A. Gambhir, R. Green, M. Grubb, P. Heptonstall, C. Wilson, R. Gross
Making informed estimates of future energy technology costs is central to understanding the cost of the low-carbon transition. A number of methods have been used to make such estimates: extrapolating empirically-derived learning rates; use of expert elicitations; and engineering assessments which analyse future developments for technology components ’ cost and performance parameters. In addition, there is a rich literature on different energy technology innovation systems analysis frameworks, which identify and analyse the many processes that drive technologi es’ development, including those that make them increasingly cost-competitive and commercially ready. However, there is a surprising lack of linkage between the fields of technology cost projections and technology innovation systems analysis. There is a clear opportunity to better relate these two fields, such that the detailed processes included in technology innovation systems frameworks can be fully considered when estimating future energy technology costs. Here we demonstrate how this can be done. We identify that learning curve, expert elicitation and engineering assessment methods already either implicitly or explicitly incorporate some elements of technology innovation system frameworks, most commonly those relating to R&D and deployment-related drivers. Yet they could more explicitly encompass a broader range of innovation processes. For example, future cost developments could be considered in light of the extent to which there is a well-functioning energy technology innovation system (TIS), including support for the direction of technology research, industry experimentation and development, market formation including by demand-pull policies, and technology legitimation. We suggest that failure to fully encompass such processes may have contributed to over-estimates of nuclear cost reductions and under-estimates of offshore wind cost reductions in the last decade
{"title":"How Are Future Energy Technology\u0000 Costs Estimated? Can We Do Better?","authors":"A. Gambhir, R. Green, M. Grubb, P. Heptonstall, C. Wilson, R. Gross","doi":"10.1561/101.00000128","DOIUrl":"https://doi.org/10.1561/101.00000128","url":null,"abstract":"Making informed estimates of future energy technology costs is central to understanding the cost of the low-carbon transition. A number of methods have been used to make such estimates: extrapolating empirically-derived learning rates; use of expert elicitations; and engineering assessments which analyse future developments for technology components ’ cost and performance parameters. In addition, there is a rich literature on different energy technology innovation systems analysis frameworks, which identify and analyse the many processes that drive technologi es’ development, including those that make them increasingly cost-competitive and commercially ready. However, there is a surprising lack of linkage between the fields of technology cost projections and technology innovation systems analysis. There is a clear opportunity to better relate these two fields, such that the detailed processes included in technology innovation systems frameworks can be fully considered when estimating future energy technology costs. Here we demonstrate how this can be done. We identify that learning curve, expert elicitation and engineering assessment methods already either implicitly or explicitly incorporate some elements of technology innovation system frameworks, most commonly those relating to R&D and deployment-related drivers. Yet they could more explicitly encompass a broader range of innovation processes. For example, future cost developments could be considered in light of the extent to which there is a well-functioning energy technology innovation system (TIS), including support for the direction of technology research, industry experimentation and development, market formation including by demand-pull policies, and technology legitimation. We suggest that failure to fully encompass such processes may have contributed to over-estimates of nuclear cost reductions and under-estimates of offshore wind cost reductions in the last decade","PeriodicalId":45355,"journal":{"name":"International Review of Environmental and Resource Economics","volume":" ","pages":""},"PeriodicalIF":1.8,"publicationDate":"2021-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48870421","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The capital intensive network industries such as electricity and gas delivery infrastructures exhibit natural monopoly characteristics because of their high economy of scale relative to the size of the market. Due to the absence of direct competition in these regulated industries, infrastructure providers hardly undertake the appropriate level of innovation activities to optimise the operation and continuity of their services; a review is provided to show how different countries support innovation in the network industries. As innovation activities are costly and risky undertakings, a relevant query is how to incentivise innovation through economic regulations. This paper models three generic schemes of innovation promotion: individual incentive contracts, competitive innovation fund and cooperative innovation program. We show how each of these schemes affects the firms' incentives for innovation activities. The results confirm the effectiveness of all three schemes. However, implementing an individual incentive contract is information-intensive, while competitive or cooperative schemes do not require an informed regulator. A comparison is provided between the schemes.
{"title":"The Promotion of Innovation in Regulated Network Industries","authors":"Seyed Reza Mirnezami","doi":"10.1561/101.00000139","DOIUrl":"https://doi.org/10.1561/101.00000139","url":null,"abstract":"The capital intensive network industries such as electricity and gas delivery infrastructures exhibit natural monopoly characteristics because of their high economy of scale relative to the size of the market. Due to the absence of direct competition in these regulated industries, infrastructure providers hardly undertake the appropriate level of innovation activities to optimise the operation and continuity of their services; a review is provided to show how different countries support innovation in the network industries. As innovation activities are costly and risky undertakings, a relevant query is how to incentivise innovation through economic regulations. This paper models three generic schemes of innovation promotion: individual incentive contracts, competitive innovation fund and cooperative innovation program. We show how each of these schemes affects the firms' incentives for innovation activities. The results confirm the effectiveness of all three schemes. However, implementing an individual incentive contract is information-intensive, while competitive or cooperative schemes do not require an informed regulator. A comparison is provided between the schemes.","PeriodicalId":45355,"journal":{"name":"International Review of Environmental and Resource Economics","volume":" ","pages":""},"PeriodicalIF":1.8,"publicationDate":"2021-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48752409","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper analyses the most recent literature available on the green bond, a financial instrument that raises funds for environmentally friendly projects. The aim of this research is to build a comprehensive review based on green bond roles, functions, features, typologies, general uses and effects. Ultimately, we try to address its potential contribution to the objectives of environmental policy. Our research reveals several roles that the instrument is taking. The regulation, the ecosystem and the best practices being developed around it may further boost the advance of sustainable activities in the market. Since 2013, when the issuances started to grow considerably, green bond market behaviour has been relatively similar to that of the conventional bond market. There have, however, been cases in which it attracted greater attention from investors and others in which it appeared to perform better than regular bond instruments. The green bond is also increasingly being considered as a strong potential support mechanism for the post-pandemic crisis recovery. Last, the paper highlights opportunities for future research on the subject.
{"title":"Green Bonds: The Evolution of a Sustainable Financial Instrument on the Cutting Edge","authors":"Antonio Malorgio, E. Teti, M. Dallocchio","doi":"10.1561/101.00000134","DOIUrl":"https://doi.org/10.1561/101.00000134","url":null,"abstract":"This paper analyses the most recent literature available on the green bond, a financial instrument that raises funds for environmentally friendly projects. The aim of this research is to build a comprehensive review based on green bond roles, functions, features, typologies, general uses and effects. Ultimately, we try to address its potential contribution to the objectives of environmental policy. Our research reveals several roles that the instrument is taking. The regulation, the ecosystem and the best practices being developed around it may further boost the advance of sustainable activities in the market. Since 2013, when the issuances started to grow considerably, green bond market behaviour has been relatively similar to that of the conventional bond market. There have, however, been cases in which it attracted greater attention from investors and others in which it appeared to perform better than regular bond instruments. The green bond is also increasingly being considered as a strong potential support mechanism for the post-pandemic crisis recovery. Last, the paper highlights opportunities for future research on the subject.","PeriodicalId":45355,"journal":{"name":"International Review of Environmental and Resource Economics","volume":"1 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2021-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48203852","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Jimena Gonzalez-Ramirez, Jill L. Caviglia-Harris, J. Whitehead
{"title":"Teaching Environmental and Natural Resource Economics: A Review of the Economic Education Literature","authors":"Jimena Gonzalez-Ramirez, Jill L. Caviglia-Harris, J. Whitehead","doi":"10.1561/101.00000143","DOIUrl":"https://doi.org/10.1561/101.00000143","url":null,"abstract":"","PeriodicalId":45355,"journal":{"name":"International Review of Environmental and Resource Economics","volume":"1 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67075321","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Cities and the Environment: The Case of Air Pollution","authors":"E. Kyriakopoulou","doi":"10.1561/101.00000130","DOIUrl":"https://doi.org/10.1561/101.00000130","url":null,"abstract":"","PeriodicalId":45355,"journal":{"name":"International Review of Environmental and Resource Economics","volume":"1 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67075187","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"What Should We Be Teaching Students about the Economics of Climate Change: Is There a Consensus?","authors":"Lynne Y. Lewis, Casey J. Wichman","doi":"10.1561/101.00000142","DOIUrl":"https://doi.org/10.1561/101.00000142","url":null,"abstract":"","PeriodicalId":45355,"journal":{"name":"International Review of Environmental and Resource Economics","volume":"42 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67075310","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper argues for incorporating distributional impacts into research and classroom discussions that focus on potential solutions to market failures. Many economists were taught to focus on the efficiency associated with such solutions and to assume that other means would be used to achieve the appropriate distribution of wealth within an economy. The paper briefly enumerates both theoretical and practical reasons why emphasizing distributional impacts is important. The paper offers a number of methods that can be used to identify distributional impacts in applied research such as Kaldor–Hick Tableaus, Lorenz Curves, Gini Coefficients, and weighted benefit–cost analysis and provides sample assignments that can be used in a wide range of classes.
{"title":"Emphasizing Distributional Impacts in Teaching Solutions to Market Failures","authors":"Sarah Stafford","doi":"10.1561/101.00000141","DOIUrl":"https://doi.org/10.1561/101.00000141","url":null,"abstract":"This paper argues for incorporating distributional impacts into research and classroom discussions that focus on potential solutions to market failures. Many economists were taught to focus on the efficiency associated with such solutions and to assume that other means would be used to achieve the appropriate distribution of wealth within an economy. The paper briefly enumerates both theoretical and practical reasons why emphasizing distributional impacts is important. The paper offers a number of methods that can be used to identify distributional impacts in applied research such as Kaldor–Hick Tableaus, Lorenz Curves, Gini Coefficients, and weighted benefit–cost analysis and provides sample assignments that can be used in a wide range of classes.","PeriodicalId":45355,"journal":{"name":"International Review of Environmental and Resource Economics","volume":"1 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67075298","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Ilan Noy, D. D. Alwis, Benno Ferrarini, Donghyun Park
Defining Build-Back-Better after Disasters with an Example: Sri Lanka's Recovery after the 2004 Tsunami
定义灾后重建更好——以斯里兰卡2004年海啸后的复苏为例
{"title":"Defining Build-Back-Better after Disasters with an Example: Sri Lanka's Recovery after the 2004 Tsunami","authors":"Ilan Noy, D. D. Alwis, Benno Ferrarini, Donghyun Park","doi":"10.1561/101.00000122","DOIUrl":"https://doi.org/10.1561/101.00000122","url":null,"abstract":"Defining Build-Back-Better after Disasters with an Example: Sri Lanka's Recovery after the 2004 Tsunami","PeriodicalId":45355,"journal":{"name":"International Review of Environmental and Resource Economics","volume":"14 1","pages":"349-380"},"PeriodicalIF":1.8,"publicationDate":"2020-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41608782","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Causal Relationship between Primary Energy Consumption and Economic Growth in Israel: A Multivariate Approach
以色列一次能源消费与经济增长的因果关系：多元分析
{"title":"The Causal Relationship between Primary Energy Consumption and Economic Growth in Israel: A Multivariate Approach","authors":"Cosimo Magazzino, N. Schneider","doi":"10.1561/101.00000121","DOIUrl":"https://doi.org/10.1561/101.00000121","url":null,"abstract":"The Causal Relationship between Primary Energy Consumption and Economic Growth in Israel: A Multivariate Approach","PeriodicalId":45355,"journal":{"name":"International Review of Environmental and Resource Economics","volume":"14 1","pages":"417-491"},"PeriodicalIF":1.8,"publicationDate":"2020-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46339324","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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