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Fossil fuel price shocks and a low carbon economy

BY JLN » May 21, 2012 AT 2:57 pm

The aim of this report is to enrich the discussion on the UK’s climate change policies by assessing how these policies could improve the stability of the UK economy in the face of global energy price shocks. Energy prices have been trending up over the past decade and have also seen increased volatility in recent years. High and volatile energy prices have a negative effect on the economy of an oil and gas importing country such as the UK. Policies aimed at reducing the UK’s dependence on fossil fuels intuitively will reduce the economy’s vulnerability to fluctuations in global commodity markets. To assess the impact of climate change policy on reducing the sensitivity of the UK economy to such shocks, we develop scenarios using both the Oxford Economics’ UK Energy and Industry Model and its Global Economic Model.

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