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This paper estimates the carbon leakage rate across countries, arguably a key parameter in the international climate policy discussion including on border carbon adjustment, but which remains subject to significant uncertainty. We propose innovations along two lines. First, we exploit recently published data on sector-country-specific changes in energy prices to identify changes in domestic carbon emissions and other flows (rather than the historically limited variation in carbon prices or adherence to international climate agreements). Second, we present a simple accounting framework to derive carbon leakage rates from reduced-form regressions in contrast to existing papers, thereby making our results directly comparable to model-based estimates of carbon leakage. We show that carbon leakage rates differ across countries and could be larger than what existing estimates suggest.

Macroeconomics --- Economics: General --- Public Finance --- Environmental Economics --- Environmental Conservation and Protection --- Trade and Environment --- Climate --- Natural Disasters and Their Management --- Global Warming --- Environment and Development --- Environment and Trade --- Sustainability --- Environmental Accounts and Accounting --- Environmental Equity --- Population Growth --- Energy: Demand and Supply --- Prices --- Macroeconomics: Consumption --- Saving --- Wealth --- Economic & financial crises & disasters --- Economics of specific sectors --- Energy industries & utilities --- Environmental economics --- Climate change --- Energy pricing --- Expenditure --- Energy prices --- Greenhouse gas emissions --- Environment --- Consumption --- National accounts --- Currency crises --- Informal sector --- Economics --- Expenditures, Public --- Emissions trading --- Greenhouse gases --- Sweden

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Lockdowns resulting from the COVID-19 pandemic have reduced overall energy demand but electricity generation from renewable sources has been resilient. While this partly reflects the trend increase in renewables, the empirical analysis presented in this paper highlights that recessions result in a permanent, albeit small, increase in energy efficiency and in the share of renewables in total electricity. These effects are stronger in the case of advanced economies and when complemented with environment and energy policies—both market-based measures such as taxes on pollutants, trading schemes and feed-in-tariffs, as well as non-market measures such as emission and fuel standards and R&D investment and subsidies—to incentivize and hasten the transition towards renewable sources of energy.

Macroeconomics --- Economics: General --- Energy --- Environmental Policy --- Investments: Energy --- Natural Resources --- Business Fluctuations --- Cycles --- Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General --- Financial Crises --- Economic Development: Agriculture --- Environment --- Other Primary Products --- Energy: General --- Climate --- Natural Disasters and Their Management --- Global Warming --- Environment and Development --- Environment and Trade --- Sustainability --- Environmental Accounts and Accounting --- Environmental Equity --- Population Growth --- Alternative Energy Sources --- Environmental Economics: Government Policy --- Electric Utilities --- Nonrenewable Resources and Conservation: General --- Economic & financial crises & disasters --- Economics of specific sectors --- Environmental management --- Economic growth --- Environmental policy & protocols --- Investment & securities --- Renewable energy --- Economic recession --- Environmental policy --- Electricity --- Commodities --- Non-renewable resources --- Currency crises --- Informal sector --- Economics --- Renewable energy sources --- Recessions --- Electric utilities --- Natural resources --- United States

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Fiscal instruments are potentially among the most effective, and cost-effective, options for addressing externalities related to poor air quality, urban road congestion, and greenhouse gases. This paper takes a case study, focused on Mauritius (a pioneer in the use of green taxes) to illustrate how existing taxes, especially on fuels and vehicles, could be reformed to better address these externalities. We discuss, in particular, an explicit carbon tax; a variety of options for reforming vehicle taxes to meet environmental, equity, and revenue objectives; and a progressive transition to usage-based vehicle taxes to address congestion.

Environmental policy --- Environmental impact charges --- Taxation --- Climatic changes --- Changes, Climatic --- Changes in climate --- Climate change --- Climate change science --- Climate changes --- Climate variations --- Climatic change --- Climatic fluctuations --- Climatic variations --- Global climate changes --- Global climatic changes --- Climatology --- Climate change mitigation --- Teleconnections (Climatology) --- Duties --- Fee system (Taxation) --- Tax policy --- Tax reform --- Taxation, Incidence of --- Taxes --- Finance, Public --- Revenue --- Eco-taxes --- Ecological taxes --- Ecotaxes --- Effluent charges --- Environmental exploitation charges --- Environmental impact fees --- Environmental taxes --- Green taxes --- Pollution charges --- User charges --- Environment and state --- Environmental control --- Environmental management --- Environmental protection --- Environmental quality --- State and environment --- Environmental auditing --- Environmental aspects --- Government policy --- Global environmental change --- Public Finance --- Environmental Conservation and Protection --- Environment and Development --- Environment and Trade --- Sustainability --- Environmental Accounts and Accounting --- Environmental Equity --- Population Growth --- Environmental Economics: Government Policy --- Taxation and Subsidies: Externalities --- Redistributive Effects --- Environmental Taxes and Subsidies --- Transportation Systems: Government Pricing --- Regulatory Policies --- Business Taxes and Subsidies --- National Government Expenditures and Related Policies: General --- Climate --- Natural Disasters and Their Management --- Global Warming --- Excise taxes --- Public finance & taxation --- Public expenditure review --- Greenhouse gas emissions --- Fuel tax --- Excises --- Vehicle taxes --- Expenditure --- Environment --- Expenditures, Public --- Excise tax --- Greenhouse gases --- Motor fuels;Taxation --- Mauritius