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Consequences of Future Climate Policy: Regional Economies, Financial Markets, and the Direction of Innovation

Author

Listed:
  • Marie-Theres von Schickfus
Abstract
With the Paris Agreement of 2016, 189 nations signed a legally binding document to keep global warming below 2◦C, and to pursue eorts to limit the temperature increase to 1.5◦C. It was recognized that this would reduce climate change impacts substantially. All signatories submitted "Intended Nationally Determined Contributions" (INDCs) where they specified their national emission reduction goals and pathways to achieve them. However, the INDCs submitted for the Paris Agreement "imply a median warming of 2.6-3.1 degrees Celsius by 2100" (Rogelj et al. 2016). A temperature increase by 2◦C would already carry a very high risk for systems such as the Arctic sea ice and coral reefs. For a warming of 3◦C above pre-industrial levels though, we are expected to face extensive losses of biodiversity and ecosystems; accelerated economic damages; and a high risk for abrupt and irreversible changes ("tipping points"), such as the melting of the Greenland ice sheet and the accompanying sea level rise (IPCC 2014b).

Suggested Citation

  • Marie-Theres von Schickfus, 2021. "Consequences of Future Climate Policy: Regional Economies, Financial Markets, and the Direction of Innovation," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 95.
    • Handle: RePEc:ces:ifobei:95
    as

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    File URL: https://www.ifo.de/DocDL/BeitrWiFo_95_Schickfus.pdf
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    Citations

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    Cited by:

    1. Horbach, Jens & Rammer, Christian, 2022. "Climate change affectedness and innovation in German firms," ZEW Discussion Papers 22-008, ZEW - Leibniz Centre for European Economic Research.

    More about this item

    Keywords

    Stranded assets; climate policy; expectations; utilities; event study; green innovation; patents; panel analysis; green finance; climate risk; intangible assets; institutional investors; renewable energy; crowding-out; regional economics; input-output ana;
    All these keywords.

    JEL classification:

    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital
    • Q35 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Hydrocarbon Resources
    • Q38 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Government Policy (includes OPEC Policy)
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation
    • R15 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Econometric and Input-Output Models; Other Methods

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