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Technological revolutions have increased the world's wealth
unevenly and in ways that have accelerated climate change. This
report argues that achieving The Paris Agreement's objectives would
require a massive transfer of existing and commercially proven
low-carbon technologies (LCT) from high-income to developing
countries where the bulk of future emissions is expected to occur.
This mass deployment is not only a necessity but also an
opportunity: Policies to deploy LCT can help countries achieve
economic and other development objectives, like improving human
health, in addition to reducing greenhouse gases (GHGs).
Additionally, LCT deployment offers an opportunity for countries
with sufficient capabilities to benefit from participation in
global value chains and produce and export LCTs. Finally, the
report calls for a greater international involvement in supporting
the poorest countries, which have the least access to LCT and
finance and the most underdeveloped physical, technological, and
institutional capabilities that are essential to benefit from
technology.
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.
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