Members

IMMC

Pierre Jacques
PhD student
Ir. at UCL in 2019
Contact

Main project: Modelling low-carbon pathways for developing and emerging economies: an interdisciplinary approach
Funding: UCL Assistant
Supervisor(s): Hervé Jeanmart

Numerous academic and non-academic institutions have been calling for new approaches in economics, which would better integrate environmental constraints and help guide the low-carbon transition. Thus, following the pioneering World3 model from Meadows et al., a considerable number of new economic models have been produced. Among them, the biophysical economic models aim at integrating thermodynamic and ecological principles and emphasising the importance of natural resources to economic processes. Yet, we do not know any biophysical economic model which takes into consideration the specificities of emerging or developing economies (hereafter denoted as EDEs). Current models are poorly relevant for EDEs, since they do not consider important aspects such as balance of payments constraints (import/export dynamics, international finance constraints, etc.). Disposing of adequate models for EDEs is nonetheless crucial, since these countries will play a determining role in climate change mitigation. Our goal is thus to close this gap. Based on a strongly interdisciplinary environment and on existing models, we are developing a hybrid model at the frontier of biophysical and post-Keynesian economics, aimed at guiding the low-carbon transition in the specific context of an EDE. This model combines equations from the MEDEAS model (https://www.medeas.eu/) together with the financial dynamics of a model developed at the French Agency for Development (https://www.afd.fr/en/ressources/modelling-small-open-developing-economies-financialized-world-stock-flow-consistent-prototype-growth-model). Using our hybrid model, we will investigate a series of scenarios and development pathways, which will vary in terms of decarbonation speed and magnitude.

IMMC main research direction(s):
Energy

Keywords:
ecological economics
economic modelling

Research group(s): TFL
Collaborations: I am invited researcher at the Agence Française de Développement