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Climate change impact on sovereign debt management has become an issue of great concern. The aim of this paper is to analyse the changes in the traditional approach of sovereign debt managers in the face of the pursued climate policy and different scenarios of climate liabilities for 2050. We follow a novel three-fold research approach: 1) assessment of the estimated level of current climate liabilities based on the Fiscal Risk Matrix; 2) performing forward-looking climate debt projections over the timeframe 2025-2050 for the EU countries; 3) conducting case study research on EU countries, to identify the sovereign climate debt management activities undertaken so far and to define a series of good-practice guidelines. Findings indicate a growing role of the climate financial mechanisms in sovereign debt management. In particular, our climate scenario approach reveals those scenarios in which a country's fiscal position indicators are more vulnerable from the standpoint of rising public expenditure due to the country's inability to manage CO2 gas emissions. Each country is responsible for its climate pathway by 2050 and this will be mainly determined by the timeliness, efficacy and appropriateness of the public policies and measures implemented to mitigate climate change. [ABSTRACT FROM AUTHOR]

This paper presents an in-depth analysis of the Marginal Abatement Cost Curve (MACC) for CO2 of China's industrial sector. Leveraging comprehensive firm-level panel data spanning the period 2011–2015, we employ a parameterized directional output distance function to estimate the shadow price of CO2. By doing so, we derive the marginal abatement cost for individual firms across different years, which provides crucial insights into two fundamental aspects: first, the variation in shadow prices as indicators of the economic efficiency of existing climate policies; and second, the carbon price levels necessary to achieve CO2 mitigation targets in the future. Furthermore, we conduct scenario simulations to assess the potential industrial output loss resulting from forthcoming carbon policies, such as the European Union's Carbon Border Adjustment Mechanism (CBAM). Our findings underscore the necessity for a considerably higher tax rate to stimulate pollution reduction in order to meet the desired emission targets. [ABSTRACT FROM AUTHOR]

The study assesses the extent to which public health is integrated into European national and urban climate change adaptation policy and planning. We analyse national adaptation documents from the 27 European Union member states and interview city-level experts (n = 17) on the integration of three categories of adaptation efforts: general efforts to minimize health impacts related to climate change, targeted efforts to enhance resilience in health systems, and supportive efforts to foster the potential of the first two categories. At a national level, general efforts to address vector-borne diseases and heat-related illness are covered comprehensively, whereas efforts addressing several climate-related health risks are neglected (e.g. water-borne diseases, injuries from extreme weather and cardiopulmonary health) or overlooked (e.g. malnutrition and mental health). Targeted efforts to inform policy decisions, such as carrying out research, risk monitoring and assessments, are often described in detail, but efforts to manage day-to-day health care delivery and emergency situations receive little attention. At the urban level, health issues receive less attention in climate adaptation policy and planning. If health topics are included, they are often described as indirect benefits of adaptation efforts in other sectors and not perceived as the priority of the involved authorities. This effectively means that general and targeted efforts are the responsibility of other sectoral departments, while supportive efforts are the responsibility of the national government or external organizations. As a result, at an urban level, climate-related health system adaptation is not a policy aim in its own right, and many potentially high health risks are being ignored. In order for health risks to be better integrated into adaptation policy and planning, it is critical to interconnect national and urban levels, reduce sectoral thinking and welcome external expertize and facilitate large-scale data collection and sharing of health and climate indicators. We recommend focussing on cooperatively drafting strategies for integrating health issues into climate policy and planning with stakeholders at the national and urban levels, in different policy sectors and in society. Policy planners can build on the strengths of adaptation documents from other countries or cities and take note of any weaknesses. We advocate to foster co-benefits for health and climate action of various adaptation measures (e.g. by promoting active mobility and urban greenery, health impacts related to heat, (mental and physical) stress and air pollution are reduced). Large-scale data collection and sharing of health and climate indicators should be facilitated to support learning and pro-active decision-making. [ABSTRACT FROM AUTHOR]

This study aimed to highlight the issue of climate-oriented public policy forms, scales, and means of their implementation as well as their limitations. Based on an empirical case study of the French West Indies (Guadeloupe), we analyzed climate policy integration in programmatic local policies and sectoral practices. This study sheds light on the banana sector and how climate change is mainstreamed at a local level. In Guadeloupe, the climate change paradigm is grabbed and 'invisibilized' into sectoral policies and practices. By paying attention to who implements the policies regarding the adaptation of agriculture to climate change (AACC) and how, we highlighted the capacity of the banana sector to retrieve policy instruments dedicated to the AACC to support their own agricultural and environmental agenda. We also paid attention to their local and sectoral transfer and their 'fluid' implementation: implementation is multiform, compelled by limitations. Finally, we concluded that implementation of the AACC policy depends on four variables: (a) the multilevel governance and the complex process of reinterpretation of European Union (EU) policy and rules, (b) the specific polycentric governance style (c) that is centered on a powerful banana chain, and (d) the environmental agenda that gives priority to local vulnerabilities. [ABSTRACT FROM AUTHOR]

Aiming to protect energy security, the European Union (EU) has sought to persuade third states to accept its energy acquis, relying on a formed strategic narrative. However, the coherency of this strategic narrative, as the prerequisite for being well-received, has not been studied before. Considering the strategic narrative theory and applying the content analysis method, our research has indicated that the EU's narrative consists of five storylines, including geopolitics, the single energy market, and climate change, the last two of which have become increasingly accentuated over time. However, this strategic narrative suffers from two significant incoherencies, which lie between its storylines and also within the storyline. The results of our analyses indicate that both incoherencies originate from the securitisation of energy in the Union. This means that the effectiveness of the narrative formulated has been diminished, which is detrimental even to the EU's climate policy. This could suggest that de-politicisation of energy is required to reinforce the narrative and enable the EU to address the world with one voice. [ABSTRACT FROM AUTHOR]

Tackling climate change has provided a key focus for the creation of what the editors of this special issue have termed 'environmental intangibles.' This paper focuses on the European Union Emissions Trading System (EUETS), a climate policy that revolves around the issuance and trading of environmental intangibles called emissions allowances. Set up in the mid-2000s, the cap and trade system has experienced many complications. We propose here to explore a particularly contentious issue: the allocation of free allowances. We will see that deciding on allocation rules leads to vivid debates about whether energy-intensive industries in Europe, such as the manufacturing of cement, can remain competitive in the global economy if climate policy is unilaterally enforced. These debates are focused on a phenomenon referred to as the risk of carbon leakage due to loss of competitiveness. Drawing on an empirical enquiry into the workings of policy-making, the paper examines the ways, in which this risk is framed and questioned through lobbying and evidential work. We suggest that the threat to competitiveness posed by the EUETS can neither be established, nor dismissed; a form of under-determination is maintained and carbon leakage as a never-quite-tangible possibility becomes a battleground for protecting European industry over the environment. [ABSTRACT FROM AUTHOR]

There is a strong political divide on climate change in the US general public, with Liberals and Democrats expressing greater belief in and concern about climate change than Conservatives and Republicans. Recent studies find a similar though less pronounced divide in other countries. Its leadership in international climate policy making warrants extending this line of research to the European Union (EU). The extent of a left–right ideological divide on climate change views is examined via Eurobarometer survey data on the publics of 25 EU countries before the 2008 global financial crisis, the 2009 ‘climategate’ controversy and COP-15 in Copenhagen, and an increase in organized climate change denial campaigns. Citizens on the left consistently reported stronger belief in climate change and support for action to mitigate it than did citizens on the right in 14 Western European countries. There was no such ideological divide in 11 former Communist countries, likely due to the low political salience of climate change and the differing meaning of left–right identification in these countries. [ABSTRACT FROM PUBLISHER]