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The Economics of the Kyoto Protocol

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  • Michael Grubb

Abstract

This paper surveys economic aspects of the Kyoto Protocol, the Treaty adopted to control emissions of the greenhouse gases that contribute to climate change. The first part focuses upon the structural aspects of the agreement, with particular attention to the long-term conception of the Treaty and its use of market-oriented instruments unprecedented in an international treaty of this scope. The second part then examines the actual commitments adopted for the first period, and the impact of US withdrawal upon the economics of these commitments as mediated through the ‘flexible mechanisms’. It is noted that the emerging behaviour of states under Kyoto is very different from that assumed in economic modeling studies—countries are focusing first upon domestic action and will resort to the mechanisms mainly as a fallback option to secure compliance, not as a route to minimizing costs irrespective of other considerations. This may have important implications for understanding the practical economics of designing international market mechanisms, and for the next steps that might be considered under Kyoto.

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Bibliographic Info

Article provided by World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE in its journal World Economics Journal.

Volume (Year): 4 (2003)
Issue (Month): 3 (July)
Pages: 143-189

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Handle: RePEc:wej:wldecn:153

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Cited by:
  1. Jon Hovi & Bjart Holtsmark, 2006. "Cap-and-trade or carbon taxes? The feasibility of enforcement and the effects of non-compliance," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 6(2), pages 137-155, June.
  2. Stavins, Robert, 2004. "Can an Effective Global Climate Treaty Be Based on Sound Science, Rational Economics, and Pragmatic Politics?," Discussion Papers dp-04-28, Resources For the Future.
  3. Olmstead, Sheila M. & Stavins, Robert N., 2010. "Three Key Elements of Post-2012 International Climate Policy Architecture," Working Paper Series rwp10-030, Harvard University, John F. Kennedy School of Government.
  4. Michel Damian, 2014. "Conférence climatique de Paris 2015 : que peut la diplomatie française ?," Working Papers halshs-00990907, HAL.
  5. Hansjürgens, Bernd, 2008. "Internationale Klimapolitik nach Kyoto: Architekturen und Institutionen," UFZ Discussion Papers 10/2008, Helmholtz Centre for Environmental Research (UFZ), Division of Social Sciences (ÖKUS).
  6. Muhammad Ishaq-ur Rahman, 2013. "Climate Change: a Theoretical Review," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 11(1), pages 1-13.
  7. Fritz Rahmeyer, 2007. "Europäischer Handel mit Treibhausgasemissionszertifikaten und seine Umsetzung in das deutsche Umweltrecht," Discussion Paper Series 296, Universitaet Augsburg, Institute for Economics.
  8. Zhou, Lu & Li, Jing & Chiang, Yat Hung, 2013. "Promoting energy efficient building in China through clean development mechanism," Energy Policy, Elsevier, vol. 57(C), pages 338-346.
  9. Peter Read, 2006. "Reconciling Emissions Trading with a Technology-Based Response to Potential Abrupt Climate Change," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 11(2), pages 493-511, March.
  10. Michel Damian, 2014. "La politique climatique change enfin de paradigme," Post-Print halshs-00969308, HAL.
  11. Michel Damian, 2012. "Repenser l'économie du changement climatique," Post-Print halshs-00709929, HAL.

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