European green bonds, carbon tax and crowding-out: The economic, social and environmental impacts of the EU’s green investments under different financing scenarios

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F60460709%3A41110%2F25%3A101733" target="_blank" >RIV/60460709:41110/25:101733 - isvavai.cz</a>

Výsledek na webu

<a href="https://www.sciencedirect.com/science/article/pii/S1364032125000036?via%3Dihub" target="_blank" >https://www.sciencedirect.com/science/article/pii/S1364032125000036?via%3Dihub</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1016/j.rser.2025.115330" target="_blank" >10.1016/j.rser.2025.115330</a>

Jazyk výsledku

angličtina

Název v původním jazyce

European green bonds, carbon tax and crowding-out: The economic, social and environmental impacts of the EU’s green investments under different financing scenarios

Popis výsledku v původním jazyce

This study provides novel insights into the economic, social and environmental impacts of green energy investments in the European Union using MAGNET, a computable general equilibrium model of the world economy. MAGNET was extended to include sector-specific investment allocation, investment risk premiums adjustment, and technology learning effects to endogenize productivity growth in renewable and bioenergy sectors. In line with the proposals on climate neutrality and the Green Deal, the study simulates an increase in investments in renewable energy and bioeconomy sectors (additional 15 % increase in capital stock) starting in 2025. Three alternative financing scenarios are compared; the European Green Bonds scenario, carbon tax scenario and the crowding-out scenario (assuming green investments are financed from existing resources). It is found that additional green energy investments bring generally positive GDP, social and emission-saving effects. In the case of GDP, the deviation from the baseline reaches +0.9 % in 2050 for the EU if financed from the Green Bond. The other scenarios show that when green investments are not crowding-out other investments in the EU, the economic impacts at EU level are still positive. It is also shown that, on average, the investment policy would increase the size of bioeconomy sector by between 3.2 % and 4.2 % in 2050. However, the impacts across particular countries and industries are very heterogenous.

Název v anglickém jazyce

European green bonds, carbon tax and crowding-out: The economic, social and environmental impacts of the EU’s green investments under different financing scenarios

Popis výsledku anglicky

This study provides novel insights into the economic, social and environmental impacts of green energy investments in the European Union using MAGNET, a computable general equilibrium model of the world economy. MAGNET was extended to include sector-specific investment allocation, investment risk premiums adjustment, and technology learning effects to endogenize productivity growth in renewable and bioenergy sectors. In line with the proposals on climate neutrality and the Green Deal, the study simulates an increase in investments in renewable energy and bioeconomy sectors (additional 15 % increase in capital stock) starting in 2025. Three alternative financing scenarios are compared; the European Green Bonds scenario, carbon tax scenario and the crowding-out scenario (assuming green investments are financed from existing resources). It is found that additional green energy investments bring generally positive GDP, social and emission-saving effects. In the case of GDP, the deviation from the baseline reaches +0.9 % in 2050 for the EU if financed from the Green Bond. The other scenarios show that when green investments are not crowding-out other investments in the EU, the economic impacts at EU level are still positive. It is also shown that, on average, the investment policy would increase the size of bioeconomy sector by between 3.2 % and 4.2 % in 2050. However, the impacts across particular countries and industries are very heterogenous.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50704 - Environmental sciences (social aspects)

Projekt

—

Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2025

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

RENEWABLE & SUSTAINABLE ENERGY REVIEWS

ISSN

1364-0321

e-ISSN

1364-0321

Svazek periodika

211

Číslo periodika v rámci svazku

115330

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

17

Strana od-do

1-17

Kód UT WoS článku

001411206200001

EID výsledku v databázi Scopus

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