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July 2019

Friday Lunch Meeting, Jonathan Wiener, July 12th 2019

12 July 2019

In the United States, climate change policy may be shaped not only by the Congress and by executive agencies such as US EPA, but also by judicial decisions.

Speaker

Jonathan Wiener, Professor of Law and Public and Environmental Policy at Duke University and Associate Researcher at Resources for the Future (RFF).

Title 

Climate Policy in the American Legal System

Brief abstract
 
In the United States, climate change policy may be shaped not only by the Congress and by executive agencies such as US EPA, but also by judicial decisions. This presentation will discuss the prospects for important cases unfolding in the American courts, notably the ‘Juliana’ case brought on behalf of children to press the US government to take more action on climate change, and the likely challenges to the new US EPA rules on greenhouse gas emissions from electric power (the new Trump Administration ACE rule to replace the Obama Administration CPP) and from vehicles (the Trump Administration SAFE rule to revise the Obama Administration CAFE rule).
 
 
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Chaire Economie du Climat

Palais Brongniart, 28 Place de la bourse – 75 002 Paris

FLM- Salle du Séminaire – 4è étage (12.30 pm – 2 pm)

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June 2019

Friday Lunch Meeting, Laurence Scialom, June 28th 2019

28 June 2019

Speaker Laurence Scialom, University Professor at Paris Ouest Nanterre. Member of the Scientific Advisory Board of the French Prudential Supervisory and Resolution Authority (ACPR) and the Investor Advisory Committee of the Autorité des marchés financiers (AMF).  Title La fascination de l’ogre – ou comment desserrer l’étau de la finance Abstract Finance today operates in a vacuum, serving above all its own interests. But banks are supposed to meet the needs of companies. To finance projects and manage risks: how could…

Speaker

Laurence Scialom, University Professor at Paris Ouest Nanterre. Member of the Scientific Advisory Board of the French Prudential Supervisory and Resolution Authority (ACPR) and the Investor Advisory Committee of the Autorité des marchés financiers (AMF). 

Title

La fascination de l’ogre – ou comment desserrer l’étau de la finance

Abstract
Finance today operates in a vacuum, serving above all its own interests. But banks are supposed to meet the needs of companies. To finance projects and manage risks: how could we forget the essential? Why do States so obediently serve the interests of the financial sector? Such questions escape democratic debate because the jargon that prevails in these environments makes them unintelligible to citizens. Laurence Scialom’s essay aims to demystify finance and allow independent reflection on these questions. It strengthens the self-defense capabilities of our economies in the face of often predatory finance: let’s stop feeding the ogre! By applying the reforms outlined in this book, we would be able to consider finance clearly and put it in its proper place.
 
 
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Chaire Economie du Climat

Palais Brongniart, 28 Place de la bourse – 75 002 Paris

FLM- Salle du Séminaire – 4è étage (12.30 pm – 2 pm)

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Friday Lunch Meeting, Madeline Werthschulte, June 21st 2019

21 June 2019

Speaker Madeline Werthschult, MSC Research Assistant at the Chair of Microeconomics (WWU Munster) with a Focus on Energy and Resource Economics. Article Cost Misperceptions and Energy Consumption. Authors: Madeline Werthschulte and Andreas Löschel   Abstract The aim of this study is to analyse the extent to which energy cost misperceptions can predict households’ energy consumption. The focus is on two sorts of misperceptions: first, uncertainty in energy prices and second, present biased discounting of future energy costs. By running an…

Speaker

Madeline Werthschult, MSC Research Assistant at the Chair of Microeconomics (WWU Munster) with a Focus on Energy and Resource Economics.

Article
Cost Misperceptions and Energy Consumption. Authors: Madeline Werthschulte and Andreas Löschel
 
Abstract
The aim of this study is to analyse the extent to which energy cost misperceptions can predict households’ energy consumption. The focus is on two sorts of misperceptions: first, uncertainty in energy prices and second, present biased discounting of future energy costs. By running an artefactual field experiment with a representative sample of 711 participants, we gather incentivized measures of these two misperceptions and observe participant’s revealed electricity consumption. Our main finding is that participants with present bias are predicted to consume on average 9% more electricity than participants with time-consistent discounting. Our results further suggest that neither the true marginal electricity price nor the expected marginal electricity price can predict electricity consumption. Taken together our results raise doubt in the effectiveness of classical price based policies.
 
 
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Chaire Economie du Climat

Palais Brongniart, 28 Place de la bourse – 75 002 Paris

FLM- Salle du Séminaire – 4è étage (12.30 pm – 2 pm)

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May 2019

Friday Lunch Meeting, Marielle Brunette, May 24th 2019

24 May 2019

This paper studies the foresters’ risk and uncertainty preferences as a potential driver for adaptation decisions towards climate change.

Speaker

Marielle Brunette, researcher at INRA and at the Office of Theoretical and Applied Economics (Nancy)

Article
Propensity and Intensity of Adaptation: The Role of Forester’s Preferences in Risk and Uncertainty (co-authored with M. Hanewinkel and R. Yousefpour, 2019)
 
Abstract
This paper studies the foresters’ risk and uncertainty preferences as a potential driver for adaptation decisions towards climate change. Adaptation decisions are analysed in terms of propensity to adapt and intensity of adaptation. We build a questionnaire in which we quantified risk and uncertainty preferences through lottery choices. We also ask questions about adaptation decisions, and about the characteristics of the forest and the forester. We show that French foresters are, on average, more risk and uncertainty averse than German ones. Our results also reveal that most of the foresters has already modified their management practices, in particular by increasing the species mix and assisting more the tree regeneration. When adaptation is not implemented, the main explanation is the lack of information. The forester who has the higher propensity to adapt is young, rich, with a low degree of risk aversion, and is German. The intensity of the adaptation is negatively influenced by risk aversion and being a French forester. Finally, uncertainty aversion has no significant impact neither on the propensity to adapt nor on the intensity of adaptation.
 
 
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Chaire Economie du Climat

Palais Brongniart, 28 Place de la bourse – 75 002 Paris

FLM- Salle du Séminaire – 4è étage (12.30 pm – 2 pm)

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Friday Lunch Meeting, Jacques de Gerlache, May 17th 2019

17 May 2019

Greenhouse gases, energy production (fossil, renewable, nuclear), transformation, transportation or storage: the challenges of global energy transitions are many and varied. So much so that policy makers, economists or business leaders often tend to consider them individually.

Speaker
 
Jacques de Gerlache, Ecotoxicologist and Professor at the Paul-Lambin Institute (Brussels), Scientific Advisor to the Belgian Federal Council for Sustainable Development.
 
Book
Mettre en oeuvre les transitions énergétiques – Stratégie intégrative et gestion opérationnelle (Dunod Editions)
 
Abstract

Greenhouse gases, energy production (fossil, renewable, nuclear), transformation, transportation or storage: the challenges of global energy transitions are many and varied. So much so that policy makers, economists or business leaders often tend to consider them individually. This book proposes an integrative approach to these energy transitions, taking into account all the dimensions of these issues. After making an inventory of current energy issues, he explains how all these aspects are closely related and why treating them independently will only lead to inefficient solutions. It then synthesizes them into a global strategy and then proposes an operational methodology to implement action plans, whether at local, national or international level.
 
 
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Chaire Economie du Climat

Palais Brongniart, 28 Place de la bourse – 75 002 Paris

FLM- Salle du Séminaire – 4è étage (12.30 pm – 2 pm)

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April 2019

Friday Lunch Meeting, Alexis Tantet, 26th april 2019

26 April 2019

Alexis Tantet, Postdoctoral fellow at the Dynamic Meteorology Laboratory of the Polytechnic School
We develop a renewable energy mix optimization program. The main novelty is to take into account and evaluate the impact of climate variability, from multi-decadal to hourly time scales, on the mix.

Speaker
 
Alexis Tantet, Postdoctoral fellow at the Dynamic Meteorology Laboratory of the Polytechnic School
 
Title
 
 
Extract
 
We develop a renewable energy mix optimization program. The main novelty is to take into account and evaluate the impact of climate variability, from multi-decadal to hourly time scales, on the mix. This impact is resolved by plugging regional climate simulations over the 1989–2012 period into renewable energy production and demand models at regional scale. The optimal mix is then inferred from a mean-variance analysis with as objectives both to maximize the mean of the total renewable penetration and to minimize the variance, or risk, of the latter. We consider two cases: in the first one, the analysis takes cross-region correlations in the production and the demand into account. In the second one, synergies between regions are ignored. As a first case study, we apply the numerical model to Italy, a country with a relatively high share of renewables. We focus on the mix maximizing the ratio of the mean renewable penetration over the risk for the same renewable capacity as installed in 2015. Our main findings are that (i) the optimal technological and spatial capacity distribution — with about two thirds wind and one third solar — differs significantly from the actual mix (with a substantial overinvestment in photovoltaics); and (ii) ignoring the impact of interannual and intraday climate variability on the risk strongly impacts the optimal mix.
 
This study shows the importance of basing renewable energy development incentives on optimal strategies taking into account both the risk and the impact of climate variability on the latter.
 
 
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Chaire Economie du Climat

Palais Brongniart, 28 Place de la bourse – 75 002 Paris

FLM- Salle du Séminaire – 4è étage (12.30 pm – 2 pm)

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Friday Lunch Meeting, Fabien Roques, 19th of April 2019

19 April 2019

Speaker   Fabien Roques, Associate Professor at Paris-Dauphine University   Title   A Climate and socio-economic study of a multi-member state carbon price floor to the power sector   Abstract   Our study shows the limitations of the recent ETS reform and the potential benefits from a Carbon Price Floor (CPF).   Objectives:  -Identify potential scenarios for a multi-country,regional carbon price floor (CPF) in Europe -Provide a quantitative assessment of the impact of different CPF scenarios on the ETS and…

Speaker
 
Fabien Roques, Associate Professor at Paris-Dauphine University
 
Title
 
A Climate and socio-economic study of a multi-member state carbon price floor to the power sector
 
Abstract
 
Our study shows the limitations of the recent ETS reform and the potential benefits from a Carbon Price Floor (CPF).
 
Objectives: 
-Identify potential scenarios for a multi-country,regional carbon price floor (CPF) in Europe
-Provide a quantitative assessment of the impact of different CPF scenarios on the ETS and on renewable energy investment cases
-Model the impact on power sector decarbonisation – including on coal and gas generation, and on renewable energy investment cases
-Analyse some key socio-economic impacts including on consumer energy costs,Energy Intensive Industries and Government revenue.
 
 
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Chaire Economie du Climat

Palais Brongniart, 28 Place de la bourse – 75 002 Paris

FLM- Salle du Séminaire – 4è étage (12.30 pm – 2 pm)

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March 2019

Friday Lunch Meeting, Pierre-Alain Jayet, 22th of March 2019

22 March 2019

Pierre-Alain Jayet (INRA) presents «Revising the hierarchy of geographical impacts in response to climate change and water prices: a prospective approach to French agriculture» 

Pierre-Alain Jayet (INRA) presents «Revising the hierarchy of geographical impacts in response to climate change and water prices: a prospective approach to French agriculture» 
 
Abstract
 
Pressures on resources and climate change are likely to strongly impact the availability of water. Agricultural systems are directly affected by the scarcity of water for irrigation. To estimate these impacts, we develop a prospective approach combining an agro-economic model and a crop model. Applied to a large part of the French agricultural sector, this work extends previous analyses in which water was excluded from the core of the analysis. Three contrasting climate scenarios were used over the long-term period 2010-2100. Results indicate that potential change in water demand would differ strongly according to the region concerned and the scenario applied. In France as a whole, irrigation increases in all scenarios. The largest increase, of 60% under the intermediate scenario, and significant increases, of 40% under the smoothest scenario and of 20% under the toughest scenario, occur between 2010 and 2100. Differentiating the northern and southern regions, the relative increase is more marked in the north, while southern demand significantly increases under the intermediate scenario and decreases under the toughest scenario. When considering autonomous adaptation of farming systems to climate change, agricultural income in northern regions is likely to be negatively affected to a greater extent than in southern regions. 
 
 
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Chaire Economie du Climat

Palais Brongniart, 28 Place de la bourse – 75 002 Paris

FLM- Salle du Séminaire – 4è étage (12.30 pm – 2 pm)

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Friday Lunch Meeting, Philippe Zaouati, 15th of March 2019

15 March 2019

Philippe Zaouati President of Finance for Tomorrow and Managing Director of Mirova, presents his report Canfin-Zaouati: a green Juncker plan in French,written with: Pascal Canfin, Director General of WWF France.

Philippe Zaouati President of Finance for Tomorrow and Managing Director of Mirova, presents his report Canfin-Zaouati: a French-style green Juncker plan written with Pascal Canfin, Executive Director of WWF France.
Link to the document: https://financefortomorrow.com/2018/12/18/rapport-canfin-zaouati/
 
Abstract

During the summer of 2018, Nicolas HULOT, Minister of Ecological and Solidarity Transition, and Bruno LE MAIRE, Minister of Economy and Finance, entrusted Pascal CANFIN, former Minister of Development and Director of the Foundation WWF France, and Philippe ZAOUATI, President of Finance for Tomorrow and General Manager Mirova, producing a report to study the usefulness of risk-sharing financial instruments in the context of financing the French transition to the carbon neutrality, in connection with the reflections led around the Climate Finance Day of November 2018.

For a successful transition, the challenge is “to invest more, but more importantly to invest better”. Since public funding alone is not enough to meet this challenge, the challenge for public action is to bring about a massive reorientation of private flows. In addition to proposals to change the regulatory or fiscal framework, the government is interested in the role that innovative financial risk-sharing mechanisms could play in maximizing the leverage effect of public funds.

In this context, the mission aims to produce recommendations for the implementation of financial instruments in which public money is used as a risk-sharing tool, in order to increase the involvement of private investors in the financing of transition sectors facing an investment deficit such as their development remains insufficient to meet public policy objectives.

From this roadmap, this report:

 examines issues related to the use of public financial instruments for TE (I)

 establishes an overview of financial instruments developed at French and European level (II)

 assesses the extent to which they could respond to under-investment situations in certain critical sectors in France in order to succeed in their TE (III)

 formulates concrete observations and recommendations to begin the transition to the scale of the French TE through the use of risk-sharing financial instruments (synthesis and recommendations).

The report takes into account, in its recommendations for the use of financial instruments, comprehensive public risk management policies that are or could be deployed (regulation, taxation, support to the structuring of value chains, etc.), accounting and budgetary issues, the need to better mobilize existing programs, particularly at European level, while limiting the risks of moral hazard.

 
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Chaire Economie du Climat

Palais Brongniart, 28 Place de la bourse – 75 002 Paris

FLM- Salle du Séminaire – 4è étage (12.30 pm – 2 pm)

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February 2019

Friday Lunch Meeting, Olivier Massol, 22th of february 2019

22 February 2019

Olivier Massol (Professor at the Institut Français du Pétrole et Énergies Nouvelles (IFP Énergies Nouvelles)) will lecture about his paper Phasing out the U.S. Federal Helium Reserve: Policy insights from a world helium model (link here).  Slides’ presentation    Abstract This paper develops a detailed partial equilibrium model of the global helium market to study the effects of the recently decided rapid phase out of the U.S. Federal Helium Reserve (FHR), a vast strategic stockpile accumulated during the 1960s. The…

Olivier Massol (Professor at the Institut Français du Pétrole et Énergies Nouvelles (IFP Énergies Nouvelles)) will lecture about his paper Phasing out the U.S. Federal Helium Reserve: Policy insights from a world helium model (link here).

 
Abstract

This paper develops a detailed partial equilibrium model of the global helium market to study the effects of the recently decided rapid phase out of the U.S. Federal Helium Reserve (FHR), a vast strategic stockpile accumulated during the 1960s. The model incorporates a detailed representation of that industry and treats both helium producers and the FHR as players in a dynamic non-cooperative game. The goal of each player is assumed to be the maximization of discounted profit, subject to technical and resource constraints. We consider two alternative policies aimed at organizing the phase out of the FHR: the currently implemented one and a less stringent one whereby the FHR would be allowed to operate as a profit-maximizing agent during an extended period of time. Evidences gained from a series of market simulations indicate that, compared to the current policy, a less stringent policy mandate systematically increases the financial return to the U.S. federal budget, always enhances environmental outcomes as it lowers helium venting into the atmosphere, and also augments global welfare in three out of the four scenarios considered in the paper. 

 
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Chaire Economie du Climat

Palais Brongniart, 28 Place de la bourse – 75 002 Paris

FLM- Salle du Séminaire – 4è étage (12.30 pm – 2 pm)

See the details of this event
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