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Targets for global climate policy: An overview

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  • Tol, Richard S.J.

Abstract

A survey of the economic impact of climate change and the marginal damage costs shows that carbon dioxide emissions are a negative externality. The estimated Pigou tax and its growth rate are too low to justify the climate policy targets set by political leaders. A lower discount rate or greater concern for the global distribution of income would justify more stringent climate policy, but would imply an overhaul of other public policies. Catastrophic risk justifies more stringent climate policy, but only to a limited extent.

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  • Tol, Richard S.J., 2013. "Targets for global climate policy: An overview," Journal of Economic Dynamics and Control, Elsevier, vol. 37(5), pages 911-928.
    • Handle: RePEc:eee:dyncon:v:37:y:2013:i:5:p:911-928
    DOI: 10.1016/j.jedc.2013.01.001
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    20. David Anthoff & Richard Tol, 2009. "The Impact of Climate Change on the Balanced Growth Equivalent: An Application of FUND," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 43(3), pages 351-367, July.

    More about this item

    Keywords

    Climate change; Climate policy; First-best;
    All these keywords.

    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

    Lists

    This item is featured on the following reading lists, Wikipedia, or ReplicationWiki pages:
    1. Targets for global climate policy: An overview (JEDC 2013) in ReplicationWiki

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