The Environmental Bias of Trade Policy∗
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Shadow Price of Carbon in Economic Analysis Guidance Note
Guidance note on shadow price of carbon in economic analysis Nov 12, 2017 Shadow price of carbon in economic analysis Guidance note This guidance note is intended to help World Bank staff value carbon emissions in economic analysis of investment project financing. The economic analysis is requested under Operational Policy and Bank Procedure (OP/BP) 10.00. The guidance provided in this note aims to enhance the economic analysis by using the shadow price of carbon for applicable projects. It replaces the 2014 “Social Value of Carbon in Project Appraisal Guidance Note”. The note will be updated and complemented from time to time, based on new knowledge and feedback from teams. Applicability The use of shadow price of carbon in the economic analysis is a corporate commitment1 for all IBRD/IDA investment project financing that are subject to GHG accounting. GHG accounting is undertaken for IBRD/IDA investment lending projects in Global Practices with Bank approved GHG accounting methodologies. Projects that are not subject to GHG accounting do not have to use the shadow price of carbon in the economic analysis.2 The corporate commitment to apply shadow price of carbon in economic analysis is effective for projects with concept notes approved on or after July 1, 2017. Projects that are not subject to GHG accounting are invited to use shadow price of carbon in the economic analysis, on a voluntary basis. Background In 2015, the world came together and agreed to limit global warming to less than 2ºC by 2100, and make best efforts to limit warming to 1.5ºC. -
United States Code: the Tariff Commission, 19 USC §§ 91-107
TITLE 19.-CUSTOM, 1 DUTIES § 123a station to another for duty may be allowed, within tihe discre- 96. Invcstigatios as to customs.-- Supersedecd.l tion and under written orders of the Secretary of the Treasury, This section mast5uperseded by I 1332 (a) of this title. the expenses incurred for packing, crating, freight, and dray- 97. Information to President and Congress.--[ SUplerseded.I age in the transfer of their household effects and other per- This section was superseded sonal property. (Mar. 4, 1923, c. 251, § 5, -12 Stat. 145; June by J 1332 (g) of this tillO. 17, 1930, c. 497, Title IV, § G-15(b), 46 Stat. 701.) 98. Investigating tnmiff relations with foreign countries.-- This section was in part repealed by 1 015 (b) of Act June 17, [Sulerseded. 1 1930, cited thereto, which read its follows: "So much of the Act This section was superseded by 1 1132 (b) of lihs titl. entitied 'An Act to provide the necessary organization of the Customs Service for an udequate administration and enforcement 100. Documents and copies for investigations; teltimony; of the Tariff Act of 1922 and all other customs revenue laws,' ip. compelling production of books or papers; freedom of wit- proved M[arch 4, 1923, as anitided, as limits the amount of house. nesses from prosecution.-[SUlitrsededI. hold effects and other personal property of customs officers nl employees for which expenses may be allowed upon transfer from This section wits suprsedeld hy 111313(a) itn (e) of this tlil, one oflehil station to another, is hereby retlied." and the auendatory set of Selpt. -
Jesus on Tithing 17
www.Tithing.com 1 CHAPTER INDEX PREFACE 3 INTRODUCTION 5 FIRST FRUITS 8 ABRAHAM & JACOB 11 JESUS ON TITHING 17 ETERNAL PRINCIPLE 21 THE MINIMUM STANDARD 29 THE LOCAL STOREHOUSE 33 THE BURDEN OF TITHING 38 GREATER GIVING 43 CLOSING THOUGHTS 51 www.Tithing.com 2 PREFACE The preface may be the most important portion to read in this whole book. This will define some terms and clear up some preconceived notions before we proceed to more controversial issues. If you do not believe the tithe is commanded, and are giving through freewill, Spirit-led giving, this resource is written in support of your view of giving; but if you read this only gaining support for the tithing debate, then you will have missed greater intentions that the Spirit of God has. If you support tithing (a minimum requirement of 10%), this resource is not written in total support of your view, but if you feel that this resource will make attempts to excuse selfishness, greed, and disobedience, then you will have missed the greater intentions of giving written here. The challenge for all is to gain knowledge and experience of the greater call and higher guilt led by the Holy Spirit. Whether you give beyond the tithe with limitless offerings, or you give freely, you already exercise the tool used to define "Spirit-led giving". This book will challenge you to give sacrificially. First, let’s explain and compare two types of givers. 1. Cheerful tither - They follow the examples in scripture about tithing, while cheerfully and willingly committing themselves to give a 10% minimum. -
Personal Carbon Allowances Revisited
PERSPECTIVE https://doi.org/10.1038/s41893-021-00756-w Personal carbon allowances revisited Francesco Fuso Nerini 1 ✉ , Tina Fawcett2, Yael Parag 3 and Paul Ekins4 Here we discuss how personal carbon allowances (PCAs) could play a role in achieving ambitious climate mitigation targets. We argue that recent advances in AI for sustainable development, together with the need for a low-carbon recovery from the COVID-19 crisis, open a new window of opportunity for PCAs. Furthermore, we present design principles based on the Sustainable Development Goals for the future adoption of PCAs. We conclude that PCAs could be trialled in selected climate-conscious technologically advanced countries, mindful of potential issues around integration into the current policy mix, privacy concerns and distributional impacts. limate change could undermine the achievement of at were proposed to be sold by individuals via banks and post offices to least 72 Targets across the Sustainable Development Goals fossil fuel companies11. In California, household carbon trading was C(SDGs)1. The development of a just and equitable transition proposed for household energy, and managed by the utilities12. In to a net-zero society is vital to avoiding the worst impacts of climate France, centrally managed tradable transport carbon permits were change1. However, by May 2021, Climate Action Tracker2 estimated assessed related to private transport13. Scholars from the University that climate policies implemented across the world at present, of Groningen have proposed European Union (EU)-wide emis- including the effect of the pandemic, will lead to a temperature rise sions trading for households and transport, embedded in the EU of 2.9 °C by the end of the century. -
Tax Policies in Open Economies
Tax Policies in Open Economies by Rishi R. Sharma A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy (Economics) in the University of Michigan 2016 Doctoral Committee: Professor Alan V. Deardorff, Co-Chair Professor James R. Hines, Jr., Co-Chair Assistant Professor Kyle Handley Professor Joel B. Slemrod ACKNOWLEDGEMENTS I am extremely grateful to Alan Deardorff, Jim Hines, Kyle Handley and Joel Slemrod for their advice and guidance throughout this dissertation. ii TABLE OF CONTENTS ACKNOWLEDGEMENTS ii LIST OF APPENDICES iv CHAPTER I. Introduction 1 II. Incentives to Tax Foreign Investors 3 Introduction 3 Model 5 Optimal Taxation 9 Additional Discussion 11 Conclusion 15 III. Taxing and Subsidizing Foreign Investors 16 Introduction 16 Model 18 Inframarginal Taxes and Marginal Subsidies 22 Further Discussion 25 Conclusion 27 IV. Optimal Tariffs with Inframarginal Exporters 28 Introduction 28 Model 30 Tariff Analysis 32 Additional Considerations 35 Conclusion 37 Appendices 38 References 49 iii LIST OF APPENDICES APPENDIX A. Appendix to Chapter II 38 B. Appendix to Chapter III 44 C. Appendix to Chapter IV 47 iv Chapter I Introduction This dissertation consists of three papers that use economic theory to study tax policies in open economies. The first two papers study fiscal policies towards inbound foreign direct investment (FDI), while the third studies international trade policy. These papers together contribute to our understanding of government incentives to use fiscal instruments to improve domestic welfare in open economy settings. Chapter II studies a small country’s incentives to tax foreign investors. A central result in the theory of international taxation argues that small countries should not impose taxes on inbound FDI (Gordon, 1986). -
International Tax Cooperation and Capital Mobility
CEPAL CEPALREVIEW REVIEW 77 • AUGUST 77 2002 65 International tax cooperation and capital mobility Valpy FitzGerald University of Oxford The international mobility of capital and the geographical edmond.fitzgerald @st-antonys.oxford.ac.uk dispersion of firms have clear advantages for the growth and modernization of Latin America and the Caribbean, but they also pose great challenges. Modern principles of capital taxation for open developing economies indicate the need to find the correct balance between the encouragement of private investment and the financing of social infrastructure, both of which are necessary for sustainable growth. This balance can be sub-optimal when countries compete for foreign investment by granting tax incentives or applying conflicting principles in determining the tax base. The fiscal authorities of the region could obtain a more equitable share of capital tax revenue, without depressing investment and growth, through more effective regional tax rules, double taxation treaties, information sharing and treatment of offshore financial centres along the lines already promoted for OECD members. INTERNATIONAL TAX COOPERATIONAUGUST AND CAPITAL 2002 MOBILITY • VALPY FITZGERALD 66 CEPAL REVIEW 77 • AUGUST 2002 I Introduction Globalization involves increasing freedom of capital for developing as well as developed countries. Latin movement: both for firms from industrialized countries America and the Caribbean have been at the forefront investing in developing countries, and for financial asset of the liberalization -
New Experimental Electricity Tariff Systems for Household End Use
Panel 2 - ID 54 - p1 Wols i n k New experimental electricity tariff systems for household end Use Ma a r ten Wol s i n k De p a r tment of Environmental Science, University of Amster da m Abstract A significant tool in Demand Side Management is the structure of tariffs. Price incentives can be directed at dif- ferent parts of the efficiency-concept: efficiency in capacity planning, efficiency in total electricity consumption, efficiency in total fossil fuel use, efficiency in total energy demand. The tariff system, which is currently used in the Netherlands, does not give proper price incentives for end-user efficiency. In particular total electricity demand is rather stimulated, which is somewhat dampened by the introduction of the eco-tax. In the Netherlands field experiments with tariff systems directed at influencing household electricity demand were carried out by five utilities. In the experiments differentiated tariff-variants were introduced, replacing the old tariff-system. The experiments included voluntary price differentiation, which introduced a free-rider prob- lem in combination with the chosen price levels. Furthermore remote-monitoring, feedback, special peak-pricing etc. were implemented in the experiments. Some interesting options, in particular those influencing total demand, were not implemented by utilities. The reasons for it should be categorized as ‘strategic’ and part of the utilities’ policy. 1. Reasons for tariff experimentation In 1989 the electricity sector in the Netherlands was reorganized. Part of it was the separation by law of produc- tion companies and distribution utilities. A series of changes in purchase-rates from producers in which flexibility and capacity-cost became more important urged utilities to pay more attention to load patterns. -
Optimal Benefit-Based Corporate Income
Optimal Benefit-Based Corporate Income Tax Simon M Naitram∗ Adam Smith Business School, University of Glasgow June 26, 2019 Abstract I derive an optimal benefit-based corporate tax rate formula as a function of the public input elasticity of profits and the (net of) tax elasticity of profits. I argue that the existence of the corporate income tax should be justified by the benefit-based view of taxation: firms should pay tax according to the benefits they receive from the use of the public input. I argue that benefit-based corporate taxation is normatively fair. Since the public input is a location-specific factor, a positive benefit-based corporate tax rate is also feasible even in a small open economy. The benefit-based view gives three clear principles of corporate tax design. First, we should tax corporate profits at source. Second, the optimal tax base is location-specific rents. Third, profit shifting is normatively wrong. An empirical application of the formula suggests the optimal benefit-based corporate tax rate on public corporations in the United States lies in the range of 35 to 52 percent. JEL: H21; H25; H32; H41 Keywords: benefit principle; optimal corporate tax; public input 1 Introduction The view that `corporations must pay their fair share' dominates public opinion. In 2017, Amer- icans' biggest complaint about the federal tax system was the feeling that some corporations do not pay their fair share of tax. Sixty-two percent of respondents said they were bothered `a lot' by corporations who did not pay their fair share (Pew Research Center, 2017a). -
How to Price Carbon to Reach Net-Zero Emissions in the UK
How to price carbon to reach net-zero emissions in the UK Joshua Burke, Rebecca Byrnes and Sam Fankhauser Policy report May 2019 The Centre for Climate Change Economics and Policy (CCCEP) was established in 2008 to advance public and private action on climate change through rigorous, innovative research. The Centre is hosted jointly by the University of Leeds and the London School of Economics and Political Science. It is funded by the UK Economic and Social Research Council. More information about the ESRC Centre for Climate Change Economics and Policy can be found at: www.cccep.ac.uk The Grantham Research Institute on Climate Change and the Environment was established in 2008 at the London School of Economics and Political Science. The Institute brings together international expertise on economics, as well as finance, geography, the environment, international development and political economy to establish a world-leading centre for policy-relevant research, teaching and training in climate change and the environment. It is funded by the Grantham Foundation for the Protection of the Environment, which also funds the Grantham Institute – Climate Change and the Environment at Imperial College London. More information about the Grantham Research Institute can be found at: www.lse.ac.uk/GranthamInstitute About the authors Joshua Burke is a Policy Fellow and Rebecca Byrnes a Policy Officer at the Grantham Research Institute on Climate Change and the Environment. Sam Fankhauser is the Institute’s Director and Co- Director of CCCEP. Acknowledgements This work benefitted from financial support from the Grantham Foundation for the Protection of the Environment, and from the UK Economic and Social Research Council through its support of the Centre for Climate Change Economics and Policy. -
Putting a Price on Carbon with an ETS
Putting a Price on Carbon with an ETS Summary of Key Findings: • An ETS is an explicit carbon pricing instrument that limits or caps the allowed amount of GHG emissions and lets market forces disclose the carbon price through emitters trading emissions allowances. • 35 countries (incl. 28 in the EU) and 20 subnational jurisdictions have adopted emissions trading programs. Defining Emissions Trading Schemes (ETS) An ETS – or cap-and-trade program – is managed by a governing jurisdiction that sets a limit or a cap on the total level of covered GHG emissions – including CO2. The allowances to emit are distributed to liable entities (direct emission sources or others) that must redeem allowances for every emitted ton of CO2, with the possibility to buy additional allowances or sell unused ones. As liable entities consider the cost of their emissions within their production processes and the possibility to buy or sell allowances, a market for CO2 emerges, setting a price on CO2 that acts as a reduction incentive for all liable entities. This price influences decisions both in the short-term management of existing assets and in the longer-term direction of investments. 1 An ETS – as opposed to a tax – is a quantity-based policy, i.e., it offers certainty over the environmental outcome (i.e., “cap”) but leaves it to the market (i.e., “trade”) to set the price of carbon. ETS around the World Emissions trading was first experimented in the United States, through an amendment to the U.S Clean Air Act (1990) that introduced a market-based regulation to control sulfur dioxide emissions from coal- burning electric utility plants – the primary cause of acid rain. -
Carbon Prices Under Carbon Market
Carbon prices under carbon market scenarios consistent with the Paris Agreement: Implications for the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) Analysis conducted by Pedro Piris-Cabezas, Ruben Lubowski and Gabriela Leslie of the Environmental Defense Fund (EDF)* 20 March 2018 Executive Summary This report analyzes alternative scenarios for the demand for and supply of greenhouse gas emissions units and the resulting carbon price ranges facing the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). The International Civil Aviation Organization (ICAO), the United Nations specialized agency for international air transport, agreed on CORSIA in 2016 as part of a package of policies to help achieve its goal of carbon-neutral growth for international aviation over 2021-2035.1 The current study explicitly examines emissions unit demand and supply in the context of broader carbon markets expected to emerge as the 2015 Paris Agreement2 moves forward. The projected demand for emissions units from the implementation of CORSIA is based on an interactive tool from the Environmental Defense Fund (EDF) that estimates overall coverage and demand from CORSIA in light of current levels of anticipated participation.3 We estimate carbon prices by applying EDF’s carbon market modeling framework to consider various scenarios for domestic and international emission trading. The EDF carbon market tool balances demand and supply of emissions reductions from multiple sources and sectors in a dynamic framework. We examine the price of emissions reduction units in CORSIA in a context where airlines will face competing demand for units from other sectors covered under each nation’s current Nationally Determined Contributions (NDC) pledges. -
The Pathway to a Green New Deal: Synthesizing Transdisciplinary Literatures and Activist Frameworks to Achieve a Just Energy Transition
The Pathway to a Green New Deal: Synthesizing Transdisciplinary Literatures and Activist Frameworks to Achieve a Just Energy Transition Shalanda H. Baker and Andrew Kinde The “Green New Deal” resolution introduced into Congress by Representative Alexandria Ocasio Cortez and Senator Ed Markey in February 2019 articulated a vision of a “just” transition away from fossil fuels. That vision involves reckoning with the injustices of the current, fossil-fuel based energy system while also creating a clean energy system that ensures that all people, especially the most vulnerable, have access to jobs, healthcare, and other life-sustaining supports. As debates over the resolution ensued, the question of how lawmakers might move from vision to implementation emerged. Energy justice is a discursive phenomenon that spans the social science and legal literatures, as well as a set of emerging activist frameworks and practices that comprise a larger movement for a just energy transition. These three discourses—social science, law, and practice—remain largely siloed and insular, without substantial cross-pollination or cross-fertilization. This disconnect threatens to scuttle the overall effort for an energy transition deeply rooted in notions of equity, fairness, and racial justice. This Article makes a novel intervention in the energy transition discourse. This Article attempts to harmonize the three discourses of energy justice to provide a coherent framework for social scientists, legal scholars, and practitioners engaged in the praxis of energy justice. We introduce a framework, rooted in the theoretical principles of the interdisciplinary field of energy justice and within a synthesized framework of praxis, to assist lawmakers with the implementation of Last updated December 12, 2020 Professor of Law, Public Policy and Urban Affairs, Northeastern University.