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  Safeguarding the energy transition against political backlash to carbon markets

Pahle, M., Tietjen, O., Osorio, S., Egli, F., Steffen, B., Schmidt, T. S., Edenhofer, O. (2022): Safeguarding the energy transition against political backlash to carbon markets. - Nature Energy, 7, 3, 290-296.
https://doi.org/10.1038/s41560-022-00984-0

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 Urheber:
Pahle, Michael1, Autor              
Tietjen, Oliver1, Autor              
Osorio, Sebastian1, Autor              
Egli, Florian2, Autor
Steffen, Bjarne2, Autor
Schmidt, Tobias S.2, Autor
Edenhofer, Ottmar1, Autor              
Affiliations:
1Potsdam Institute for Climate Impact Research, ou_persistent13              
2External Organizations, ou_persistent22              

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Schlagwörter: Economics, Finance, Politics and international relations
 Zusammenfassung: Substantial renewable energy (RE) cost reductions have raised the prospect of a subsidy-free RE era of the energy transition. The envisaged policy cornerstones of this era are carbon markets, which create economic incentives for sustaining further RE deployment. However, this overlooks that exposing RE to market risks and increasing interest rates would result in substantially higher financing cost, which in turn would lead to much steeper carbon price paths. The resulting political pressure may provoke a price-depressing regulatory intervention, disrupting further RE expansion. Here we conceptualize this feedback and infer indicators for the risk of such an intervention. By quantifying these indicators for the European Union, we find that increased financing cost could double carbon prices in the long term, halve the rate of renewable capacity deployment in the next 15 years and considerably increase the profits of fossil fuel plants. This implies a substantial risk of pushback that policymakers should safeguard against.

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Sprache(n): eng - Englisch
 Datum: 2021-03-052022-01-202022-03-032022-03
 Publikationsstatus: Final veröffentlicht
 Seiten: 7
 Ort, Verlag, Ausgabe: -
 Inhaltsverzeichnis: -
 Art der Begutachtung: Expertenbegutachtung
 Identifikatoren: MDB-ID: yes - 3299
Organisational keyword: Director Edenhofer
PIKDOMAIN: Director / Executive Staff / Science & Society
Organisational keyword: RD3 - Transformation Pathways
PIKDOMAIN: RD3 - Transformation Pathways
DOI: 10.1038/s41560-022-00984-0
Research topic keyword: Economics
Research topic keyword: Policy Advice
Research topic keyword: Climate Policy
 Art des Abschluß: -

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Titel: Nature Energy
Genre der Quelle: Zeitschrift, SCI, Scopus
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Ort, Verlag, Ausgabe: -
Seiten: - Band / Heft: 7 (3) Artikelnummer: - Start- / Endseite: 290 - 296 Identifikator: Publisher: Springer Nature
Anderer: 2058-7546
CoNE: https://publications.pik-potsdam.de/cone/journals/resource/nature-energy