transition costs
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2022 ◽  
Vol 13 (1) ◽  
Author(s):  
Shu Zhang ◽  
Wenying Chen

AbstractA profound transformation of China’s energy system is required to achieve carbon neutrality. Here, we couple Monte Carlo analysis with a bottom-up energy-environment-economy model to generate 3,000 cases with different carbon peak times, technological evolution pathways and cumulative carbon budgets. The results show that if emissions peak in 2025, the carbon neutrality goal calls for a 45–62% electrification rate, 47–78% renewable energy in primary energy supply, 5.2–7.9 TW of solar and wind power, 1.5–2.7 PWh of energy storage usage and 64–1,649 MtCO2 of negative emissions, and synergistically reducing approximately 80% of local air pollutants compared to the present level in 2050. The emission peak time and cumulative carbon budget have significant impacts on the decarbonization pathways, technology choices, and transition costs. Early peaking reduces welfare losses and prevents overreliance on carbon removal technologies. Technology breakthroughs, production and consumption pattern changes, and policy enhancement are urgently required to achieve carbon neutrality.


Significance In a scenario in which it becomes increasingly evident that carbon neutrality will not be reached by 2050, governments may switch the focus of spending from the energy transition towards measures designed to address a changing climate. This is more likely in the developing world, which has less chance of reaping the economic opportunities of energy transition. Impacts Governments will have to incorporate both transitioning to clean energy and resilience against climate change impacts into their policies. As economies recover from the pandemic, developing countries' calls for financial assistance with energy transition costs will rise. Developed nations will emerge from the pandemic with stretched budgets, and some will face pressure to spend less on international aid. The need for heightened international cooperation to deliver the energy transition worldwide will test existing institutions.


2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Nicola Moscariello ◽  
Michele Pizzo

PurposeGrounded in the legitimacy theory and framed within the context of European Union’s (EU's) endorsement process, this paper analyses the International Accounting Standards Board’s (IASB's) response to the COVID-19 crisis and the impact of its practical expedient COVID-19-Related Rent Concession on the IASB's output legitimacy.Design/methodology/approachThis study uses a qualitative process-tracing approach and combines inductive historical narratives and deductive reasoning to draw theoretical implications concerning the COVID-19 crisis' impact on the standard-setting process.FindingsThe paper shows a growing reliance on practical expedients in International Financial Reporting Standards (IFRS) to maintain the IASB's output legitimacy. While introducing some theoretical flaws, practical expedients increase the standards' flexibility and strengthen the IASB's ability to respond to the European political bodies' concerns. Indeed, an analysis of the IASB's response to the COVID-19 outbreak reveals the role practical expedients might play not only in reducing (ex ante) new IFRS transition costs but also in dealing (ex-post) with the broader economic impact of unexpected systemic crises to limit criticisms and controversies surrounding IFRS.Originality/valueThis study reveals a causal relationship between the rise of the European public good criterion in the EU endorsement process and the wider use of practical expedients in IFRS. An analysis of the latest amendment to IFRS 16 in response to the COVID-19 crisis also confirms the role of practical expedients in strengthening the acceptance of IFRS in an increasingly complex economic reality and sheds some light on the new strategies adopted by the IASB to preserve its legitimacy in the EU.


Significance The government hopes to encourage the cryptocurrency’s use for domestic and international transactions, with the aim of boosting financial inclusion. However, it has been criticised because there are low levels of access to digital finance among the population, and sceptics dismiss it as a gimmick. Further criticism centres on concerns around financial crime. Impacts Businesses accepting bitcoin will need to upgrade their IT infrastructure and security, imposing transition costs. State investment in ICT infrastructure will also be required to enable broad uptake of digital finance options. The government is set to launch new sovereign bonds, which it hopes will supplement IMF funding.


Processes ◽  
2021 ◽  
Vol 9 (1) ◽  
pp. 160
Author(s):  
Tianxiao Li ◽  
Pei Liu ◽  
Zheng Li

Low-carbon transition pathways oriented from different transition targets would result in a huge variation of energy system deployment and transition costs. Hydrogen is widely considered as an imperative energy carrier to reach carbon neutral targets. However, hydrogen production, either from non-fossil power or fossil fuels with carbon capture, is closely linked with an energy supply system and has great impacts on its structure. Identifying an economically affordable transition pathway is attractive, and energy infrastructure is critical due to massive investment and long life-span. In this paper, a multi-regional, multi-period, and infrastructure-based model is proposed to quantify energy supply system transition costs with different low-carbon targets and hydrogen production alternatives, and China is taken as a case study. Results show that, fulfilling 2-degree and 1.5-degree temperature increase targets would result in 84% and 151% increases in system transition costs, 114% and 246% increases in infrastructure investment, and 211% and 339% increases in stranded investment, compared to fulfilling stated policy targets. Producing hydrogen from coal would be economical when carbon capture and sequestration cost is lower than 437 yuan per tonne, and reduce infrastructure investment and stranded coal investment by 16% and 35% respectively, than producing hydrogen from renewable power.


2021 ◽  
Vol 35 (2) ◽  
pp. 1337-1355
Author(s):  
Sándor P. Fekete ◽  
Linda Kleist ◽  
Dominik Krupke
Keyword(s):  

2020 ◽  
Vol 68 (4) ◽  
pp. 181-199
Author(s):  
John Healy ◽  
Madeleine Clarke

AbstractThis article focuses on the opportunities and challenges of introducing choice-based models of social services. Research has found that these models often provide better outcomes and are cost-effective, but the pace of their introduction is generally slow. There are often very deeply held assumptions about the capacity of the people using these services and the potential for change within the existing social service system. Using institutional and social movement theory, the authors seek to explain these barriers to change. Drawing on the experience of supporting the national roll-out of choice-based models in Ireland, the authors propose a number of strategies to accelerate the introduction of these types of models into social services. The authors find that one of the key ways to accelerate reform and reduce transition costs is design processes which have the voice of service users at the centre of the reform process.


Author(s):  
Julia Mosquera
Keyword(s):  

In her widely known paper “Valuing Disability, Causing Disability” Elizabeth Barnes defends the view that disability is a mere difference (Mere-Difference View, or MDV). Her paper is a response to critics who argue that the MDV implies the permissibility of inflicting disability. Barnes defends the view that inflicting disability is nevertheless morally wrong because of (1) the transition costs of becoming disabled, and (2) the Principle of Non-Interference (PNI). This chapter argues that although Barnes is right in affirming that inflicting disability is morally wrong, the arguments she provides in support of this conclusion are unsuccessful in a number of cases. Absent better defense, the MDV remains susceptible to permitting the infliction of disability.


2020 ◽  
Vol 65 (225) ◽  
pp. 105-133
Author(s):  
Gordana Matkovic ◽  
Katarina Stanic

The pension system in Serbia was set up as Bismarckian earnings related system almost one hundred years ago. At the outset of the transition process at the beginning of 21st Century, the pension system underwent bold reforms. Despite suggestions from the World Bank to adopt a three-pillar system that would involve a break with the Bismarckian heritage, reforms concentrated on parametric adjustments that strengthened the link between previous earnings and pension benefits. However, as this paper shows, the Bismarckian earnings-related system has subsequently been silently challenged. On the basis of an analysis of the current and perspective replacement rates for various earning levels and pension variation indicators, we show how the contributions/ benefit link has been undermined. These policy changes have not been defined or understood as a new strategic course of action, nor have the strategic options been debated and analysed. These silent reforms have seemed to be a ?quick and easy? solution to tackle high public expenditures and deficits without understanding their implications, and that breaking up with Bismarck implies significant transition costs.


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