Dr. Ethan Grumstrup, Postdoctoral Research Associate, Dept. of Agricultural and Resource Economics, University of Connecticut
Seminar Title: “Impacts of the Renewable Portfolio Standard in Nevada”
Abstract:
This study uses a computable general equilibrium (CGE) model to estimate the general equilibrium effects of a 50% Renewable Portfolio Standard (RPS) and a 10% carbon tax on the economy of Nevada. Currently, 29 states and Washington D.C. have adopted RPS laws to reduce greenhouse gas emissions by requiring a minimum percentage of energy to be generated by renewable sources. Carbon taxes are generally regarded as the best tool to reduce carbon emissions, but passing such a law has never gained traction in the U.S. Nevada's RPS law was increased in 2019 to require 50% of the state's energy to be generated by renewable sources by 2030. Research on the effects of RPS laws has rarely been performed on state economies despite there being no such national law in the U.S. Using state specific generator data, a unique Social Accounting Matrix with detailed electricity generation industries is created to calibrate the model. The results indicate that the 50% RPS would achieve a 31% to 32% reduction in CO2 emissions, but reduce state GDP by 0.08%. A carbon tax would reduce CO2 emissions by 43% to 44%, but reduce GDP by 0.22%. Therefore, a RPS may only be preferable to a carbon tax if policy makers prioritize GDP over CO2 emissions.
Wednesday, Dec 9, 2020
2:30pm – 3:30pm (EST)
*Link to Join*:
https://uconn-cmr.webex.com/uconn-cmr/j.php?MTID=m106b68d36e0800ef17056cf477ab3ff5
Meeting number (access code): 120 640 5574
Meeting password: ePMwnhhA433
For more information, contact: Tatiana Andreyeva at tatiana.andreyeva@uconn.edu