{
  "title": "Creative Destruction During Crises - An Opportunity for a Cleaner Energy Mix",
  "publication": "IMF Working Papers, December 3, 2021",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2021/12/03/creative-destruction-during-crises-an-opportunity-for-a-cleaner-energy-mix-510786",
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  "summary": "Lockdowns resulting from the COVID-19 pandemic have reduced overall energy demand but electricity generation from renewable sources has been resilient.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- Lockdowns resulting from the COVID-19 pandemic have reduced overall energy demand but electricity generation from renewable sources has been resilient.\n- The empirical analysis presented in this paper highlights that recessions result in a permanent, albeit small, increase in energy efficiency and in the share of renewables in total electricity.\n- These effects are stronger in the case of advanced economies and when complemented with environment and energy policies."
    },
    {
      "heading": "Empirical results and implications",
      "content": "- Recessions → permanent, albeit small, increase in:\n  - energy efficiency\n  - the share of renewables in total electricity\n- Resilience of renewable electricity generation during COVID-19 lockdowns partly reflects the trend increase in renewables."
    },
    {
      "heading": "Policy measures that strengthen effects",
      "content": "- Market-based measures:\n  - taxes on pollutants\n  - trading schemes\n  - feed-in-tariffs\n- Non-market measures:\n  - emission and fuel standards\n  - R&D investment and subsidies\n- These measures incentivize and hasten the transition towards renewable sources of energy."
    },
    {
      "heading": "Scope, subjects, and keywords",
      "content": "- Subject: Commodities, Economic growth, Economic recession, Electricity, Environment, Environmental policy, Non-renewable resources, Renewable energy\n- Keywords: Covid-19 lockdowns, Economic recession, Electricity, electricity generation, energy demand, energy mix, energy use, Environmental policy, environmental protection stringency, Global, impact of recession, Non-renewable resources, recession, recession result, Renewable energy, renewables.\n\nIMF Working Paper by Pragyan Deb, Davide Furceri, Jonathan David Ostry, and Nour Tawk, December 3, 2021.\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2021/12/03/creative-destruction-during-crises-an-opportunity-for-a-cleaner-energy-mix-510786"
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    "Authors: Pragyan Deb, Davide Furceri, Jonathan David Ostry, Nour Tawk",
    "Published: December 3, 2021",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781616357115.001",
    "Lockdowns resulting from the COVID-19 pandemic have reduced overall energy demand but electricity generation from renewable sources has been resilient.",
    "The empirical analysis presented in this paper highlights that recessions result in a permanent, albeit small, increase in energy efficiency and in the share of renewables in total electricity.",
    "These effects are stronger in the case of advanced economies and when complemented with environment and energy policies.",
    "Recessions → permanent, albeit small, increase in:",
    "Resilience of renewable electricity generation during COVID-19 lockdowns partly reflects the trend increase in renewables.",
    "Market-based measures:",
    "Non-market measures:",
    "These measures incentivize and hasten the transition towards renewable sources of energy.",
    "Subject: Commodities, Economic growth, Economic recession, Electricity, Environment, Environmental policy, Non-renewable resources, Renewable energy",
    "Keywords: Covid-19 lockdowns, Economic recession, Electricity, electricity generation, energy demand, energy mix, energy use, Environmental policy, environmental protection stringency, Global, impact of recession, Non-renewable resources, recession, recession result, Renewable energy, renewables.",
    "**Working Paper**"
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