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221013 ||| eng |
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|a Peszko, Grzegorz
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| 245 |
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|a Diversification and Cooperation Strategies in a Decarbonizing World
|h Elektronische Ressource
|c Peszko, Grzegorz
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| 260 |
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|a Washington, D.C
|b The World Bank
|c 2020
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| 300 |
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|a 36 pages
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| 700 |
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|a Golub, Alexander
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| 700 |
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|a van der Mensbrugghe, Dominique
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| 700 |
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|a Peszko, Grzegorz
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| 041 |
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7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b WOBA
|a World Bank E-Library Archive
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| 490 |
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|a World Bank E-Library Archive
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| 028 |
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|a 10.1596/1813-9450-9315
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| 856 |
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|u http://elibrary.worldbank.org/doi/book/10.1596/1813-9450-9315
|x Verlag
|3 Volltext
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|a 330
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|a Fossil fuel importers can apply various climate and trade taxes to encourage fossil fuel-dependent countries to cooperate on climate mitigation, and fossil fuel-dependent countries can respond with alternative diversification and cooperation strategies. This paper runs macroeconomic model simulations of alternative strategies that the global community and fossil fuel-dependent countries can pursue to encourage and enable their participation in a global low-carbon transition. The following are the findings from the simulations. (i) Fuel importers' unilateral carbon taxes capture fossil fuel-dependent countries' resource rents and accelerate their emission-intensive diversification. (ii) Border taxes on the carbon content of imports from fossil fuel-dependent countries do not induce comprehensive cooperation, but broader trade sanctions do. (iii) Cooperative wellhead carbon taxes can achieve cooperation without trade wars. (iv) Lower-income fossil fuel-dependent countries with large untapped reserves need additional incentives and enablers to cooperate and diversify into low-carbon assets. (v) Incentives to cooperate are misaligned between different fossil fuel-dependent countries and between owners of different fuels. (vi) The strategies that maximize consumption and growth in fossil fuel-dependent countries reduce the value of assets in extractive and heavy industries. (vii) Asset diversification is a robust, long-term strategy but faces the tragedy of the horizon
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