Working Papers
Working papers
Groom B., Venmans F. (2024) The social value of temporary carbon removals and delayed emissions. NBER working paper 32734. Presented at the 6th Annual NBER Environmental and Energy Policy and the Economy Conference, Spring 2024.
Venmans F., Atkinson G. (2024) Measuring wealth of non-Renewable Natural Capital. SSRN working paper 4931488. Submitted at the Journal of Environmental Economics and Management.
Coppens, L., Dietz, S., Venmans, F. , (2024) Optimal climate policy under exogenous and endogenous technical change: making sense of the different approaches. Presented at AERE Miami 2022, IAEE Japan 2022, LSE Environmental Workshop 2022, EAERE Rimini 2022, SURED 2024. R&R at the Journal of Environmental Economics and Management.
Campiglio E., Dietz, S., Venmans F. (2023) Optimal climate policy as if the transition matters. Working paper of the National Bank of Belgium, Grantham and Cesifo. Presented at the National Bank of Belgium 2020, Royal Economics Society 2021, AERE 2021, EAERE 2021, IAEE 2021, CESifo 2023, EAERE 2024, EEA 2024. R&R at the Review of Economic Studies.
Coppens L., Venmans F. (2023) The welfare properties of climate targets. Grantham Working paper. R&R at Ecological Economics.
Sato, M., Gostlow, G., Higham, K., Setzer, J., Venmans, F., (2023). Impact of climate litigation on firm value. Presented at LSE Grantham Workshop & EAERE Limassol 2023. R&R at Nature Sustainability.
Groom B., Rickels W., Venmans F. (2024) Temporary carbon dioxide removals to offset methane. Submitted at Nature.
Groom B. et al. (2024) Bringing the economics of biodiversity into policy and decision-making: A target and cost-based approach to pricing biodiversity. Submitted at Nature Sustainability.
Unpublished work in progress
Dietz S., Nuño G., Scheidegger S., Venmans F. Optimal interactions between climate, fiscal and monetary policy.
We develop a dynamic stochastic general equilibrium model, with different types of capital (dirty, clean, final goods), market power, sticky prices, inflation, a central bank and a government which considers carbon taxes, carbon markets or green subsidies. A high-dimensional stochastic model, solved with deep neural nets.
Groom, B., André, L., Venmans, F. The value of a statistical species.
Similar to the value of a statistical life, the value of a statistical species expresses the money which on average would save a species from extinction for a given type of conservation action. This requires calibration of a extinction risk function and the spatial distribution of species’ habitats.
Groom B., Venmans F. Valuing carbon removal’s effect on technical change and tipping points.
Even if carbon removal projects are temporary, they may still avoid or delay certain tipping points. This will depend on what triggers the tipping point, peak temperature, warming speed or duration of warming. Carbon removal may also enable certain technologies such as CCS to become cheaper over time.
Filewod, B., Groom, B., Venmans, F. The climate value of forest rotation lengthening.
Rotation lengthening in forests allows to increase forest carbon sinks, but under most circumstances, it will reduce the quantity of timber that is harvested. Given that timber is a low emission substitute for concrete, bricks, steel and plastic, there is a climate trade-off. The latter effect is not valued when rotation lengthening is credited as CO2 offsets. Also we estimate the effect of these offsets on non-credited forest managers.
Dietz S., Seshadri A., Venmans F. The dynamics of cooling the earth with negative net emissions.
We study to what extent the proportional relationship between cumulative emissions and warming holds under negative emissions. Do most models show higher or lower temperatures (positive or negative hysteresis)? What is the simplest model capturing the main effects of hysteresis?