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Is the elasticity of fossil fuel consumption to global GDP declining?
Global CO 2 emissions are rising rapidly, whereas they have to be reduced rapidly . This leads us to examine the relationship between global GDP and global fossil fuel consumption: ha ve fossil fuel needs declined over time , i.e. has the elasticity of fossil fuel consumption to global GDP fallen? What role do changes in fossil fuel prices play? We find bad news: Global fossil fuel consumption closely follows global GDP, with savings in fossil fuel consumption weakening since 2000; Global fossil fuel consumption is not very sensitive to its price, or, therefore, to the taxation of CO 2 .
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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