transition. 

The webinar will be held in English.

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