Overview
- Presents empirical trends in carbon-emitting resource use
- Develops a framework for dynamic macroeconomic modeling for the climate-economy interaction
- Discusses policy strategies for sustainable growth under global climate change constraints
Part of the book series: Contributions to Economics (CE)
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About this book
Given the industrialized world’s historical dependence on fossil fuel-based energy resources and the now-realized perils of moving beyond the earth’s carbon budget, this book explores the myriad challenges of climate change and in reaching a low-carbon economy. Reconciling the medium-term competing, yet frequently complementary, needs for transition policies, the book provides guidelines for complex and often conflicting climate policy tasks.
The book will appeal to scholars and students of economics and environmental science. It is also relevant for policymakers and practitioners in multilateral institutions, research institutions as well as governments and ministries of countries interested in alternative energy sources, climate economists, and those who study the implementation of sustainable and low carbon-based policies.
Keywords
- Environmental Economics
- Transition to a low carbon-based economy
- Sustainable economic growth
- Energy transitions through the private/public sectors
- Climate change policies
- Dynamic modelling in economics
- Green growth
- Sustainable development
- Dynamic macroeconomic modeling
- Sustainable economic growth
- Carbon-emitting resource use
- Economics of climate
- Low-carbon economy
- Climate policy
- Sustainable macroeconomics
- New energy technologies
- Climate economics
Table of contents (12 chapters)
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Front Matter
Reviews
—Ottmar Edenhofer, Director of the Potsdam Institute for Climate Impact Research and Professor at the Technical University, Berlin, Germany.
Energy security is at the top of the policy agenda. Nyambuu and Semmler present an innovative set of medium-run macro models [and numerical solution techniques] to analyze which policy levers can guarantee lasting energy security by accelerating the adoption of abundant green energy. The models developed here are more suited to understanding the energy transition than either the large-scale macro models or the long-run growth framework embedded in Integrated Assessment Models (IAM). Rich in data description as well asanalysis, this book can be used as a complement to traditional macroeconomics textbooks to deepen the discussion of climate change issues.—Prakash Loungani, Assistant Director, IMF Independent Evaluation Office at International Monetary Fund Director of the MS Econ Program, Johns Hopkins University
Pledges to keep global warming below devastating tipping points, like the Paris Agreement or COP21, are long-term, ranging over decades. They are promises, prone not to be honored. For essentially political-economic reasons, facing up to short-term challenges – “keeping the lights on” – regularly prevails. Inexorably, this set-up increases the social costs of addressing climate change. Short-termism, heavily discounting consequences further down the road, is a major roadblock, preventing our societies to stay within the rapidly exhausting “carbon budget”. In their analyses, comprehensive in scope and innovative in tools deployed, Unurjargal Nyambuu and Willi Semmler, twooutstanding experts in the field, demonstrate convincingly that it is of the essence to account for the short- and medium-term, that is, the path towards the long-term goal. Essentially, this bears down to acknowledging the pertinence of macroeconomic background conditions against which policies to address the risks of climate change are implemented. Unurjargal Nyambuu and Willi Semmler’s most instructive and innovative book pushes the economics of climate change significantly beyond the limits of the prevailing growth-theory-oriented approaches. At the same time, and this is crucial, their analyses are practical and applicable – no fearmongering but constructive, solution-oriented proposals.—Hans-Helmut Kotz, Resident Fellow, Center for European Studies, Harvard University, former Member of the Executive Board of Deutsche Bundesbank.
Recent crises have evidenced how little standard economic thinking can contribute to real World challenges. While the economic theory is already evolving, its application is lacking behind. Institutions such as the World Bank have also some learning to do, as for example can be seen in its flagship report "Global Economic Prospects" where climate risk is hardly mentioned. This impressive book comes at the right time when shareholders are asking for an overhaul of Multilateral Development Banks' business model (taking into account global challenges and planetary boundaries).
—Jürgen Sattler, Former Executive Director of the World Bank Group, Director General at the German Ministry for Economic Cooperation and Development - in charge of multilateral institutions, environment/climate, and the SDGs.
In times in which the introduction of effective climate policies stalls while the climate crisis is becoming ever more pressing this modern treatment of climate-related macroeconomics is highly welcome as a timely and important contribution. It is “modern” in that it leaves the well-trodden pathways of integrated assessment modeling based on a highly aggregative planner or perfectly competitive economies and embraces in a serious analytical way issues such as short-termism; strategic behaviour in imperfect resource, energy and technology markets; financial incentives; negotiations and tipping points; an understanding of all of which is crucial for effective policymaking in a decentralized and interest-ridden world.—Michael Kuhn, Director of Economic Frontiers Program, International Institute for Applied Systems Analysis (IIASA), Laxenburg, Austri
Authors and Affiliations
About the authors
Unurjargal Nyambuu is an economist and professor in the Department of Social Science, the New York City College of Technology, CUNY (USA). She is also a research fellow in Finance and Risk Engineering at NYU’s Tandon School. Dr. Nyambuu previously served as an economist with the Central Bank of Mongolia.
Willi Semmler is the Henry Arnhold Professor of International Cooperation and Development at the New School for Social Research in New York (USA). There, he directs the Schwartz Center for Economic Policy Analysis’ Economics of Climate Change project. He is also a senior researcher at IIASA, Laxenburg (Austria), a research fellow at La Sapienza University (Rome) and affiliated with the University of Bielefeld (Germany).
Bibliographic Information
Book Title: Sustainable Macroeconomics, Climate Risks and Energy Transitions
Book Subtitle: Dynamic Modeling, Empirics, and Policies
Authors: Unurjargal Nyambuu, Willi Semmler
Series Title: Contributions to Economics
DOI: https://doi.org/10.1007/978-3-031-27982-9
Publisher: Springer Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2023
Hardcover ISBN: 978-3-031-27981-2Published: 31 May 2023
Softcover ISBN: 978-3-031-27984-3Published: 31 May 2024
eBook ISBN: 978-3-031-27982-9Published: 30 May 2023
Series ISSN: 1431-1933
Series E-ISSN: 2197-7178
Edition Number: 1
Number of Pages: XVII, 195
Number of Illustrations: 11 b/w illustrations, 60 illustrations in colour
Topics: Environmental Economics, Economic Growth, Energy Policy, Economics and Management