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http://dx.doi.org/10.15266/KEREA.2022.31.3.419

Assessing the Impacts of EU's Carbon Border Adjustment Mechanisms and Its Policy Implications: An Environmentally Extended Input-Output Analysis  

Yeo, Yeongjun (National Assembly Futures Institute)
Cho, Hae-in (Green Technology Center)
Jeong, Hoon (National Assembly Futures Institute)
Publication Information
Environmental and Resource Economics Review / v.31, no.3, 2022 , pp. 419-449 More about this Journal
Abstract
This paper aims to quantify the potential economic burdens of EU's carbon border adjustment mechanisms faced by Korean domestic industries. In addition, this study tries to compare and analyzes changes in the burden of each industry resulted from the implementation of the domestic low-carbon policy. Based on the quantitative findings, we intend to suggest policy implications for establishing mid- to long-term strategies in response to climate change risks. Based on the environmentally extended input-output analysis, the total economic burdens of the domestic industries due to the EU's carbon border adjustment mechanisms are estimated to be approximately KRW 8,245.6 billion in 2030. Looking at the impacts by industry, it is found that major industries such as petrochemicals, petroleum refining, transportation equipment, steel, automobiles, and electric/electronic equipment industries are expected to account for 84.3% of the total potential burdens. In addition, in multiple policy scenarios assuming technological developments and energy transition following the implementation of domestic low-carbon policies, the total economic burden of carbon border adjustment is expected to decrease by about 11.7% to 15.0%. The main result of this study suggests that we should not view EU EU's carbon border adjustment mechanism as a trade regulation, but to use it as a momentum for more effective implementation of the low-carbon and energy transition strategies in the global carbon neural era.
Keywords
Environmentally-Extended Input-Output; EU CBAM; Climate change; Low-carbon strategy; Impact analysis;
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Times Cited By KSCI : 1  (Citation Analysis)
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