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| 1 |
ID:
174984
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| Summary/Abstract |
The Energy Roadmap 2050 (ER2050) is committed to achieve the European Union's emissions mitigation goals by reducing energy use and a transition to renewables. The macroeconomic impacts of the Ref16 and ‘EUCO’ scenarios of this strategy have been reported to entail an absolute decoupling between GDP growth and energy use. The aim of this paper is assessing the ER2050 targets with a novel modelling methodology based on Post-Keynesian Economics, i.e. demand-led economic growth and Ecological Economics, i.e. taking into account absolute biophysical (energy availability) constrains to economic growth. Thus, this article presents the Economy module of the Integrated Assessment Model MEDEAS-Europe, combining System Dynamics and Input-Output analysis, and evaluates the ER2050 targets under different scenarios regarding primary income distribution, foreign trade, labour productivity, industrial policy and working time reduction. Our results show that GDP growth and employment creation may be halted due to energy scarcity if the ER2050 targets are met even considering great energy efficiency gains. In addition, the renewables share would increase enough to reduce the energy imports dependency, but not sufficiently to meet the emissions targets. Only a Post-Growth scenario would be able to meet the climate goals and maintain the level of employment.
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| 2 |
ID:
171389
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| Summary/Abstract |
Integrated Assessment Models provide a framework to study sustainability transitions and their economic impacts. Models seldom consider energy constraints, taking supply availability for granted and thus suggesting a mere change in the energy mix from non-renewables to renewables. In order to address these limitations, a macro-economic module within a broader system dynamics model (MEDEAS) has been developed. The model has been run for the whole world from 1995 to 2050 under three different scenarios: Business as Usual (BAU), considering no further transition policies and keeping current trends; Green Growth (GG), undertaking the low-carbon transition according to the Paris Agreement set of policies and with high GDP growth standards; and Post-Growth (PG), testing the sustainability transition under a GDP non-growth/degrowth approach. The results reveal the conflict between economic growth, climate policy and the sustainability of resources. Whereas a BAU approach would not even be an option to achieve climate goals, a GG view would not only face the downsizing of economic output, but neither would it be able to achieve the 2 °C objective. The success of the PG approach in meeting emissions objectives suggests a redirection from economic growth policies to an industrial policy that incorporates efficiency and redistribution.
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| 3 |
ID:
181450
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| Summary/Abstract |
For the period since 2011, the UK has been bound by European Union (EU) legislation regarding energy reduction targets to 2020. As of 2019, the UK had reduced its final energy use by 18% against a baseline projection to 2020, on track to meet its target of 18%. Whilst the rest of the EU-27 now set their own energy reduction targets to 2030, upon leaving the EU via Brexit, the UK is now free to choose its own energy targets. But what should the energy target be for 2030, and what are the socio-macroeconomic impacts and policy implications?
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