Analysis of carbon tax efficiency in energy industries of selected EU countries

Hájek, Miroslav; Zimmermannová, Jarmila; Helman, Karel; Rozenský, Ladislav

doi:10.1016/j.enpol.2019.110955

Cited by 129 publications

(57 citation statements)

References 31 publications

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“…Before the pandemic, the European Union had officially announced that its objective in terms of environmental policy was to achieve climate neutrality, including long-term low greenhouse gas emissions, by 2050. According to the existing literature [65][66][67][68], green taxation could contribute to achieving climate protection aims such as diminishing pollution and decreasing levels of emissions of greenhouse gases, making fiscal policy measures climate friendly in the EU.…”

Section: Discussionmentioning

confidence: 99%

Debt Sustainability: Can EU Member States Use Environmental Taxes to Regain Fiscal Space?

Țibulcă

2021

Sustainability

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The COVID-19 pandemic has taken its toll on the economies of the EU member states. While policymakers have been faced with rising government spending in an effort to combat the health crisis, this has led to unprecedented levels of government debt and budget deficits. Debt sustainability has been severely affected by decreasing fiscal space, and there are significant concerns that a debt crisis is looming on the horizon for the EU. The current study aims to analyze environmental taxes as a potential solution for rebuilding fiscal space and thus improving debt sustainability in the EU. The research method used to study the impact that the four types of environmental taxes may have on fiscal space is the dynamic panel regression model, estimated using the Generalized Method of Moments (GMM). The conclusions show that all four categories of environmental taxes can help the EU member states regain fiscal space and improve their debt sustainability. The research results show that the strongest positive impact on fiscal space will be achieved by energy taxes and transport taxes.

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Section: Discussionmentioning

confidence: 99%

Debt Sustainability: Can EU Member States Use Environmental Taxes to Regain Fiscal Space?

Țibulcă

2021

Sustainability

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“…The background for research on renewable energy development in Russia is systemic studies of the energy industry at the level of countries and their individual regions (Zheng et al 2019;Pablo-Romero et al 2019;Sarma et al 2019). Energy security issues (Yoo 2003) and the environmental effect of the energy industry (Sun et al 2019;Dhar et al 2019;Hájek et al 2019) have been identified. Proceeding from this identified role, the prospects for renewable energy utilization were evaluated (Proskuryakova et al 2019;Olkkonen et al 2016) and recommendations were given on its implementation, regarding both strategic planning and guarantee of some rate of return for investors: by improving the legislative framework, introducing grid connection cost recovery schemes and fixed feed-in tariffs (Sadorsky 2012;Lanshina 2018).…”

Section: Theoretical Backgroundmentioning

confidence: 99%

Assessment the role of renewable energy in socio-economic development of rural and Arctic regions

Tishkov¹,

Shcherbak²,

Karginova-Gubinova³

et al. 2020

JESI

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The paper overviews Russian and foreign studies on renewable energy. In view of some economic and environmental premises, namely depletion of the traditional energy sources and growing costs of their exploitation, a new alley is being paved in scientific literature and global practices for displacing traditional energy resources and providing for a substantial contribution of renewable sources to total energy consumption. In this context, the aim of this study is to determine what role renewable energy will play in the socio-economic security of territories, to identify the potential and possible applications of renewable energy. The main tasks for the study were to: identify the socio-economic implications of the transition from traditional to renewable energy sources, study the foreign experience of implementing renewable energy policies, estimate the potential and evaluate the prospects for renewable energy with the focus on rural northern regions. The potential for renewable energy market growth in Russia was estimated, specifically for the Northwestern macroregion. To provide for socio-economic security, the energy policy being developed must have an environmental and economic orientation. Primary focus in the development of renewable energy sources should be on peripheral regions, which have no electrical grids of their own and are energy deficient.

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“…Carbon tax is then supposed to contribute to the reduction of greenhouse gas (GHG) emissions and its efficiency depends on its impact on power generating companies' relative input costs, that then can be forced to maximize their profit through less polluting sources (Comincioli et al, 2019). The effectiveness and cost-efficiency of carbon tax is supported by wide empirical evidence (Hájek et al, 2019;Levin et al, 2019), especially in most developed countries, otherwise market and regulatory failures may reduce its power because of its price-instrument nature (Finon, 2019).…”

Section: Carbon Pricing In Australiamentioning

confidence: 99%

“…3 Australian public holidays are: New Year's Day, Australia Day (January 26th), Good Friday, Holy Saturday, Easter Sunday, Easter Monday, ANZAC Day (April 25th), Christmas and St. Stephen's Day. 4 Notice that the first day of the week is Sunday and public holiday are in calendar order.…”

Section: Regime-switching Volatilitymentioning

confidence: 99%

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Effects of Carbon Tax on Electricity Price Volatility: Empirical Evidences from the Australian Market

Comincioli

Vergalli

2020

SSRN Journal

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Among the wide variety of policy options adopted worldwide to control carbon emissions, one of the most environmentally effective and economically efficient is represented by carbon tax, that aims to recoup the damage arising from polluting production processes. In this paper, we focus on the Australian Carbon Pricing Mechanism (CPM) and on the effects that its introduction had on the electricity market. The most relevant effect is the reduction of the level of electricity price's volatility. This effect has been investigated after having removed, from electricity data time series, the periodic behavior, through a multiple linear regression. Then, to study volatility dynamics, we fit a two-states Markov-switching model to represent a high-volatility and a low-volatility states of the world. This model highlighted that in both states the level of volatility is lower and that the persistence of the second state is increased by the presence of the CPM. This result is particularly important in investment evaluation: knowing the different dynamics of price volatility in presence of a carbon tax or not, can provide crucial information in investment decision and its timing.

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Analysis of carbon tax efficiency in energy industries of selected EU countries

Cited by 129 publications

References 31 publications

Debt Sustainability: Can EU Member States Use Environmental Taxes to Regain Fiscal Space?

Debt Sustainability: Can EU Member States Use Environmental Taxes to Regain Fiscal Space?

Assessment the role of renewable energy in socio-economic development of rural and Arctic regions

Effects of Carbon Tax on Electricity Price Volatility: Empirical Evidences from the Australian Market

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