Simon Upton OECD, Director for the Environment Sustainable Development Forum 2014 Prague, 28 November 2014

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1 Economic Instruments to Achieve Sustainable Development Simon Upton OECD, Director for the Environment Sustainable Development Forum 2014 Prague, 28 November 2014

2 Align policies? Internalise externalities? Boost investment? Track progress? HOW TO Induce competition? Engage people? Make use of new technologies? Tackle social aspects?

3 Put a price on carbon Higher implicit tax rates on carbon are associated with a lower-carbon economy Implicit tax rate per tonne of CO 2 Switzerland Czech Rep. USA Prices work! Estonia Tonnes of carbon per PPP equivalised unit of GDP (EUR) Source: OECD (2013), Taxing Energy Use: A Graphical Analysis.

4 Tax on a carbon basis Taxation of energy in the OECD area based on carbon content Source: OECD (2013), Taxing Energy Use: A Graphical Analysis.

5 Reform fossil fuel subsidies Send the right signal! Sources: OECD (2013), Inventory of Estimated Budgetary Support and Tax Expenditures for Fossil Fuels; IEA (2014), World Energy Outlook; IEA (2013), Tracking Clean Energy Progress Report; OECD (2013), Effective Carbon Prices.

6 Comply with ETS Existing, emerging and potential ETS s 39 national and 23 sub-national Source: World Bank (2014), The State and Trends of Carbon Pricing 6

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8 Unlock investment barriers 1% of large OECD pension fund assets invested directly in infrastructure LARGE OECD PENSION FUNDS ASSETS USD 10 trillion INFRASTRUCTURE INVESTMENT (direct) GREEN INFRASTRUCTURE GREEN INFRASTRUCTURE INVESTMENT Wind and INVESTMENT (direct) (direct) Biomass waste. * <1% <3% Geothermal (0.3%) Solar ** * based on large OECD pension funds, covering $10+tn * * BNEF estimates

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10 0 Density Boost productivity growth OECD research: Stricter environmental policies do not harm productivity growth Multifactor productivity growth MFP growth But: and when looking at causal links, then market-based environmental policy instruments support more productivity growth A. MFP growth and EPS levels B. MFP growth and EPS change (3-year moving average) No evident link In countries with high policy -0.1 stringency, low-polluting firms outperform high-polluting ones -0.2 (and reverse) EPS indicator - level EPS indicator of environmental stringency MFP growth -0.1 Low-pollution industries tend to be closer to the frontier in high-stringency countries Residuals -0.2 low pollution ind. in high stringency countries low pollution ind. in low stringency countries kernel = epanechnikov, bandwidth = EPS indicator - change (3 year average) * Pooled across for 25 OECD countries Source: OECD (2014) Working Paper by Albrizio, Botta, Kozluk, Zipperer: Do Environmental Policies Matter for Productivity Growth? 10

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12 Address social aspects OECD simulation results: Sectoral composition of job creation and destruction Job destruction Job creation Job churning destruction, creation and reallocation Source: ENV Linkages Model; Chateau, J., A. Saint-Martin and T. Manfredi (2011), Employment Impacts of Climate Change Mitigation Policies in OECD: A General-Equilibrium Perspective, OECD Environment Working Papers, No. 32, OECD Publishing.

13 Address social aspects High-income households spend more than twice as much as low-income ones Proportion of total expenditure spent on fuel in the UK, 2012 (by gross income decile group) Source: Living Costs and Food Survey 2014, UK ONS

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15 Create incentives Israeli economic efficiency of agricultural water use, Index 1986= Value of agricultural production per m 3 of water utilized for irrigation Real price of fresh water to agriculture (inflation adjusted) Source: OECD (2010), OECD Review of Agricultural Policies: Israel, 2010.

16 to innovate number of patents Israeli patents in selected env. & climate-related technologies General environmental management technologies, Total patents Water pollution abatement Patent counts are based on the priority date, the inventor s country of residence and use fractional counts on PCT filings at international phase (EPO designations). Source: OECD (2011), OECD Patent Statistics Database; OECD, Environment Directorate

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18 Work together Researchers Businesses International organisations International organisations Advisory Body to the French Minister of Environment, Sustainable Development and Energy Professors Civil society Source: Conseil Economique pour le Développement Durable (CEDD):

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20 Measure and communicate Applications of green growth indicators F E? OECD Latin America and Carribbean Asia Eastern Europe, Caucasus and Central Asia

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22 Align policies Climate policy comes on top of existing policy frameworks and goals FISCAL ECONOMIC COMPETITION INVESTMENT CLIMATE TRADE SOCIAL DEVELOPMENT COOPERATION

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24 Thank you for your attention! OECD ENVIRONMENT playlist

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