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This report provides actionable advice on how to design and implement fiscal policies for both development and climate action. Building on more than two decades of research in development and environmental economics, it argues that well-designed environmental tax reforms are especially valuable in developing countries, where they can reduce emissions, increase domestic revenues, and generate positive welfare effects such as cleaner water, safer roads, and improvements in human health. Moreover, these reforms need not harm competitiveness. New empirical evidence from Indonesia and Mexico suggests that under certain conditions, raising fuel prices can actually increase firm productivity. Finally, the report discusses the role of fiscal policy in strengthening resilience to climate change. It provides evidence that preventive public investments and measures to build fiscal buffers can help safeguard stability and growth in the face of rising climate risks. In this way, environmental tax reforms and climate risk-management strategies can lay the much-needed fiscal foundation for development and climate action.
Public financial management (PFM) consists of all the government’s institutional arrangements in place to facilitate the implementation of fiscal policies. In response to the growing urgency to fight climate change, “green PFM” aims at adapting existing PFM practices to support climate-sensitive policies. With the cross-cutting nature of climate change and wider environmental concerns, green PFM can be a key enabler of an integrated government strategy to combat climate change. This note outlines a framework for green PFM, emphasizing the need for an approach combining various entry points within, across, and beyond the budget cycle. This includes components such as fiscal transparency and external oversight, and coordination with state-owned enterprises and subnational governments. The note also identifies principles for effective implementation of a green PFM strategy, among which the need for a strong stewardship located within the ministry of finance is paramount.
Inclusive Green Growth: The Pathway to Sustainable Development makes the case that greening growth is necessary, efficient, and affordable. Yet spurring growth without ensuring equity will thwart efforts to reduce poverty and improve access to health, education, and infrastructure services.
Recognising the regained importance of fiscal policy over the last two decades, this timely book provides much-needed insight into the changing practice of fiscal policy and how it is adapting to the unpredictable nature of the 21st century. Expert academic and practitioner contributors consider the resources which underpin current fiscal policy, assessing its overall effectiveness before outlining the changing priorities –ageing, inequality, climate change- and the financial tools available, and considering the future of fiscal policy in uncertain times.
Published in 1989, Blueprint for a Green Economy presented, for the first time, practical policy measures for 'greening' modern economies and putting them on a path to sustainable development. This new book, written by two of the Blueprint for a Green Economy authors, revisits and updates its main messages by asking, first, what has been achieved in the past twenty years, and second, what more needs to be done to generate a truly 'green economy' in the twenty-first century? Blueprint for a Green Economy had one over-arching theme. Making economies more sustainable requires urgent progress in three key policy areas: valuing the environment, accounting for the environment and incentives for environmental improvement. Today, with the threat of global warming, the decline in major ecosystems and their services, and fears over energy security, achieving these goals is even more vital. The current book first summarizes the main messages from Blueprint for a Green Economy and explains why, given rapid and widespread global environmental degradation, they are still relevant. The book then examines the progress since Blueprint for a Green Economy in implementing policies and other measures to improve environmental valuation, accounting and incentives. Although much has been accomplished, additional advances are still required to green economies successfully. The book highlights the new policies and approaches needed for economic management of today's environmental concerns. Over twenty years later, A New Blueprint for a Green Economy once again emphasizes practical policies for greening modern economies, and explains why such an economic roadmap to a greener future is essential, if modern economies are to develop successfully and sustainably.
Ending poverty and stabilizing climate change will be two unprecedented global achievements and two major steps toward sustainable development. But the two objectives cannot be considered in isolation: they need to be jointly tackled through an integrated strategy. This report brings together those two objectives and explores how they can more easily be achieved if considered together. It examines the potential impact of climate change and climate policies on poverty reduction. It also provides guidance on how to create a “win-win†? situation so that climate change policies contribute to poverty reduction and poverty-reduction policies contribute to climate change mitigation and resilience building. The key finding of the report is that climate change represents a significant obstacle to the sustained eradication of poverty, but future impacts on poverty are determined by policy choices: rapid, inclusive, and climate-informed development can prevent most short-term impacts whereas immediate pro-poor, emissions-reduction policies can drastically limit long-term ones.
This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
The coronavirus disease (COVID-19) pandemic has seen governments across developing Asia move significant amounts of capital into relief efforts that have saved countless lives and livelihoods. But emerging economic recovery packages must not upset the sensitive balance between economic growth and the region’s natural capital. Many global thinkers are advocating the critical role of green infrastructure in supporting economic growth and livelihoods, while safeguarding the Paris Agreement targets. This publication examines green and innovative finance mechanisms that can be incorporated into government recovery strategies to incentivize green infrastructure investment. These mechanisms can play a key role in catalyzing much-needed funds from private capital for a green and sustainable regional recovery.
This report emphasizes the environmental, fiscal, economic, and administrative case for using carbon taxes, or similar pricing schemes such as emission trading systems, to implement climate mitigation strategies. It provides a quantitative framework for understanding their effects and trade-offs with other instruments and applies it to the largest advanced and emerging economies. Alternative approaches, like “feebates” to impose fees on high polluters and give rebates to cleaner energy users, can play an important role when higher energy prices are difficult politically. At the international level, the report calls for a carbon price floor arrangement among large emitters, designed flexibly to accommodate equity considerations and constraints on national policies. The report estimates the consequences of carbon pricing and redistribution of its revenues for inequality across households. Strategies for enhancing the political acceptability of carbon pricing are discussed, along with supporting measures to promote clean technology investments.
This outlook highlights climate-safe investment options until 2050, policies for transition and specific regional challenges. It also explores options to eventually cut emissions to zero.