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What role do transaction costs play in energy efficiency improvements and how can they be reduced?
(2019)
Ex-ante policy evaluation requires a detailed understanding of how the subjects addressed by the policy react to its implementation. In the context of energy efficiency, policy measures typically aim at influencing investment decisions towards more efficient options.
As has been discussed widely in the context of the "energy efficiency gap", investments in energy efficiency improvements are frequently not conducted even though they seem cost-effective from a simple cost-benefit perspective, where transaction costs have been identified as one important barrier.
While transaction costs have been discussed widely from a conceptional perspective, empirical studies quantifying transaction costs and measures to reduce them are rare. This paper presents approaches, results and insights from a recently completed research project funded by the German Federal Energy Efficiency Center (BfEE), addressing transaction costs in various energy efficiency measures and the role of energy efficiency services to overcome the barrier.
We analyse a set of 11 energy efficiency investments covering private households, public institutions and the industry sector. We gather data on direct investment costs and energy cost savings and provide a detailed analysis of the various barriers and transaction costs associated with the implementation. We then analyse the costs of existing energy efficiency services using data provided by the BfEE. We compare the different cost elements and analyze the potential of energy efficiency services to reduce transaction costs.
We find that the role of transaction costs differs substantially between households, public institutions and companies and that the impact of energy efficiency services on transaction costs needs to be evaluated using different methodological approaches. We conclude that while data availability on disaggregated transaction costs is a major challenge, energy services can reduce transaction costs considerably.
Die Dekarbonisierung des deutschen Wohngebäudebestandes stellt einen wichtigen Baustein zum Gelingen der Energiewende dar. Politisches Ziel ist ein "nahezu klima-neutraler" Gebäudebestand bis 2050. Trotz Erfolgen in der Vergangenheit und eines umfangreichen Policy-Mix verbleibt die energetische Sanierungstätigkeit sowohl hinichtlich der Sanierungstiefe als auch der Sanierungsbreite unterhalb des politisch geforderten und ökologisch notwendigen Maßes. Die Arbeit widmet sich daher der Frage, unter welchen individuellen und quartiersbezogenen Rahmenbedingungen Immobilieneigentümer energetische Sanierungsmaßnahmen durchführen und wie die energetische Sanierungstätigkeit durch Multi-Level-Governance gesteigert werden kann. Die Analyse erfolgt fallstudienbasiert für die Eigentümergruppe der privaten Kleinvermieter, die rund 37 Prozent des deutschen Wohnungsbestandes bewirtschaften. Anhand eines mixed method-Ansatzes wird zunächst durch problemzentrierte Interviews ein Modell zur Beschreibung des Investitionsentscheidungsprozesses entwickelt, was anschließend durch eine schriftlich-postalische Befragung und ihre regressions-analytische Auswertung bewertet wird. Durch die Triangulation können förderliche und hemmende Einflussfaktoren identifiziert werden. Aufbauend auf den theoretischen Vorüberlegungen sowie den empirischen Ergebnissen werden anschließend politische Handlungsempfehlungen abgeleitet.
This report explores the future role of the voluntary carbon market and its potential to contribute to raising the ambition of climate policy. For this purpose, desk research was complemented by interviews with voluntary carbon market representatives. The report finds that the current roles of the voluntary market are set to change fundamentally due to the Paris Agreement. For the future of the voluntary market as an investor, three roles were identified, each of which is associated with specific challenges: The market may maintain its current role of buyer of carbon neutrality credits, it may become a supporter of NDC implementation, or it may become a driver of ambition. With regard to the future role of private certification standards, the Paris Agreement may hold the possibility of using such standards in the context of compliance activities. Overall, the findings indicate that the voluntary market has some potential to contribute to ambition raising. Whether this potential will actually be unlocked depends on how the concept of ambition raising will be operationalized under the Paris Agreement and to what degree it can be integrated into the voluntary market's activities and business models.