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Carbon Pricing and Carbon Border Adjustment Mechanism: for a European Union Global Strategy

Author

Listed:
  • Olimpia Fontana

    (Mario Albertini Fellow at Centro Studi sul Federalismo, Torino, Italy)

Abstract

In 2019, the European Commission launched the European Green Deal and outlined its developing model to combat climate change, particularly focused on accelerating the pace of reducing CO2 emissions. Emissions in Europe have thus far been reduced by 20% compared to 1990 values, while now the goal, as the "Fit for 55" package suggests, is to achieve a 55% reduction by 2030 and to reach climate neutrality by 2050. With these commitments, the EU intends to comply with the Paris Agreement by keeping “the global average temperature to well below 2°C above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5°C above pre-industrial levels, recognising that this would significantly reduce the risks and impacts of climate change†(Art. 2(1)(a) of the Agreement).[...]

Suggested Citation

  • Olimpia Fontana, 2022. "Carbon Pricing and Carbon Border Adjustment Mechanism: for a European Union Global Strategy," Policy Papers 52, Fondazione Centro Studi sul Federalismo.
    • Handle: RePEc:azz:ppaper:52
    as

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    File URL: https://www.csfederalismo.it/en/component/jdownloads/?task=download.send&id=13&catid=2&m=0&Itemid=216
    File Function: First version, 2022
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    More about this item

    Keywords

    European Commission; European Green Deal; CO2; climate change; carbon pricing; carbon leakage;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • H71 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Taxation, Subsidies, and Revenue

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