Economic Consequences of Large Extraction Declines: Lessons for the Green Transition

The global energy transition is affecting fossil fuel exporters from multiple angles. It is adding to longstanding uncertainties on relative movements of fossil fuel demand and supply—which impact fossil fuel-related exports, fiscal flows, investment and subsequently external and fiscal accounts, economic growth, and employment. While policymakers are very familiar with these challenges, they now also face expectations of a permanent decline in the long-run global demand for fossil fuels. Key factors that could determine country-level impacts include (i) the type of fossil fuel a country exports (ii) extraction costs and (iii) country characteristics. The monitoring and mitigation of fiscal risks will need to be stepped up. Fiscal policy also has a role in reducing domestic emissions, encouraging adoption of low-carbon technologies, and helping those most vulnerable to changes from the transition. Broader macroeconomic risks can be reduced by accelerating ongoing structural reforms that support alternative engines of growth. Low- or zero-carbon emission energy industries could offer new avenues that build on existing fossil fuel knowledge and infrastructure. Concurrently, improved financial regulation and supervision could reduce financial sector exposures. Finally, international coordination on the design and implementation of climate policy as well as international transfer schemes (financing and capacity development) could reduce uncertainties surrounding the transition path and associated adverse economic consequences.

International cooperation is essential for fostering global connectivity and building resilient logistics systems. Geopolitical shifts and climate change present significant challenges that could disrupt the efficient operation of these systems. In the face of global instability, diversification and redundancy in transportation systems and modes are vital, with supply security forming the backbone of the global economy's smooth functioning. How can the resilience of value chains be bolstered amidst geopolitical pressures while navigating these dual transitions? How can logistics adapt to and capitalize on the new wave of potentially protectionist industrial policies? What strategies can be employed to mitigate risks, particularly for Europe, Italy, and the businesses involved?

The latest World Economic Outlook reports economic activity was surprisingly resilient through the global disinflation of 2022–23, despite significant central bank interest rate hikes to restore price stability. Risks to the global outlook are now broadly balanced compared with last year. Monetary policy should ensure that inflation touches down smoothly, while a renewed focus on fiscal consolidation is needed to rebuild room for budgetary maneuver and to ensure debt sustainability. Structural reforms are crucial to revive medium-term growth prospects amid constrained policy space.

Global current account balances—the overall size of current account deficits and surpluses—continued to widen in 2021 to 3.5 percent of world GDP, and are expected to widen again this year. The IMF’s multilateral approach suggests that global excess balances narrowed to 0.9 percent of world GDP in 2021 compared with 1.2 percent of world GDP in 2020. The pandemic has continued to affect economies’ current account balances unevenly through the travel and transportation sectors as well as a shift from services to goods consumption. Commodity prices recovered from the COVID-19 shock and started rising in 2021 with opposite effects on the external position of exporters and importers, a trend that the war in Ukraine is exacerbating in 2022. The medium-term outlook for global current account balances is a gradual narrowing as the impact of the pandemic fades away, commodity prices normalize, and fiscal consolidation in current account deficit economies progresses. However, this outlook is highly uncertain and subject to several risks. Policies to promote external rebalancing differ with positions and needs of individual economies.

Encyclopedia of Renewable Energy, Sustainability and the Environment, Four Volume Set comprehensively covers all renewable energy resources, including wind, solar, hydro, biomass, geothermal energy, and nuclear power, to name a few. In addition to covering the breadth of renewable energy resources at a fundamental level, this encyclopedia delves into the utilization and ideal applications of each resource and assesses them from environmental, economic, and policy standpoints. This book will serve as an ideal introduction to any renewable energy source for students, while also allowing them to learn about a topic in more depth and explore related topics, all in a single resource.Instructors, researchers, and industry professionals will also benefit from this comprehensive reference. - Covers all renewable energy technologies in one comprehensive resource - Details renewable energies' processes, from production to utilization in a single encyclopedia - Organizes topics into concise, consistently formatted chapters, perfect for readers who are new to the field - Assesses economic challenges faced to implement each type of renewable energy - Addresses the challenges of replacing fossil fuels with renewables and covers the environmental impacts of each renewable energy

The United States economy rebounded strongly from the depths of the pandemic recession, aided by a large and enduring government policy response. However, Russia’s war against Ukraine and strong inflationary pressures have dampened the economic outlook. The administration is reinforcing public welfare through packages that invest in infrastructure and the climate transition, but an ageing population means fiscal pressures are on the horizon.

Using climate justice as an analytical tool, this volume examines the role of local mitigation and adaptation actions in Southern African in furthering climate resilient development. Climate Action in Southern Africa examines the intrinsic connection between local climate actions, climate resilient development and strides towards a just transition. The theoretical grounding in climate justice allows the authors to analyze whether current climate actions in Africa are truly effective for the poor and marginalized whose lives and livelihoods are impacted by a climate crisis largely not of their making. The authors also question the extent to which pathways to net zero carbon emissions by 2050 are achievable in Africa and ask whether this can be attained without undermining livelihoods and human development. Overall, the book argues that for any transition to be a just transition it has to be aligned with the pursuit of sustainable development and climate justice for current and future generations on the African continent. Drawing out key factors including politics, gender and migration, this volume will be of great interest to students and scholars of climate change, climate justice and African development.

Finland has a strong reputation as a leader in environmental policy and sustainable development. It committed to become carbon neutral by 2035 and to pioneer the world’s first circular economy.