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We analyse the consequences of carbon price heterogeneity on households in The EU from 2010 to 2020. Accounting for both heterogeneity in carbon pricing across emission sources and the indirect effects from inter-industry linkages, we obtain two key findings. First, due to widespread carbon pricing exemptions, household burdens are lower than previously estimated. Second, lower-income groups are affected disproportionately, because they spend a smaller share of their expenditure on products that benefit from exemptions than their higher-income counterparts. Therefore, imposing uniform carbon prices both within and across countries would reduce carbon pricing regressivity on household expenditure in the EU. A global price would be most effective in this regard, as it would raise carbon prices embodied in EU imports. Further, because EU economies are open and apply higher average carbon prices than their trade partners, the domestic revenues exceed the costs embodied in EU household consumptions bundles. This increases the scope for reducing the burden of carbon pricing on lower-income households through revenue redistribution. Our results imply that the ongoing extension of carbon pricing to more sectors through the EU ETS II and the introduction of the EU’s CBAM should make carbon pricing less regressive, all else equal.

Environment and Development --- Environment and Trade --- Environmental Accounts and Accounting --- Environmental Economics: Government Policy --- Environmental Equity --- Fiscal Policies and Behavior of Economic Agents: Household --- Pollution Control Adoption and Costs • Distributional Effects • Employment Effects --- Population Growth --- Sustainability --- Taxation and Subsidies: Incidence

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Labor Market Implications for Green Investments and Carbon Pricing in Spain green policies; input-output matrix; employment; occupations; skills ABSTRACT: We provide a tractable framework for assessing the labor market impact of policies that support the green transition of the Spanish economy, taking into account input-output linkages. We present illustrative examples that quantify changes in sectoral employment, occupations and skills stemming from two different green policies: (i) the announced green investments in the recovery plan; and (ii) an increase in carbon pricing and an expansion of the EU Emission Trading System (ETS). Our analysis shows that the labor market impact of these two policies is net positive, although the results depend on the design of the green policies, particularly on the use of the proceeds from the increase in carbon pricing. Strengthening active labor market policies, with a focus on training, and complementing them with education policies such as the expansion of vocational training, would facilitate the transition of workers from shrinking to expanding sectors.

Spain --- Money and Monetary Policy --- International Economics --- Environmental Economics --- Labor --- Macroeconomics --- Environmental Policy --- Monetary Policy --- International Agreements and Observance --- International Organizations --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Environmental Economics: Government Policy --- Pollution Control Adoption and Costs • Distributional Effects • Employment Effects --- Environmental Economics: General --- Climate --- Natural Disasters and Their Management --- Global Warming --- Environment and Growth --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Monetary economics --- International institutions --- Green finance / sustainable finance --- Environmental economics --- Labour --- income economics --- Economic growth --- Environmental policy & protocols --- Monetary policy --- International organization --- Climate finance --- Environment --- Sustainable growth --- Climate policy --- International agencies --- Climatic changes --- Emissions trading --- Economic development --- Economic theory --- Environmental policy --- Income economics

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Asia and the Pacific’s green transition will have far-reaching implications for the global economy. Over the past decades, the region has become the engine of global economic growth. With relatively heavy reliance on coal and high energy intensity, the region has recently become the largest contributor to growth in global GHG emissions, accounting for nearly 40 percent of the total emissions in 2020. Achieving net zero by 2050 requires an energy transition at an unprecedented scale and speed, even as the region must ensure energy security and affordability. The region must also address its vulnerability to climate change as it comprises many countries highly exposed to climate hazards increasing in severity and frequency with global warming. If managed well, the green transformation in Asia and the Pacific will create opportunities for economies not only in the region, but also around the world for inclusive and sustainable growth. The global economy is still far from achieving net zero by 2050, and the Asia and the Pacific region must play its part to deliver on mitigation and adaptation goals. Understanding Asia’s perspectives on the constraints and issues with climate ambitions, climate policy actions, and constraints is central for devising climate strategies to meet climate goals. To this end, this chapter draws on novel surveys of country authorities and public in the region to distill climate ambitions and challenges faced and identify sources of major gaps in achieving mitigation and adaptation goals. Measures to help close the gaps are drawn from policy discussions with country authorities in bilateral surveillance and related studies.

Climate change --- Climate finance --- Climate policy --- Climate --- Climatic changes --- Economics --- Emissions trading --- Energy and the Macroeconomy --- Energy: Demand and Supply --- Energy: Government Policy --- Environment --- Environmental Conservation and Protection --- Environmental Economics --- Environmental economics --- Environmental Economics: General --- Environmental Economics: Government Policy --- Environmental policy & protocols --- Environmental Policy --- Environmental policy --- Global Warming --- Green finance / sustainable finance --- Greenhouse gas emissions --- Greenhouse gases --- International agencies --- International Agreements and Observance --- International Economics --- International institutions --- International organization --- International Organizations --- Natural Disasters and Their Management --- Natural Disasters --- Natural disasters --- Nonrenewable Resources and Conservation: General --- Political Economy --- Political economy --- Pollution Control Adoption and Costs • Distributional Effects • Employment Effects --- Prices --- Public Policy --- Renewable Resources and Conservation: Government Policy --- Renewable Resources and Conservation: Issues in International Trade --- Sustainable Development --- Technological Innovation