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CO2 Emissions Control Agreements: Incentives for Regional Participation

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  • Stephen C. Peck
  • Thomas J. Teisberg
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    Abstract

    This paper explores the incentives for participation in international CO2 control agreements using tradable emission permits. We employ a welfare analysis in a two-region model to explore these incentives. The two regions are Annex-I (A-I) and Non-Annex I (Non-A-I). A key insight underlying the analysis is that emission permit allocations must not depart too far from optimal emissions paths, to avoid creating future incentives to drop out of the agreement. We find a range of permit allocations that improves the welfare of both the Annex-I and the Non-Annex I, and compare them with allocations based on regional population or GDP. In addition, we examine the implications of the Kyoto agreement in the context of this welfare analysis. We find that the Kyoto agreement transfers wealth from A-I to the Non-A-I, while failing to realize tile efficiency gains to be hoped for from an agreement to control CO2 emissions.

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    Bibliographic Info

    Article provided by International Association for Energy Economics in its journal The Energy Journal.

    Volume (Year): Volume 20 (1999)
    Issue (Month): Special Issue ()
    Pages: 367-390

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    Handle: RePEc:aen:journl:1999si-a14

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    Cited by:
    1. Kopp, Raymond, 2004. "Near-Term Greenhouse Gas Emissions Targets," Discussion Papers dp-04-41, Resources For the Future.
    2. Khanna, Neha, 2001. "Analyzing the economic cost of the Kyoto protocol," Ecological Economics, Elsevier, vol. 38(1), pages 59-69, July.
    3. Pizer, William A. & Kopp, Raymond, 2005. "Calculating the Costs of Environmental Regulation," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 3, chapter 25, pages 1307-1351 Elsevier.
    4. Löschel, Andreas, 2001. "Technological change in economic models of environmental policy: a survey," ZEW Discussion Papers 01-62, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    5. Ciscar, Juan Carlos & Soria, Antonio, 2002. "Prospective analysis of beyond Kyoto climate policy: a sequential game framework," Energy Policy, Elsevier, vol. 30(15), pages 1327-1335, December.
    6. Fischer, Carolyn & Morgenstern, Richard, 2003. "Carbon Abatement Costs: Why the Wide Range of Estimates?," Discussion Papers dp-03-42-rev, Resources For the Future.
    7. Dowlatabadi, Hadi & Oravetz, Matthew A., 2006. "US long-term energy intensity: Backcast and projection," Energy Policy, Elsevier, vol. 34(17), pages 3245-3256, November.
    8. Yang, Zili & Sirianni, Philip, 2010. "Balancing contemporary fairness and historical justice: A 'quasi-equitable' proposal for GHG mitigations," Energy Economics, Elsevier, vol. 32(5), pages 1121-1130, September.

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