Economics, Econometrics and Finance
8 years ago

Subsidizing renewable energy could accelerate climate change catastrophe

Journal of Environmental Economics and Management
Substitution between biofuels and fossil fuels: Is there a green paradox?
R. Quentin Grafton, Tom Kompas, Ngo Van Long

Paper Summary

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Subsidies for renewable energy can sometimes speed up climate change by making fossil fuel extraction happen faster. This happens because the subsidies reduce the demand for fossil fuels, but also lower their price, which makes people use more of them. Whether this leads to running out of fossil fuels sooner or later depends on how people respond to changes in energy prices.