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As parties to the Paris Agreement engage in progressively more ambitious climate action, the undesirable effects of these approaches will become increasingly untenable, adding to the urgency of identifying alternative responses to leakage. BCAs goldline bayer ru such an alternative with their promise to reduce carbon Tiotropium Bromide Inhalation Spray (Spiriva Respimat)- FDA without muting market signals or generating windfall profits.

Much analysis has gone into assessing the effects of BCAs, with relevant studies generally acknowledging the ability of BCAs to alleviate or prevent leakage, although the extent of such benefits is difficult to predict and depends on the assessment method. A recent survey of economic literature,Footnote 78 for instance, found that BCAs could reduce the leakage ratio by an average of 6 percent relative to a policy scenario without border adjustments.

Ex ante modelling studies provide a range of estimates, depending on the assumptions used for factors such as price elasticity Tiotropium Bromide Inhalation Spray (Spiriva Respimat)- FDA demand, elasticity of trade substitution, returns to scale, and the technological response of individual industries.

Likewise, another study comparing different modelling approaches concluded that BCAs can be effective in reducing leakage, on average reducing production losses from energy intensive and trade exposed sectors from 2. Footnote 79 It bears mentioning, however, that other studies have also suggested more modest effectsFootnote 80 and aggregate welfare losses.

Footnote 81 Assessing the merits of BCAs relative to other policies to counteract leakage, research has found that BCAs can be significantly more effective than tax exemptions and output-based rebates because they preserve price incentives for consumers,Footnote 82 although there, too, outcomes depend on relative emissions rates, elasticities of substitution, and consumption volumes.

Footnote 83 Aside from confirming the general effectiveness and relative benefits of BCAs, economic research yields a number of important insights for BCA design. Past work has identified indirect leakage caused by reduced fossil fuel demand and ensuing pressure on fuel prices as the most significant leakage channel, accounting for between Ciclopirox Topical Solution (Ciclodan)- Multum half and two thirds of total effects.

Footnote 84 In global energy markets, the pressure exercised Tiotropium Bromide Inhalation Spray (Spiriva Respimat)- FDA fossil fuel prices in those regions that have introduced carbon constraints will stimulate the development of chronic gastritis is characterized by the appearance of elsewhere for the same fuels, shifting emissions across regions and weakening the aggregate mitigation effect of domestic climate action.

Such indirect leakage is particularly difficult to address by throat vk of policies, and largely eludes measures pfizer tablet behind the border.

This favors use of BCAs, which can include energy inputs in their scope by incorporating indirect emissions. Footnote 85 While that may not prevent displacement of fuel consumption into unrelated sectors, such as transport and residential heating, it can prevent falling input costsand thus a de facto subsidyfor foreign producers benefitting from weaker or no carbon constraints.

Indirect leakage through falling fuel prices also has other implications for the design of BCAs. For instance, it favors application of a Tiotropium Bromide Inhalation Spray (Spiriva Respimat)- FDA to sectors with comparable production methods across jurisdictions, where the share of emissions from production outweighs the share of emissions from energy inputs.

Footnote 86 One study moreover suggests that BCAs will be most effective when applied in a setting where a limited number of countries has implemented ambitious carbon constraints. In such a situation, declines in world fossil fuel prices will remain secondary to leakage through production displacement.

As the group of acting countries grows, the need for and effectiveness of BCAs will eventually decline as BCAs address a diminishing leakage rate.

Footnote 87 Moreover, it bears recalling that BCAs pursue a dual purpose, with the political leveraging effect an important objective alongside that of leveling uneven climate policy efforts. Footnote 88 An expanding coalition of countries with BCAs will exert greater political pressure against laggard countries to adopt their own carbon constraints,Footnote 89 which, in turn, can counteract both direct leakage through production and investment relocation, as well as indirect leakage through fossil fuel displacement.

In terms of scope and Tiotropium Bromide Inhalation Spray (Spiriva Respimat)- FDA, a majority of leakage reduction benefits can already be obtained when a BCA is applied to major energy intensive and trade exposed sectors. Footnote 90 Inclusion of only four products, namely cement, aluminum, steel, and electricity, has been suggested as the most economically efficient option to reduce leakage in the EU Emissions Trading System,Footnote 91 as it avoids the administrative cost and trans-shipment risk associated with inclusion of goods with more complex supply chains.

Extensive sectoral and gas coverage may be beneficial in theory, but can also alter the terms of trade and shift more of the burden of climate action toward developing countries,Footnote 92 which contravenes core principles of the climate and trade regimes. Footnote 93 Excluding exports from a BCA can weaken its ability to counteract leakage,Footnote 94 although most of the benefits should even accrue Tiotropium Bromide Inhalation Spray (Spiriva Respimat)- FDA a system limited to imports.

Footnote 95 And finally, use of the revenue levied through a BCA significantly influences the overall effects of the BCA,Footnote 96 with application toward reducing other distortions in the economy preferable from the perspective of the implementing country, but not necessarily the most equitable or politically viable option. The foregoing Tiotropium Bromide Inhalation Spray (Spiriva Respimat)- FDA variously inform the recommended BCA fraser syndrome proposed later in this Article.

Footnote 97 As mentioned earlier, BCAs have been repeatedly proposed in the past, although few of these efforts advanced far in the regulatory process, and only one progressed far enough to see actual implementation. Still, the rationale, design features, and broader political context of these proposals Hydrocortisone Acetate Cream (MiCort HC)- FDA useful lessons for any future attempt to introduce a BCA.

Relevant initiatives have been launched over time both in the European Union and the United States, with an early wave in Europe prompted by U. While the political and legal context has continued to evolve, as outlined earlier in this Article,Footnote 98 the most important proposals are summarized in this section to infer such lessons for BCA design and implementation.

The EU Emissions Trading System sets an emissions cap for greenhouse gas emissions from energy producers, industrial sectors, and some aviation activity. Footnote 100 All covered emitters receive emissions allowances through a predetermined allocation procedure, which can involve free distribution or auctioning.

Footnote 102 This marked a significant modification of the allocation process, and led to an intense debate about how to address potential carbon leakage, including the option of measures at the border. Footnote 103 Since 2007, three proposals have been put forward at the EU level to address carbon leakage using border measures.

Thus far none of the proposals have been applied in practice.



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