小型开放经济体的气候变化：以安道尔为例（英）

Climate Change in SmallOpen Economies: TheCase of Andorra Catalina Michelle Tejada SIP/2025/153 IMF Selected Issues Papers are prepared by IMF staff asbackground documentation for periodic consultations withmember countries.It is based on the information available atthe time it was completed on February 9, 2024. This paper isalso published separately as IMF Country Report No 24/58. 2025DEC IMF Selected Issues PaperEuropean Department Climate Change in Small Open Economies: The Case of AndorraPrepared by Michelle Tejada Authorized for distribution by Rodolphe BlavyDecember2025 IMF Selected Issues Papersare prepared by IMF staff as background documentation for periodicconsultations with member countries.It is based on the information available at the time it wascompleted on February 9, 2024. This paper is also published separately as IMF Country Report No 24/58. ABSTRACT:Climate change is macro-critical to Andorra: with (mostly winter) tourism accounting for one thirdof its economy, Andorra is directly exposed to climate change—shorter winter seasons, declining snow falls,higher costs from artificial snow making are all negatively affecting the economy’s main business. Because ofits higher altitude, Andorra is more resilient than other winter tourism locations in the region and should use thiswindow of opportunity to enact needed policies. The authorities’ climate change strategy—with ambitiousgoals—is focused on mitigation. Using the Climate Policy Assessment Tool (CPAT), this paper analyzes thefeasibility of achieving the decarbonization objective under different scenarios of carbon tax and efficiencygains. The results show that achieving the decarbonization objectives would require very substantial efficiencygains in the power, transport, and residential sectors and a considerable increase in the carbon tax and. Theadaptation component of the government’s climate change strategy is paramount given the macro-criticality ofclimate change but is still at an incipient stage. Climate Change in Small OpenEconomies: The Case of Andorra Principality of Andorra Prepared by Catalina Michelle Tejada CLIMATE CHANGE IN SMALL OPEN ECONOMIES: THECASE OF ANDORRA1 Climate change is macro-critical to Andorra: with (mostly winter) tourism accounting for one third ofits economy, Andorra is directly exposed to climate change—shorter winter seasons, declining snowfalls, higher costs from artificial snow making are all negatively affecting the economy’s main business.Because of its higher altitude, Andorra is more resilient than other winter tourism locations in theregion and should use this window of opportunity to enact needed policies. The authorities’ climatechange strategy—with ambitious goals—is focused on mitigation. Using the Climate PolicyAssessment Tool (CPAT), this paper analyzes the feasibility of achieving the decarbonization objectiveunder different scenarios of carbon tax and efficiency gains. The results show that achieving thedecarbonization objectives would require very substantial efficiency gains in the power, transport, andresidential sectors and a considerable increase in the carbon tax and. The adaptation component of thegovernment’s climate change strategy is paramount given the macro-criticality of climate change butis still at an incipient stage. A.Introduction 1.Climate change has become a macro-critical issue, particularly in economies such asAndorra with low diversification and sectors highly dependent on climate.Global warmingpresents a major threat to the country’s long-term growth and has a direct impact on its wellbeinggiven its economic dependance on tourists visiting during the ski season. Measures taken now tofight the climate crisis will create a more resilient and greener economy. 2.Andorra’s tourism sector is particularly vulnerable to climate change.The number ofdays with sufficient accumulation of snow in the Pyrenees for various alpine skiing activities aredecreasing, and the snow line is migrating towards higher altitudes. The impact of global warmingon sky stations will depend on localization, altitude, and management. This could lead to aredistribution of the Pyrenean market between vulnerable and resilient ski resorts, and towardsthose in higher altitude–which, to some extent, benefits Andorra in the short-to-medium term. Overtime, resorts will have to rely more on artificial snowmaking, including those at high altitude. Whileartificial snowmaking can partially offset the impact of climate change, the higher the temperaturethe lower the number of resorts that can operate profitably and the shorter the ski seasons. Theintensification of global warming could impact landscapes and tourism infrastructure. These willaffect touristic attractions and alter the dynamic of tourism flows. In addition, the water demand forsnowmaking could lead to conflicts between intensive water-demand sectors. 3.Energy security and the pace of energy transition would also be impacted by thew