{
  "title": "A Framework for Comparing Climate Mitigation Policies Across Countries",
  "publication": "IMF Working Papers, December 16, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2022/12/16/a-framework-for-comparing-climate-mitigation-policies-across-countries-527049",
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  "summary": "There is growing interest in international coordination over climate mitigation policy. Climate clubs or international carbon price floors could complement the Paris Agreement by helping to deliver the near-term cuts in global greenhouse gas emissions needed to contain global warming to 1.5 to 2oC.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Purpose: Present and illustrate a methodology for converting climate mitigation policies and targets into their carbon price equivalents and apply it to the Group of Twenty (G20) countries.\n- Rationale:\n  - Growing interest in international coordination over climate mitigation policy, including climate clubs or international carbon price floors.\n  - Such arrangements could complement the Paris Agreement by helping to deliver the near-term cuts in global greenhouse gas emissions needed to contain global warming to 1.5 to 2oC.\n  - To ensure inclusivity, arrangements must account for varying mitigation policies across countries, including carbon pricing, fuel taxes, subsidy reform, and non-pricing approaches like regulations.\n- Need identified: A transparent methodology to compare and monitor mitigation effort across countries implementing diverse policy packages."
    },
    {
      "heading": "Methodology (conceptual)",
      "content": "- Core approach: Convert diverse climate mitigation policies and targets into their carbon price equivalents to enable comparable metrics across policy packages.\n- Policy instruments covered:\n  - Carbon pricing\n  - Fuel taxes\n  - Subsidy reform\n  - Non-pricing approaches such as regulations (e.g., emission rate standards, industry emissions targets, sectoral targets)\n- Model/tools referenced: IMF-WB Climate Policy Assessment Tool, IMF-WB CPAT Model.\n- Intended outputs: Policy equivalence measures (carbon price equivalence) and quantified emissions impact and emissions reductions from policies."
    },
    {
      "heading": "Application and Scope",
      "content": "- Applied to: Group of Twenty (G20) countries.\n- Analytical focus: Translating national mitigation policies and targets into comparable carbon price signals to assess relative mitigation effort.\n- Data and themes emphasized in keywords and subject headings: Climate policy, Environment, Fuel tax, Greenhouse gas emissions, Taxes; and keywords including BAU emissions projection, carbon price equivalence, emissions impact, Emissions reductions, G20, Global, mitigation approach, non-pricing instrument, policy instrument, policy package, reductions from Policies, temperature aligned mitigation."
    },
    {
      "heading": "Key findings and implications (as presented)",
      "content": "- International coordination mechanisms (climate clubs, carbon price floors) can play a complementary role to the Paris Agreement in achieving near-term emission cuts.\n- Inclusivity requirement: Any international arrangement should incorporate heterogeneous national policies (pricing and non-pricing) through a transparent, comparable metric.\n- The carbon price equivalence methodology provides a way to:\n  - Compare mitigation effort across countries with diverse policy mixes.\n  - Monitor progress toward mitigation targets in a standardized manner.\n  - Inform the design of cooperative international instruments (e.g., to set floors or club terms based on comparable effort)."
    },
    {
      "heading": "Policy recommendations and uses",
      "content": "- Use the carbon price equivalence framework to:\n  - Enhance transparency in international negotiations and coordination.\n  - Inform the design of climate clubs or international carbon price floors that accommodate diverse national approaches.\n  - Support monitoring and assessment of countries’ mitigation efforts using a common metric.\n- Leverage the IMF-WB CPAT Model and related tools to quantify policy equivalence and emissions impacts for policymaking and international fora."
    },
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      "content": "- Authors: Simon Black, Danielle N Minnett, Ian W.H. Parry, James Roaf, Karlygash Zhunussova\n- Date: December 16, 2022\n- Series: Working Paper No. 2022/254\n- Pages: 39\n- DOI: https://doi.org/10.5089/9798400228285.001\n- ISBN: 9798400228285\n\nSource: IMF Working Papers — \"A Framework for Comparing Climate Mitigation Policies Across Countries\", Working Paper No. 2022/254 (December 16, 2022).\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/2022/12/16/a-framework-for-comparing-climate-mitigation-policies-across-countries-527049"
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    "Authors: Simon Black, Danielle N Minnett, Ian W.H. Parry, James Roaf, Karlygash Zhunussova",
    "Published: December 16, 2022",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9798400228285.001",
    "Purpose: Present and illustrate a methodology for converting climate mitigation policies and targets into their carbon price equivalents and apply it to the Group of Twenty (G20) countries.",
    "Rationale:",
    "Need identified: A transparent methodology to compare and monitor mitigation effort across countries implementing diverse policy packages.",
    "Core approach: Convert diverse climate mitigation policies and targets into their carbon price equivalents to enable comparable metrics across policy packages.",
    "Policy instruments covered:",
    "Model/tools referenced: IMF-WB Climate Policy Assessment Tool, IMF-WB CPAT Model.",
    "Intended outputs: Policy equivalence measures (carbon price equivalence) and quantified emissions impact and emissions reductions from policies.",
    "Applied to: Group of Twenty (G20) countries.",
    "Analytical focus: Translating national mitigation policies and targets into comparable carbon price signals to assess relative mitigation effort.",
    "Data and themes emphasized in keywords and subject headings: Climate policy, Environment, Fuel tax, Greenhouse gas emissions, Taxes; and keywords including BAU emissions projection, carbon price equivalence, emissions impact, Emissions reductions, G20, Global, mitigation approach, non-pricing instrument, policy instrument, policy package, reductions from Policies, temperature aligned mitigation.",
    "International coordination mechanisms (climate clubs, carbon price floors) can play a complementary role to the Paris Agreement in achieving near-term emission cuts.",
    "Inclusivity requirement: Any international arrangement should incorporate heterogeneous national policies (pricing and non-pricing) through a transparent, comparable metric.",
    "The carbon price equivalence methodology provides a way to:",
    "Use the carbon price equivalence framework to:",
    "Leverage the IMF-WB CPAT Model and related tools to quantify policy equivalence and emissions impacts for policymaking and international fora.",
    "Authors: Simon Black, Danielle N Minnett, Ian W.H. Parry, James Roaf, Karlygash Zhunussova",
    "Date: December 16, 2022",
    "Series: Working Paper No. 2022/254",
    "Pages: 39",
    "DOI: https://doi.org/10.5089/9798400228285.001",
    "ISBN: 9798400228285",
    "**Working Paper**"
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