Menu Expand

Financing Low-Carbon Transitions through Carbon Pricing and Green Bonds

  1. Journals
  2. Economics, Finance, Business & Management
  3. Vierteljahrshefte zur Wirtschaftsforschung
  4. Vol. 88, Issue 2
  5. pp. 29–49

JOURNAL ARTICLE

Cite JOURNAL ARTICLE

Style
Heine, D., Semmler, W., Mazzucato, M., Braga, J., Flaherty, M., Gevorkyan, A., Hayde, E., Radpour, S. Financing Low-Carbon Transitions through Carbon Pricing and Green Bonds. Vierteljahrshefte zur Wirtschaftsforschung, 88(2), 29-49. https://doi.org/10.3790/vjh.88.2.29
Heine, Dirk; Semmler, Willi; Mazzucato, Mariana; Braga, João Paulo; Flaherty, Michael; Gevorkyan, Arkady; Hayde, Erin and Radpour, Siavash "Financing Low-Carbon Transitions through Carbon Pricing and Green Bonds" Vierteljahrshefte zur Wirtschaftsforschung 88.2, , 29-49. https://doi.org/10.3790/vjh.88.2.29
Heine, Dirk/Semmler, Willi/Mazzucato, Mariana/Braga, João Paulo/Flaherty, Michael/Gevorkyan, Arkady/Hayde, Erin/Radpour, Siavash: Financing Low-Carbon Transitions through Carbon Pricing and Green Bonds, in: Vierteljahrshefte zur Wirtschaftsforschung, vol. 88, iss. 2, 29-49, [online] https://doi.org/10.3790/vjh.88.2.29
Format
Download

Financing Low-Carbon Transitions through Carbon Pricing and Green Bonds

Heine, Dirk | Semmler, Willi | Mazzucato, Mariana | Braga, João Paulo | Flaherty, Michael | Gevorkyan, Arkady | Hayde, Erin | Radpour, Siavash

Vierteljahrshefte zur Wirtschaftsforschung, Vol. 88 (2019), Iss. 2 : pp. 29–49

22 Citations (CrossRef)

Read Now Download (PDF)

Additional Information

Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/vjh.88.2.29
Language
English
Pages
21
Keywords

Author Details

Dirk Heine, World Bank, Macroeconomics, Trade & Investment Global Practice, Global Macro and Debt; Université catholique de Louvain, Hoover Chair in Economic and Social Ethics, dheine@worldbank.org,

Willi Semmler, New School for Social Research, Department of Economics; University of Bielefeld, Faculty of Economics; International Institute for Applied Systems Analysis, Senior Researcher at IIASA, SemmlerW@newschool.edu

Mariana Mazzucato, University College London, Institute for Innovation and Public Purpose, m.mazzucato@ucl.ac.uk

João Paulo Braga, New School for Social Research, Department of Economics, bragj553@newschool.edu

Michael Flaherty, New School for Social Research, Department of Economics, flahertym@newschool.edu

Arkady Gevorkyan, Federal Reserve Bank of Cleveland, Surveillance and Macro, arkady.gevorkyan@clev.frb.org

Erin Hayde, World Bank, Macroeconomics, Trade & Investment Global Practice; New School for Social Research, Department of Economics, hayde690@newschool.edu

Siavash Radpour, New School for Social Research, Department of Economics, radps229@newschool.edu

Cited By

  1. Green financing strategy for low-carbon economy: The role of high-technology imports and institutional strengths in China

    Hassan, Taimoor | Khan, Yasir | Safi, Adnan | Chaolin, He | Wahab, Salman | Daud, Abdul | Tufail, Muhammad

    Journal of Cleaner Production, Vol. 415 (2023), Iss. P.137859

    https://doi.org/10.1016/j.jclepro.2023.137859 [Citations: 27]

  2. Social bonds and the “social premium”

    Torricelli, Costanza | Pellati, Eleonora

    Journal of Economics and Finance, Vol. 47 (2023), Iss. 3 P.600

    https://doi.org/10.1007/s12197-023-09620-3 [Citations: 6]

  3. Central banks and climate risks: Where we are and where we are going?

    Carè, R. | Fatima, R. | Boitan, I.A.

    International Review of Economics & Finance, Vol. 92 (2024), Iss. P.1200

    https://doi.org/10.1016/j.iref.2024.01.057 [Citations: 4]

  4. The role of green reputation, carbon trading and government intervention in determining the green bond pricing: An externality perspective

    Hu, Yuanfeng | Tian, Yixiang

    International Review of Economics & Finance, Vol. 89 (2024), Iss. P.46

    https://doi.org/10.1016/j.iref.2023.10.007 [Citations: 3]

  5. Go green or stay black: Bond market dynamics in Asia

    Uddin, Gazi Salah | Jayasekera, Ranadeva | Park, Donghyun | Luo, Tianqi | Tian, Shu

    International Review of Financial Analysis, Vol. 81 (2022), Iss. P.102114

    https://doi.org/10.1016/j.irfa.2022.102114 [Citations: 12]

  6. Morocco's green shield: ESG stock performance under global climate, economic, geopolitical and oil uncertainties

    Belcaid, Karim

    Sustainable Futures, Vol. 8 (2024), Iss. P.100250

    https://doi.org/10.1016/j.sftr.2024.100250 [Citations: 0]

  7. Does green investments improve air quality? Evidence for developed and developing European countries

    İlbasmış, Metin | Çitil, Mücahit | Demirtaş, Furkan | Ali, Muhammad | Barut, Abdulkadir | Mohsin, Mohammad

    Environmental Science and Pollution Research, Vol. 30 (2023), Iss. 38 P.89726

    https://doi.org/10.1007/s11356-023-28544-3 [Citations: 8]

  8. Sustainable Macroeconomics, Climate Risks and Energy Transitions

    Climate Risks, Sustainable Finance, and Climate Policy

    Nyambuu, Unurjargal | Semmler, Willi

    2023

    https://doi.org/10.1007/978-3-031-27982-9_11 [Citations: 0]

  9. Does green investment affect environment pollution: Evidence from asymmetric ARDL approach?

    Shen, Yanan | Ur Rahman, Saif | Hafiza, Nabila Shahzadi | Meo, Muhammad Saeed | Ali, Muhammad Sibt E. | Le, Hoang Phong

    PLOS ONE, Vol. 19 (2024), Iss. 4 P.e0292260

    https://doi.org/10.1371/journal.pone.0292260 [Citations: 6]

  10. Hedging Carbon Price Risk on EU ETS: A Comparison of Green Bonds from the EU, US, and China

    Nguyen, Nhung Thi | Nguyen, Mai Thi Ngoc | Do, Trang Thi Huyen | Le, Truong Quang | Nguyen, Nhi Hoang Uyen

    Sustainability, Vol. 16 (2024), Iss. 14 P.5886

    https://doi.org/10.3390/su16145886 [Citations: 0]

  11. Monetary architecture and the Green Transition

    Murau, Steffen | Haas, Armin | Guter-Sandu, Andrei

    Environment and Planning A: Economy and Space, Vol. 56 (2024), Iss. 2 P.382

    https://doi.org/10.1177/0308518X231197296 [Citations: 3]

  12. Nexus between green finance and climate change mitigation in N-11 and BRICS countries: empirical estimation through difference in differences (DID) approach

    Nawaz, Muhammad Atif | Seshadri, Usha | Kumar, Pranav | Aqdas, Ramaisa | Patwary, Ataul Karim | Riaz, Madiha

    Environmental Science and Pollution Research, Vol. 28 (2021), Iss. 6 P.6504

    https://doi.org/10.1007/s11356-020-10920-y [Citations: 231]

  13. Natural resources rent and green investment: Does institutional quality matter?

    Alsagr, Naif | Ozturk, Ilhan

    Resources Policy, Vol. 90 (2024), Iss. P.104709

    https://doi.org/10.1016/j.resourpol.2024.104709 [Citations: 8]

  14. Sustainable Macroeconomics, Climate Risks and Energy Transitions

    The Private Sector—Energy Transitions and Financial Market

    Nyambuu, Unurjargal | Semmler, Willi

    2023

    https://doi.org/10.1007/978-3-031-27982-9_8 [Citations: 0]

  15. Equilibrium price estimation of green bonds from the perspective of resource allocation

    Hu, Yuanfeng | Tian, Yixiang

    Environmental Science and Pollution Research, Vol. 30 (2023), Iss. 59 P.123098

    https://doi.org/10.1007/s11356-023-30838-5 [Citations: 1]

  16. Green Bond Pricing and Optimization Based on Carbon Emission Trading and Subsidies: From the Perspective of Externalities

    Hu, Yuanfeng | Tian, Yixiang | Zhang, Luping

    Sustainability, Vol. 15 (2023), Iss. 10 P.8422

    https://doi.org/10.3390/su15108422 [Citations: 5]

  17. The correlation between the green bond market and carbon trading markets under climate change: Evidence from China

    Qi, Shaozhou | Pang, Lidong | Qi, Tianbai | Zhang, Xiaoling | Pirtea, Marilen Gabriel

    Technological Forecasting and Social Change, Vol. 203 (2024), Iss. P.123367

    https://doi.org/10.1016/j.techfore.2024.123367 [Citations: 2]

  18. Carbon pricing initiatives and green bonds: are they contributing to the transition to a low-carbon economy?

    Dill, Helena

    Climate Policy, Vol. 24 (2024), Iss. 4 P.529

    https://doi.org/10.1080/14693062.2023.2210107 [Citations: 2]

  19. Integrating AI-Driven Green Finance Strategies for Sustainable Development: A Comparative Analysis of Renewable Energy Investments in Germany and Denmark

    Ravan Ramzani, Sara | Konhaeusner, Peter | Olaniregun, Oluwasegun Akinola | Abu-Alkheil, Ahmad | Alsharari, Nizar

    European Journal of Business and Management Research, Vol. 9 (2024), Iss. 2 P.43

    https://doi.org/10.24018/ejbmr.2024.9.2.2277 [Citations: 0]

  20. Environmental outlook of ASEAN-5 through the lens of green bonds, environmental technologies and financialization

    Tran, Ngoc Thanh | Nguyen, Hai-Tuan | Tran, Trung Kien | Diep, Gia Luat | Nguyen, Thi Huong Nhai | Tran Thai Ha, Nguyen

    International Journal of Engineering Business Management, Vol. 16 (2024), Iss.

    https://doi.org/10.1177/18479790241238129 [Citations: 1]

  21. Green bonds as the driving force of environmental performance – the European perspective

    Janik, Bogna | Maruszewska, Katarzyna

    Economics and Environment, Vol. 87 (2024), Iss. 4 P.608

    https://doi.org/10.34659/eis.2023.87.4.608 [Citations: 0]

  22. How does industrial transition drive low-carbon transition? Evidence from China’s resource-based cities

    Lu, Shuo | Liu, Qianqian | Xia, Siyou | Zhang, Wenzhong

    Environment, Development and Sustainability, Vol. (2024), Iss.

    https://doi.org/10.1007/s10668-024-04575-9 [Citations: 0]

References

  1. Acemoglu, D., P. Aghion, L. Bursztyn, and D. Hemous (2012): The Environment and Directed Technical Change, American Economic Review, 102(1), 131 – 166.  Google Scholar
  2. Bachelet, M. J., L. Becchetti, and S. Manfredonia (2019): The Green Bonds Premium Puzzle: The Role of Issuer Characteristics and Third-Party Verification. Sustainability, 11(4), 10 – 98.  Google Scholar
  3. Baker, M., D. Bergstresser, G. Serafeim, and J. Wurgler (2018): Financing the response to climate change: The pricing and ownership of US green bonds. Working Paper. 25194. National Bureau of Economic Research.  Google Scholar
  4. Bartlett, N., E. Whittington, S. Reuvers, and K. Thoday (2016): Driving Low-Carbon Growth through Business and Investor Action. Paper presented at Seizing the Global Opportunity: Partnerships for Better Growth and a Better Climate, New Climate Economy, Washington D.C.  Google Scholar
  5. Bento, A., M. Jacobsen, and A. Liu (2018): Environmental Policy in the Presence of an Informal Sector. Journal of Environmental Economics and Management, 90, 61 – 77.  Google Scholar
  6. Blanchard, O. (2019): Public Debt: Fiscal and Welfare Costs in a Time of Low Interest Rates, Peterson Institute of International Economics, Policy Brief 19 – 2.  Google Scholar
  7. Braga, J. P., W. Semmler, and D. Grass (2019): De-risking of Green Investments: An Empirics of the Green Bond Market and a Dynamic Model. Working Paper. The New School for Social Research.  Google Scholar
  8. Climate Bonds Initiative (2016): Case Study: Transport for London (TfL) Green Bond. Available at https://www.climatebonds.net/files/files/Case%20study%20-%20TfL%20final.pdf.  Google Scholar
  9. Climate Bonds Initiative (2017): Post-issuance Reporting in the Green Bond Market. Available at https://www.climatebonds.net/files/files/ClimateBonds_Green_Bonds_Post_Issuance_Use_of_Proceeds_Report_.  Google Scholar
  10. Climate Bonds Initiative (2018): Sovereign Green Bonds Briefing. Available at https://www.climatebonds.net/files/files/Sovereign_Briefing2017.pdf.  Google Scholar
  11. Climate Bonds Initiative (2019): Green Bonds Market 2019. Available at http://climatebonds.net.  Google Scholar
  12. Coste, A., M. Calì, N. Cantore, and D. Heine (2019): Staying Competitive: Productivity Effects of Environmental Taxes, in: Pigato, M. (ed.), Fiscal Policies for Development and Climate Action. Washington D.C.: World Bank Group.  Google Scholar
  13. Essl, S., S. Kilic Celik, P. A. Kirby, and A. Proite (2019): Debt in Low-Income Countries: Evolution, Implications, and Remedies. World Bank Policy Research Working Paper 8794.  Google Scholar
  14. Flaherty, M., A. Gevorkyan, S. Radpour, and W. Semmler (2017): Financing Climate Policies through Climate Bonds: A Three-Stage Model and Empirics. Research in International Business and Finance, 42(C), 468 – 479.  Google Scholar
  15. Flammer, C. (2018): Corporate Green Bonds. Working Paper. Boston University.  Google Scholar
  16. Forni, L., M. Catalano, and E. Pezzolla (2019): Increasing Resilience: Fiscal Policy for Climate Adaptation, in: Pigato, M. (ed.), Fiscal Policies for Development and Climate Action. Washington D.C.: World Bank Group.  Google Scholar
  17. Gevorkyan, A., M. Flaherty, S. Radpour, and W. Semmler (2017): Financing Low Carbon Transitions Through Carbon Pricing and Green Bonds – Theory and Empirics. Manuscript, New School for Social Research.  Google Scholar
  18. GIZ (2018): Green Bonds – Ecosystem, Issuance Process and Case Studies. Consultation Draft. Bonn: Deutsche Gesellschaft für Internationale Zusammenarbeit.  Google Scholar
  19. Greiner, A., L. Gruene, and W. Semmler (2010): Growth and Climate Change: Threshold and Multiple Equilibria, in: Dynamic Systems, Economic Growth and Environment. Oxford University Press, New York.  Google Scholar
  20. Greiner, A., and W. Semmler (2008): Global Environment, Natural Resources and Economic Growth. Oxford University Press, New York.  Google Scholar
  21. Grubb, M., J. Hourcade, and K. Neuhoff (2014): Planetary Economics. Abingdon, Routledge.  Google Scholar
  22. Gruene, L., W. Semmler, and M. Stieler (2015): Using Nonlinear Model Predictive Control for Solving Dynamic Decisions Problems in Economics, Journal of Economic Dynamic and Control, 60, 112 – 133.  Google Scholar
  23. Hallegatte, S., M. Fay, and A. Vogt-Schilb (2013): Green Industrial Policies: When and How, World Bank Policy Research Working Paper 6677.  Google Scholar
  24. Heine, D., and S. Black (2019): Benefits beyond Climate: Environmental Tax Reforms, in: Pigato, M. (ed.), Fiscal Policies for Development and Climate Action. Washington D.C.: World Bank Group,1 – 64.  Google Scholar
  25. Hettich, S. (2000): Economic Growth and Environment Policy. Cheltenham, UK: Edward Elgar.  Google Scholar
  26. International Energy Agency (2014): World Energy Investment Outlook, Paris: IEA.  Google Scholar
  27. International Monetary Fund (2019): IMF Executive Board Reviews Fiscal Policies for Paris Climate Strategies, Press Release 19/136.  Google Scholar
  28. Karpf, A., and A. Mandel (2018): The changing value of the ‘green’ label on the US municipal bond market. Nature Climate Change 8(2), 161.  Google Scholar
  29. Kellett, C., S. Weller, T. Faulwasser, L. Grüne, and W. Semmler (2019): Feedback, dynamics, and optimal control in climate economics, Annual Reviews of Control.  Google Scholar
  30. King, D., J. Browne, R. Layard, G. O’Donnell, M. Rees, N. Stern, and A. Turner (2015): A Global Apollo Programme to Combat Climate Change, London: LSE Center for Economic Performance.  Google Scholar
  31. Lagarde, C., and V. Gaspar (2019): Getting Real on Meeting Paris Climate Change Commitments. IMF Blog. Available at https://blogs.imf.org/2019/05/03/getting-real-on-meeting-parisclimate-change-commitments/.  Google Scholar
  32. Liu, A. (2013): Tax Evasion and Optimal Environmental Taxes. Journal of Environmental Economics and Management, 66(3), 656 – 670.  Google Scholar
  33. Markandya, A., M. González-Eguino, and M. Escapa (2013): From shadow to green: Linking environmental fiscal reforms and the informal economy. Energy Economics, 40, S108–S118.  Google Scholar
  34. Marron, D., and A. Morris (2016): How to Use Carbon Tax Revenues. Washington D.C.: Tax Policy Center.  Google Scholar
  35. Mazzucato, M. (2013): The Entrepreneurial State: Debunking Public vs. Private Sector Myths. London: Anthem Press.  Google Scholar
  36. Mazzucato, M. (2015): The Green Entrepreneurial State, in: Scoones, I., Leach, M., and Newell, P. (eds.), The Politics of Green Transitions. Abingdon: Routledge.  Google Scholar
  37. Mazzucato, M. (2016): From Market Fixing to Market-Creating: A New Framework for Innovation Policy. Industry and Innovation, 23 (2), 140 – 156.  Google Scholar
  38. Mazzucato, M., and M. McPherson, (2018): The Green New Deal: A bold, mission-oriented approach. UCL Institute for Innovation and Public Purpose Working Paper IIPP PB 04.  Google Scholar
  39. Mazzucato, M., and G. Semieniuk (2017): Public financing of innovation: new questions, Oxford Review of Economic Policy, 33(1), pp. 24 – 48.  Google Scholar
  40. Mazzucato, M., and G. Semieniuk (2018a): Financing renewable energy: Who is financing what and why it matters, Technological Forecasting and Social Change, 127, 8 – 22.  Google Scholar
  41. Mazzucato, M., and G. Semieniuk, (2018b): Bridging the gap: The role of innovation policy and market creation, in: Christensen et al. (eds.), Emissions Gap Report 2018, Nairobi: United Nations Environment Programme.  Google Scholar
  42. Moody’s (2018): Sovereign green bond market on course for critical mass, but challenges remain. Sector in Depth: Sovereign and Supranational. Press Release 09/07/2018.  Google Scholar
  43. Norberg-Bohm, V. (2000): Creating Incentives for Environmentally Enhancing Technological Change: Lessons From 30 Years of US Energy Technology Policy. Technological Forecasting and Social Change, 65(2), 125 – 148.  Google Scholar
  44. Nordhaus, W. (2008): A Question of Balance. New Haven: Yale University Press.  Google Scholar
  45. Organisation for Economic Cooperation and Development (2017): Mobilising Bond Markets for a Low-Carbon Transition, Green Finance and Investment. Paris: OECD Publishing.  Google Scholar
  46. Organisation for Economic Cooperation and Development (2018): Taxing Energy Use 2018: Companion to the Taxing Energy Use Database. Paris: OECD Publishing.  Google Scholar
  47. Orlov, S., E. Rovenskaya, J. Puaschunder, and W. Semmler (2018): Green Bonds, Transition to a Low-carbon Economy, and Intergenerational Fairness – Evidence from the DICE Model. IIASA Working Paper, Laxenburg, Austria.  Google Scholar
  48. Parry, I., D. Heine, S. Li, and E. Lis (2014): Getting Energy Prices Right: From Principle to Practice. Washington, D.C.: International Monetary Fund.  Google Scholar
  49. Parry, I., C. Veung, and D. Heine (2015): How Much Carbon Pricing Is in Countries’ Own Interests? The Critical Role of Co-Benefits. Climate Change Economics, 6(4), 1550019.  Google Scholar
  50. Partridge, C., and F. Medda (2018): Green Premium in the Primary and Secondary US Municipal Bond Markets. London: QASER Laboratory, University College London.  Google Scholar
  51. Posner, R. (1992): Economic Analysis of Law. 4th ed. Chicago: Chicago University Press.  Google Scholar
  52. RBC Global assessment Management (2018): Responsible Investing Survey. Available at: https://www.rbcgam.com/en/ca/about-us/responsible-investment/our-latest-independent-research.  Google Scholar
  53. Reboredo, J. C. (2018): Green bond and financial markets: Co-movement, diversification and price spillover effects. Energy Economics, 74, 38 – 50.  Google Scholar
  54. Sachs, J. (2015): Climate Change and Intergenerational Well-Being, in: Bernard, L. & W. Semmler (ed.).The Oxford Handbook of the Macroeconomics of Global Warming, Oxford: Oxford University Press, 248 – 259.  Google Scholar
  55. Smulders, S. (1995): Entropy, Environment and Endogenous Growth. International Taxand Public Finance, 2(2), 319 – 340.  Google Scholar
  56. Stiglitz, J., N. Stern, M. Duan, O. Edenhofer, G. Giraud, G. Heal, E. Lèbre la Rovere, A. Morris, E. Moyer, M. Pangestu, P. Shukla, Y. Sokona, and H. Winkler (2017): Report of the High-Level Commission on Carbon Prices. Washington D.C.: World Bank Group.  Google Scholar
  57. Wagner, G., T. Kaberger, S. Olai, M. Oppenheimer, K. Rittenhouse, and T. Sterner (2015): Energy policy: Push renewables to spur carbon pricing. Nature News, 525(7567), 27.  Google Scholar
  58. Weller, S., S. Hafeez, and C. Kellett (2015): A receding horizon control approach to estimating the social cost of carbon in the presence of emissions and temperature uncertainty. IEEE 54th Annual Conference on Decision and Control (CDC), Osaka.  Google Scholar
  59. World Bank (2015): Green Bonds Are Changing Investor Expectations & Making Sustainable Investing Easier. Available at https://www.worldbank.org/en/news/feature/2015/01/22/green-bonds-changing-investor-expectations-three-trends.  Google Scholar
  60. World Bank (2018): Green Bond Impact Report, Washington D.C.: World Bank Treasury.  Google Scholar
  61. World Bank (2019a): State and Trends of Carbon Pricing 2019. Washington D.C.: World Bank.  Google Scholar
  62. World Bank (2019b): Finance Ministers Join Forces to Raise Climate Ambition. Press Release 2019/152/CCG.  Google Scholar

Abstract

Summary: To finance the transition to low-carbon economies required to mitigate climate change, countries are increasingly using a combination of carbon pricing and green bonds. This paper studies the reasoning behind such policy mixes and the economic interaction effects that result from these different policy instruments. We model these interactions using an intertemporal model, related to Sachs (2015), which proposes a burden sharing between current and future generations. The issuance of green bonds helps to enable immediate investment in climate change mitigation and adaptation, and the bonds would be repaid by future generations in such a way that those who benefit from reduced future environmental damage share in the burden of financing mitigation efforts undertaken today. We examine the effects of combining green bonds and carbon pricing in a three-phase model. We are using a numerical solution procedure which allows for finite-horizon solutions and phase changes. We show that green bonds perform better when they are combined with carbon pricing. Our proposed policy option appears to be politically more feasible than a green transition based only on carbon pricing and is more prudent for debt sustainability than a green transition that relies overly on green bonds.

Table of Contents

Section Title Page Action Price
Dirk Heine, Willi Semmler, Mariana Mazzucato, João Paulo Braga, Michael Flaherty, Arkady Gevorkyan, Erin Hayde, and Siavash Radpour: Financing Low-Carbon Transitions through Carbon Pricing and Green Bonds 29
Summary 29
Zusammenfassung 30
1 Introduction 30
2 Combining Carbon Pricing and Green Bonds 31
2.1 Role of carbon pricing 31
2.2 Role of green bonds 32
2.3 Interaction effects of carbon pricing and green bonds 35
3 Three Scenarios for the Climate Policy Mix 37
4 Conclusion 29
References 29
A Models and Assumptions 29
A.1 Scenario 1: Business as Usual 29
A.2 Scenario 2: Financing the Green Economy through Green Bonds 29
A.3 Scenario 3: Supporting the Green Economy through Carbon Taxes and Green Bonds 29
B Parameters and Assumptions 29
B.1 Scenario 1: Business as Usual 29
B.2 Scenario 2 and 3: Climate Policies 30

Contact

Duncker & Humblot GmbH Carl-Heinrich-Becker-Weg 9 12165 Berlin, Deutschland T: +49 30 790006-0

Quick Navigation

2024 Duncker & Humblot GmbH

Powered by CloudPublish

We use cookies to ensure that you get the best experience on our website. Learn more about how we use cookies.