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Nordic Economic Policy Review 2019

Climate Policies in the Nordics

image of Nordic Economic Policy Review 2019

The articles in the 2019 Nordic Economic Policy Review analyse how the Nordic countries best can contribute to international climate policy. The articles cover topics such as: How can the Nordics help raise the ambitions in the Paris Agreement? What is the effect of national policy on emissions regulated by the EU Emissions Trading System? Would it be cost-effective for the Nordic countries to pay for emission reductions elsewhere to a larger extent? What role should be played by subsidies to green technology? Should Norway put more emphasis on supply-side policies, that is, on limiting future extraction of oil and gas? The volume contains five papers with associated comments which were originally presented at a conference in Stockholm on 24 October 2018.

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Supply-Side Climate Policy in Norway

To reach the Paris Agreement target – keeping global warming well below two degrees Celsius – there is a need for emission reductions on top of those already pledged. Norway has an ambitious climate policy targeting demand, while on the supply side exports of oil and gas contribute significantly to global emissions. This paper reviews the literature to assess whether a reduction in Norwegian oil extraction constitutes a cost-efficient policy to reduce global emissions. Key factors are the costs of reducing domestic supply and demand, the effect of domestic reductions on global emissions and the effect on the technological development.

English

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