Decarbonization: Current Financial Instruments and Green Nudges

Student: Ekaterina Levykina

Educational Programme: Economics and Economic Policy (Master)

Year of Graduation: 2024

This paper focuses on the diversity of the instruments of ecological economic policy, which can be used for lowering greenhouse gas emissions like carbon pricing instruments and behavioural instruments – nudges. The author provides a systematic analysis of currently used carbon pricing instruments and green nudges, which proved to be experimentally effective. In addition, the author describes human decision-making process and cognitive biases, on which nudges base. The author also proposes a green nudge for implementation in Russia aimed at reducing electricity consumption. The paper also contains the experiment designed to test the proposed green nudge and the econometric analysis of the data obtained in the experiment. The main result of the paper is that the proposed nudge is effective in incentivizing people to consume less electricity.

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