BIZweek n°358 3 sep 2021
BIZweek n°358 3 sep 2021
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  • Parution : n°358 de 3 sep 2021

  • Périodicité : hebdomadaire

  • Editeur : Capital Publications Ltd

  • Format : (260 x 370) mm

  • Nombre de pages : 9

  • Taille du fichier PDF : 3,8 Mo

  • Dans ce numéro : le problème climatique.

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VENDREDI 03 SEPTEMBRE 2021 BIZWEEK ÉDITION 358 LA TOUR FINANCE AND DEVELOPMENT – SEPTEMBER 2021 The Climate Issue The Fall 2021 issue of Finance & Development, produced in partnership with COP26, was just printed and published. In this edition, focus is on the urgent need for climate action that can usher in a new era of sustainable development with expanded opportunities for people across the world «No transition is easy. It will require compensating the workers and businesses that bear the cost of a green transition. It means breaking down political economy impediments to rapid progress. It depends on collaboration by citizens, governments, corporations, financial institutions, philanthropists, and the scientific community. Perhaps most important, it will require that world leaders expand their ambition and action, including mobilizing finance to help developing economies adapt to climate shocks,» writes F&D editor-in-chief Gita Bhatt. No Time To Waste Recent polls show increasing awareness of climate change, especially among young people. A majority of people consider it a global emergency—wellabove half in middle-income and least developed countries, and nearly three-quarters among people in small island states and high-income countries. The COVID-19 pandemic has heightened concerns : 43 percent are more worried about climate change now. How do we translate concern into action ? Breakthroughs in science and technology yielded COVID-19 vaccines in record time, a hopeful model for the innovation and action needed to develop and commercialize low-carbon technologies. Policy responses to the pandemic demonstrate that governments can also take unprecedented action when needed. It is critical to act with the same determination to address climate change and speedily put in place policies that can make a difference. First, we need market signals that work for the new climate economy, not against it. Politically challenging as it may be, the world needs to rid itself of all fossil fuel subsidies—equivalent to more than $5 trillion annually, yet far more costly to our future. Robust carbon pricing will help redirect private investment and innovation to clean technologies and encourage energy efficiency. Without it, we simply cannot reach the goals of the Paris Agreement. This price signal must get predictably stronger—reaching an average global carbon price of $75 per ton by 2030, wayup from today’s $3 per ton. Major emitters agreeing on an international carbon price floor would be a good start. Second, we need to scaleup green investments. IMF staff research projects that green supply policies could raise global GDP by about 2 percent this decade and create millions of new jobs. On average, about 30 percent of new investment is expected from public sources, making it vital to mobilize private financing for the remainder. Third, we must work for a «just transition» to a low-carbon economy—within and across countries. For instance, revenues from carbon pricing can be used for cash transfers, social safety nets, retraining, and so on to compensate workers and businesses in affected high-emission sectors. Approaches like this are increasingly part of carbon pricing reforms, such as in Germany’s national emissions trading system and the EU’s planned Just Transition Mechanism. Across countries, it will require financial support and the transfer of green technologies. The world’s poorest countries have contributed the least to climate change, but are most vulnerable to its effects and least able to cover the cost of adaptation. With many of the lowest-cost mitigation opportunities in emerging market and developing economies, it is in the global interest that developed economies fulfill their commitment to provide $100 billion a year in climate finance for the developing world. We have no time to waste. [KRISTALINA GEORGIEVA, Managing Director of the International Monetary Fund] 4 Cont’d on page 5
VENDREDI 03 SEPTEMBRE 2021 BIZWEEK ÉDITION 358 LA TOUR Our Last, Best Chance on Climate IMF FINANCE & DEVELOPMENT Ill There is a growing realization that the risks and economic costs of climate change have been underestimated. If unchecked, climate change could displace hundreds of millions of people, mostly in the developing world, increasing the potential for conflict. Likewise, carbon-intensive economies depend on jobs that may be eliminated in the future to reduce pollution and avert catastrophic climate change. Jobs and incomes will be lost, driving many into poverty, and the longer decarbonization is delayed, the more disorderly future shocks will be. Thanks to technological advances, the cost of renewable energy is declining, making it increasingly competitive with fossil fuels. Moreover, there is mounting evidence that decarbonization does not hamper growth, development, and jobs but instead offers a path to more inclusive, resilient, and sustainable growth ; indeed, it can «unlock the inclusive growth story of the 21st century.» To enable the shift away from carbon, governments must work with stakeholders to encourage clean energy and transportation systems, smart development, sustainable land use, wise water management, and a circular industrial economy. Major investment is needed to replace aging and polluting infrastructure, addressinfrastructure deficits and structural change in emerging market and developing economies, and protect and restore natural capital. In a report prepared for the Group of Seven (G7), we asserted that the world must increase annual investment by 2 percent of pre-pandemic gross domestic product for this decade and beyond. [AMAR BHATTACHARYA, senior fellow in the Center for Sustainable Development at the Brookings Institution & NICHOLAS STERN, IG Patel Chair of Economics and Government and chair of the Grantham Research Institute on Climate Change and the Environment at the London School of Economics and Political Science] Five Things To Know About Carbon Pricing Carbon pricing provides across-the-board incentives to reduce energy use and shift to cleaner fuels and is an essential price signal for redirecting new investment to clean technologies. 1. Carbon pricing can be readily implemented. Carbon pricing, implemented through a tax on the carbon content of fossil fuels or on their carbon dioxide (CO2) emissions, is straightforward to administer as an extension of existing fuel taxes. Carbon taxes can provide certainty about future emissions prices, which makes a difference when it comes to mobilizing clean technology investment. Revenue from carbon taxes can be used to lower burdensome taxes on workers and businesses or to fund investment in climate technology. 2. Carbon pricing is gaining momentum. More than 60 carbon tax and emissions trading programs have been introduced at the regional, national, and subnational levels. In recent months major pricing initiatives have been launched in China and Germany, the emissions price in the European Union has risen above  € 50 a ton, and Canada announced its emissions price would rise to CAN$170 a ton by 2030. 3. Carbon pricing should be part of a comprehensive mitigation strategy. This strategy should contain supporting measures to enhance its effectiveness and acceptability. The incentives generated by carbon pricing can be reinforced with regulations on emission rates or feebates, whose fees and rebates for products (for example, vehicles, appliances) or firms (for example, power generators, steel producers) depend on the intensity of their emissions. 4. Carbon pricing must be coordinated internationally through a carbon price floor. Aggressively scalingup carbon pricing remains difficult when countries are acting unilaterally because they fear for their industrial competitiveness and are uncertain about specific policy actions in other countries. 5. A pragmatically designed price floor is more promising than other regimes. An alternative regime might require all participants to impose the same carbon price. This approach, however, does not allow questions of equity to be addressed through differentiated floors, and it does not accommodate countries where carbon pricing is difficult for domestic political or other reasons. [IAN PARRY, principal environmental fiscal policy expert, IMF’s Fiscal Affairs Department] Driving Deep Decarbonization Economists’standard prescription is to implement a robust economy-wide price on carbon. A carbon price that starts at a moderate rate and grows predictably will incentivize individuals to use lower-carbon sources of energy than fossil fuels and will induce firms and power generators to switch away from fossil fuels to low-carbon primary sources of energy. An economywide carbon price efficiently obtains emissions reductions from sectors or uses where they are least costly while keeping costs manageable in applications difficult to decarbonize. Moreover, depending on how it is implemented, revenues from a carbon price can be used to reduce distortionary taxes elsewhere or to provide needed public investment. A frequent response to this prescription is that it ignores the political reality that carbon pricing, especially through a carbon tax, is unpopular. Despite considerable efforts over decades, only a small fraction of worldwide carbon emissions is covered by a carbon pricing program, and among those programs that do exist, the carbon price is typically low. Now there is an additional reason to question this focus on economy-wide carbon pricing : it was developed when green energy was expected to remain far more expensive than fossil fuels. In many parts of the world, however, green energy, especially wind- and solar-generated power,iseither less expensive than fossil fuel generation or is likely to become so soon. Costs of technologies to use green electricity—electric vehicles, for example—have also fallen dramatically. How does climate policy advice change for a world where it could be cheaper to be green ? [JAMES H. STOCK, Harold Hitchings Burbank Professor of Political Economy in the Harvard Department of Economics] Fighting Climate Change With Innovation We are far from an emissions trajectory that avoids even worse effects of climate change. Even if pledges are fully implemented, there remains a wide gulf between our current emissions path and one that achieves the Paris Agreement’s goals. Communities around the world are seeing the impact of just 1°C of warming, from extreme heat to uncontrollable fires to withering food crops to disappearing ice. The future world will be increasingly unrecognizable unless we transformour actions. Consider the scale of transformation required to limit dangerous warming. The share of renewables in power generation must move from about 25 percent today to almost 100 percent by 2050, and unabated coal will need to be phased out six times faster than it is today. We must renovate our buildings with zerocarbon heating and cooling and improved energy efficiency at a rate of 2.5–3.5 percent by 2030—significantly higher than today’s rate of 1–2 percent. While crop yields are expected to rise in the coming decades, according to the UN Food and Agriculture Organization, they must do so even more quickly on existing lands in order to meet a growing population’s food needs without encroachingupon forests, doubling recent rates over the next 10 years. This growth must at the same time avoid agricultural expansion and maintain soil health as wellas water quantity and quality. Innovation will be critical to achieving these goals. The International Energy Agency’s (IEA’s) new net zero roadmap notes that the needed decarbonization by 2030 is largely achievable with readily available technologies, but by midcentury almost half of required emissions reductions will call for technologies that are not yet on the market. Reliance on technologies stillunder development is even higher for harderto-abate sectors, such as long-distance transportation and heavy industry. Three innovation opportunities alone—direct air capture and storage, advanced batteries, and hydrogen electrolyzers—can deliver roughly 15 percent of cumulative emissions reductions between 2030 and 2050. [KELLY LEVIN, chief of Science, Data, and Systems Change & ANDREW STEER, president and chief executive officer - Bezos Earth Fund] 5

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