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dc.contributor.authorGreen, R.
dc.contributor.authorStaffell, I.
dc.date.accessioned2021-05-19T10:56:46Z
dc.date.available2021-05-19T10:56:46Z
dc.date.issued2021-03-16
dc.identifier.otherCWPE2125
dc.identifier.urihttps://www.repository.cam.ac.uk/handle/1810/322558
dc.description.abstractGreat Britain’s carbon emissions from electricity generation fell by two-thirds between 2012 and 2019, providing an important example for other nations. This rapid transition was driven by a complex interplay of policies and events: investment in renewable generation, closure of coal power stations, raising carbon prices and energy efficiency measures. Previous studies of the impact of these simultaneous individual measures miss their interactions with each other and with exogenous changes in fuel prices and the weather. Here we use Shapley values, a concept from cooperative game theory, to disentangle these and precisely attribute outcomes (CO<sub>2</sub> saved, changes to electricity prices and fossil fuel consumption) to individual drivers. We find the effectiveness of each driver remained stable despite the transformation seen over the 7 years we study. The four main drivers each saved 19–29 MtCO<sub>2</sub> per year in 2019, reinforcing the view that there is no ‘silver bullet’, and a multi-faceted approach to deep decarbonisation is essential.
dc.publisherFaculty of Economics, University of Cambridge
dc.relation.ispartofseriesCambridge Working Papers in Economics
dc.rightsAll Rights Reserved
dc.rights.urihttps://www.rioxx.net/licenses/all-rights-reserved/
dc.subjectElectricity Decarbonisation
dc.subjectShapley Value
dc.subjectCarbon Pricing
dc.subjectRenewables
dc.titleThe Contribution of Taxes, Subsidies and Regulations to British Electricity Decarbonisation
dc.typeWorking Paper
dc.identifier.doi10.17863/CAM.70014


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