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GTAP Resources: Resource Display

GTAP Resource #7162

"The Energy Security Gains from Strengthening Europe’s Climate Action"
by Dolphin, Geoffroy, Romain Duval, Hugo Rojas-Romagosa and Galen Sher


Abstract
Following the 2022 energy crisis, this paper investigates whether Europe’s ongoing efforts to cut greenhouse gas emissions can also enhance its energy security. We employ a global CGE model for the analysis and two energy security metrics. We find that individual policy tools, including carbon pricing, energy efficiency standards, and accelerated permitting procedures for renewables, tend to improve energy security. Compared to carbon pricing, sector-specific regulations deliver larger energy security gains and spread those more evenly across countries, also benefitting some fossil-fuel-intensive economies in Eastern Europe. This finding strengthens the case for a broad climate policy package, which can both achieve Europe’s emission reduction goals and deliver sizeable energy security co-benefits. A package resembling the EU’s Fit-for-55 proposals but implemented also in the UK and EFTA is estimated to improve both energy security metrics by close to 8 percent already by 2030, on average across Europe. Beyond the policies analyzed in the model, the paper discusses the technologies, infrastructure, and market design reforms that Europe needs for an energy-secure green transition.


Resource Details (Export Citation) GTAP Keywords
Category: 2024 Conference Paper
Status: Not published
By/In: Presented during the 27th Annual Conference on Global Economic Analysis (Fort Collins, Colorado, USA)
Date: 2024
Version: Draft (do not cite)
Created: Rojas-Romagosa, H. (4/8/2024)
Updated: Rojas-Romagosa, H. (4/8/2024)
Visits: 63
- Climate change policy
- Conventional energy
- Renewable energy
- Europe (Western)


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