GTAP Resources: Resource Display
| GTAP Resource #7477 |
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"Linking Computable General Equilibrium Model with Power Sector Optimization Model to Evaluate Net-Zero Scenarios for Korea" by Kim, Yong-Gun Abstract This study investigates the economic impacts of implementing a net-zero carbon pricing policy in Korea through an integrated modeling framework that combines a top-down computable general equilibrium (CGE) model with a bottom-up power sector optimization model. The integration addresses the limitations of conventional CGE models in representing the technological nuances of carbon-free energy sources such as wind, solar, and energy storage systems (ESS). Using an iterative decomposition algorithm, the models exchange information on energy demand, prices, and technology deployment until convergence is achieved. The simulation spans from 2020 to 2050, evaluating four scenarios: two baselines with conservative and advanced technological assumptions, and two corresponding net-zero scenarios. The results reveal that achieving net-zero emissions through economy-wide carbon pricing may reduce real GDP by 4.24–7.39% and real income (GDI) by 3.40–6.58% by 2050, with lower economic costs under advanced technological development. Carbon prices required for net-zero range from KRW 1.36 to 2.98 million (USD 950–2,100) per ton CO2, while renewable energy’s share in power generation is projected to reach up to 87.2%. Methodological improvements include a refined convergence algorithm, calibration techniques to maintain model consistency, and the incorporation of hydrogen learning curves and detailed dispatch feasibility analysis. |
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- Climate change policy - Advances in quantitative methods - Model integration and coupling - Asia (East) |
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Public Access  Paper (256.0 KB) Replicated: 0 time(s)Restricted Access No documents have been attached. Special Instructions No instructions have been specified. |
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Last Modified: 9/15/2023 2:05:45 PM
