Climate policy without a price signal: Evidence on the implicit carbon price of energy efficiency in buildings

Ghislaine Lang and Bruno Lanz

Journal of Environmental Economics and Management, 2022, vol. 111, issue C

Abstract: Based on data for a portfolio of 548 multi-unit buildings observed over 16 years, we quantify the impacts of more than 400 energy efficiency interventions among 239 treated buildings. We exploit variation in the timing of investments to provide evidence that treated and control buildings follow the same trend in the absence of energy efficiency investments, and use staggered difference-in-differences regressions to document building-level energy savings, CO2 abatement, and heating expenditure reductions. Our results show that a ranking of interventions based on realized energy savings yields substantially different priorities as compared to a ranking of implicit carbon prices, with estimates of frequently subsidized measures (such as wall insulation and windows replacement) well in excess of available benefit estimates for avoided emissions.

Keywords: Regulation; Implicit carbon price; Energy efficiency investments; Energy savings; Staggered design; Climate policy (search for similar items in EconPapers)
JEL-codes: H21 H23 Q41 Q49 Q58 R31 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Working Paper: Climate policy without a price signal: Evidence on the implicit carbon price of energy efficiency in buildings (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jeeman:v:111:y:2022:i:c:s0095069621001121

DOI: 10.1016/j.jeem.2021.102560

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