Getting Energy Prices Right: From Principle to Practice

Business & Finance, Economics, Public Finance, Finance & Investing, Banks & Banking, Macroeconomics
Cover of the book Getting Energy Prices Right: From Principle to Practice by Ian W.H. Parry, Dirk  Mr. Heine, Eliza  Lis, Shanjun  Li, INTERNATIONAL MONETARY FUND
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Author: Ian W.H. Parry, Dirk Mr. Heine, Eliza Lis, Shanjun Li ISBN: 9781498343107
Publisher: INTERNATIONAL MONETARY FUND Publication: July 22, 2014
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: Ian W.H. Parry, Dirk Mr. Heine, Eliza Lis, Shanjun Li
ISBN: 9781498343107
Publisher: INTERNATIONAL MONETARY FUND
Publication: July 22, 2014
Imprint: INTERNATIONAL MONETARY FUND
Language: English
Energy taxes can produce substantial environmental and revenue benefits and are an important component of countries’ fiscal systems. Although the principle that these taxes should reflect global warming, air pollution, road congestion, and other adverse environmental impacts of energy use is well established, there has been little previous work providing guidance on how countries can put this principle into practice. This book develops a practical methodology, and associated tools, to show how the major environmental damages from energy can be quantified for different countries and used to design the efficient set of energy taxes. The results, which are illustrated for more than 150 countries, suggest there is pervasive mispricing of energy across developed and developing countries alike with much at stake in policy reform. At a global level, implementing efficient energy prices would reduce carbon emissions by an estimated 23 percent and fossil-fuel air pollution deaths by 63 percent, while raising revenues (badly needed for fiscal consolidation and reducing other burdensome taxes) averaging 2.6 percent of GDP.
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Energy taxes can produce substantial environmental and revenue benefits and are an important component of countries’ fiscal systems. Although the principle that these taxes should reflect global warming, air pollution, road congestion, and other adverse environmental impacts of energy use is well established, there has been little previous work providing guidance on how countries can put this principle into practice. This book develops a practical methodology, and associated tools, to show how the major environmental damages from energy can be quantified for different countries and used to design the efficient set of energy taxes. The results, which are illustrated for more than 150 countries, suggest there is pervasive mispricing of energy across developed and developing countries alike with much at stake in policy reform. At a global level, implementing efficient energy prices would reduce carbon emissions by an estimated 23 percent and fossil-fuel air pollution deaths by 63 percent, while raising revenues (badly needed for fiscal consolidation and reducing other burdensome taxes) averaging 2.6 percent of GDP.

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