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Fiscal and economic consequences of a net-zero transition in Spain

Author

Listed:
  • Álvaro Carbonell Rodríguez
  • Jean Fouré
  • Elisa Lanzi

Abstract

To meet the goal of net-zero emissions by 2050, Spain will need to take further climate action in the years ahead. Enhanced policy measures, such as taxes, subsidies and standards, will have implications for the public budget and for the economy. This paper quantifies these implications by comparing two scenarios developed with the ENV-Linkages model: a baseline with current policies, and a net-zero scenario in which more ambitious climate policy measures are implemented to reduce CO2 emissions. The analysis shows that ambitious climate action and economic growth can go hand-in-hand. While the consequences for the public budget will be strongly influenced by the chosen climate policy instruments, the findings illustrate that the changes in net fiscal revenues induced by additional climate policy can be small compared to the overall size of government revenues in 2050.

Suggested Citation

  • Álvaro Carbonell Rodríguez & Jean Fouré & Elisa Lanzi, 2024. "Fiscal and economic consequences of a net-zero transition in Spain," OECD Environment Working Papers 250, OECD Publishing.
    • Handle: RePEc:oec:envaaa:250-en
    DOI: 10.1787/b9136a37-en
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    More about this item

    Keywords

    climate change mitigation; computable general equilibrium models; net-zero; public budget;
    All these keywords.

    JEL classification:

    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies

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