Productivity in the Face of Climate Change

Gert Bijnens, Sofia Anyfantaki, A. Colciago, J. De Mulder, E. Falck, V.Labhard, P. Lopez-Garcia, N.Lourenço, Jaanika Meriküll, Miles Parker, Oke Röhe, J. Schroth, Patrick Schulte and Johannes Strobel
Additional contact information
A. Colciago: De Nederlandsche Bank
J. De Mulder: NBB
E. Falck: Deutsche Bundesbank
V.Labhard: European Central Bank
P. Lopez-Garcia: European Central Bank
N.Lourenço: Banco de Portugal
J. Schroth: European Central Bank

Economic Review, 2024, 1-66

Abstract: Stricter climate legislation is initially harmful to productivity, especially for high-emission firms, but spurs innovation and productivity growth in the long run. Success in green technology innovation depends on the type of firm and the regulatory framework. Market-based tools are less disruptive but may not drive innovation, unlike R&D subsidies. The transition to a carbon-neutral economy must be planned carefully in order to avoid lingering productivity costs.

Date: 2024
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