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Emissions pricing revenues could overcompensate profit losses of fossil fuel owners
Date:11/5/2013

e money raised from CO2 pricing."

"We know that fossil fuel owners will lose out on profits, but the big question is who will benefit from the new revenues generated by climate policy? It will fall to policy makers and society at large to decide this," adds Elmar Kriegler, project leader and co-author of the study. "It would be interesting to ask for the effect of using the revenues from carbon pricing to finance infrastructure investments in developing countries."

Different effects on coal and oil

Under the scenario of climate policy, coal consumption is reduced much stronger than oil and gas consumption. A large share of the coal reserve would never be used, while the use of oil and gas would still exceed their conventional reserves leaving underground only the vast amounts of unconventional oil and gas resources. However, since coal is plentiful and relatively easy to substitute by other forms of energy, like renewables for power generation, the profit losses from reduced coal use are much smaller than for oil and gas. The highest profit losses occur in the oil market. Oil is relatively scarce and hard to substitute, for instance in the transport sector. So there normally is a lot of money to be made and hence a lot of money to be lost in the case of effective greenhouse-gas reductions.


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Contact: PIK Press Office
press@pik-potsdam.de
49-331-288-2507
Potsdam Institute for Climate Impact Research (PIK)
Source:Eurekalert

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