Impact assessment of emissions stabilization scenarios with and without induced technological change
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Impact assessment of emissions stabilization scenarios with and without induced technological change. / Kemfert, Claudia; Truong, Truong.
In: Energy Policy, Vol. 35, No. 11, 01.11.2007, p. 5337-5345.Research output: Journal contributions › Journal articles › Research › peer-review
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TY - JOUR
T1 - Impact assessment of emissions stabilization scenarios with and without induced technological change
AU - Kemfert, Claudia
AU - Truong, Truong
PY - 2007/11/1
Y1 - 2007/11/1
N2 - The main aim of this paper is to investigate quantitatively the economic impacts of emissions stabilization scenarios with and without the inclusion of induced technological change (ITC). Improved technological innovations are triggered by increased research and development (R&D) expenditures that advance energy efficiencies. Model results show that ITCs due to increased investment in R&D reduce compliance costs. Although R&D expenditures compete with other investment expenditures, we find that increased R&D expenditures improve energy efficiency, which substantially lowers abatement costs. Without the inclusion of ITC, emissions targets are primarily reached by declines in production, resulting in overall welfare reductions. With the inclusion of ITCs, emissions mitigation can result in fewer production and GDP drawbacks.
AB - The main aim of this paper is to investigate quantitatively the economic impacts of emissions stabilization scenarios with and without the inclusion of induced technological change (ITC). Improved technological innovations are triggered by increased research and development (R&D) expenditures that advance energy efficiencies. Model results show that ITCs due to increased investment in R&D reduce compliance costs. Although R&D expenditures compete with other investment expenditures, we find that increased R&D expenditures improve energy efficiency, which substantially lowers abatement costs. Without the inclusion of ITC, emissions targets are primarily reached by declines in production, resulting in overall welfare reductions. With the inclusion of ITCs, emissions mitigation can result in fewer production and GDP drawbacks.
KW - Economics
KW - Climate policy
KW - Induced technological change
KW - Integrated assessment
UR - http://www.scopus.com/inward/record.url?scp=34548782145&partnerID=8YFLogxK
UR - https://www.mendeley.com/catalogue/94b281d9-fdf7-3cdb-92ad-c29eb30af0ce/
U2 - 10.1016/j.enpol.2006.01.033
DO - 10.1016/j.enpol.2006.01.033
M3 - Journal articles
AN - SCOPUS:34548782145
VL - 35
SP - 5337
EP - 5345
JO - Energy Policy
JF - Energy Policy
SN - 0301-4215
IS - 11
ER -