Une taxe climat européenne pourrait bénéficier aux pays exportateurs de pétrole

Par Håvard Halland, Economiste au Centre de développement de l’OCDE


Ce blog fait partie d’une série sur la lutte contre le COVID-19 dans les pays en voie de développement. Visitez la page dédiée de l’OCDE pour accéder aux données, analyses et recommandations de l’OCDE sur les impacts sanitaires, économiques, financiers et sociétaux de COVID-19 dans le monde.


Read this blog in English

Pour relancer nos économies d’une manière durable dans le sillage de la crise due au Covid-19, l’instauration d’une tarification effective du carbone à l’échelle mondiale reste plus importante que jamais. Cependant, tant que les Etats ne parviendront pas à s’entendre sur la gravité des risques induits par le changement climatique, la mise en place d’un système mondial de taxation des gaz à effet de serre restera une perspective lointaine.

Le mécanisme d’« ajustement carbone aux frontières » envisagé par l’Union européenne (UE) pourrait toutefois être un premier pas vers une réallocation des investissements internationaux dans le sens souhaité. Ambitieux, les nouveaux objectifs climatiques de l’UE exigeront des réductions des émissions non seulement dans le secteur de l’énergie, mais aussi dans les secteurs à forte intensité énergétique comme les industries lourdes, la métallurgie, la pétrochimie, le ciment, les engrais.

Continue reading

EU climate tax could benefit oil exporters

By Håvard Halland, Senior Economist at the OECD Development Centre


This blog is part of a series on tackling COVID-19 in developing countries. Visit the OECD dedicated page to access the OECD’s data, analysis and recommendations on the health, economic, financial and societal impacts of COVID-19 worldwide.


Lire ce blog en français

In energy-intensive sectors, a carbon border tax could shift the geography of investment.

For a green coronavirus recovery, an effective global price on carbon remains as important as ever before. However, until governments can agree on the severity of the risk posed by climate change, a global tax on greenhouse gas emissions seems a remote prospect. Nonetheless, the “carbon border adjustment mechanism” that the EU is considering could have similar effects on capital allocation – albeit on a smaller scale.

The EU’s ambitious new climate goals will require emissions reductions not only in the energy sector, but also in energy-intensive sectors such as heavy industries, metals, petrochemicals, cement, and fertilizer. To ensure a level playing field between EU companies and foreign firms not subject to EU emissions targets, the EU may implement a border tax on carbon-intensive imports. The combination of high carbon taxes within the EU and a carbon border tax would present energy-intensive industries with a new set of locational choices.

Continue reading

Middle East and North Africa: The challenge of a long-term strategy for oil exporting countries

Building-better-covid19-banner

By Rahmat Poudineh, Senior Research Fellow and Director of Research, the Oxford Institute for Energy Studies


This blog is part of a series on tackling COVID-19 in developing countries. Visit the OECD dedicated page to access the OECD’s data, analysis and recommendations on the health, economic, financial and societal impacts of COVID-19 worldwide.


oil-refinary-shutterstock_1076038007
Oil refinery plant in Qatar

There is no single successful strategy to shield oil-exporting countries of the Middle East and North Africa (MENA) from the long-term risks of an oil price crash, exposing them to serious long-term challenges.

Diversification for example, works only when it reduces risk by pooling uncorrelated income streams and sectors. If countries diversify only into sectors that rely on hydrocarbon infrastructure and where relationships (tangible and non-tangible) exist across fossil and non-fossil fuel businesses, they cannot build resilience. On the other hand, if they diversify into substantively different areas that have little in common with their current primary industry, which is the core of their comparative advantage, they run the risk of not being competitive. Moreover, the cost of reducing the long-term risks and increasing resilience of their core sector is to accept lower expected return on existing hydrocarbon assets, for instance, by investing in measures that align their hydrocarbon sector with low carbon scenarios. This lowers the overall return but reduces the risk of disruption in the long run. Continue reading

How COVID-19 could help eliminate fossil fuel subsidies

Building-better-covid19-banner

By Mario Pezzini, Director of the OECD Development Centre and special adviser to the OECD Secretary-General on development, and Håvard Halland, Senior Economist at the OECD Development Centre


This blog is part of a series on tackling COVID-19 in developing countries. Visit the OECD dedicated page to access the OECD’s data, analysis and recommendations on the health, economic, financial and societal impacts of COVID-19 worldwide.


Oil pumpjacks in Tatarstan, Russia
Photo: Yegor Aleyev/Tass/PA Images

As oil-exporting countries struggle to respond to the crisis, there is a way to make critical fiscal resources available.

The Covid-19 pandemic has hit oil-exporting countries at the worst possible moment. Severely strained health systems, and the need for economic stimulus, call for unprecedented growth in public spending. At the same time, oil export revenues have plummeted, following the demand collapse caused by the pandemic and a breakdown of traditional price-setting mechanisms. As a result, many oil exporters in the low- and middle-income category will struggle to muster anything near the level of expenditure required for an efficient response to the virus. Continue reading