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Comparing Climate Commitments: A Model-Based Analysis Of The Copenhagen Accord

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  • WARWICK J. MCKIBBIN

    ()
    (Research School of Economics, ANU College of Business and Economics, Arndt Building (25), The Australian National University, Canberra ACT 0200, Australia; The Brookings Institution, 1775, Massachusetts Ave, NW, Washington DC 20036, USA)

  • ADELE C. MORRIS

    ()
    (The Brookings Institution, 1775, Massachusetts Ave, NW, Washington DC 20036, USA)

  • PETER J. WILCOXEN

    ()
    (The Maxwell School, Syracuse University, Syracuse, NY 13244, USA; The Brookings Institution, Brookings 1775, Massachusetts Ave, NW, Washington DC 20036, USA)

Abstract

The political accord struck by leaders at the United Nations negotiations in Copenhagen in December 2009 allows participants to express their greenhouse gas commitments in a variety of ways. This paper compares the environmental and economic performance of these disparate commitments using the G-Cubed model of the global economy. We focus on fossil-fuel-related CO2 and assume targets are achieved domestically. We show how different formulations make the same targets appear different in stringency and explore the Accord's spillover effects across countries. We find that commitments by Japan and Europe imply high carbon prices and relatively high GDP losses. The United States and China both have moderate carbon prices and moderate GDP effects. Australia and Eastern Europe/Former Soviet Union have relatively large GDP effects despite small or zero carbon prices because their terms of trade decline. OPEC suffers a large drop in GDP from a sharp decline in world oil demand.

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Bibliographic Info

Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal Climate Change Economics.

Volume (Year): 02 (2011)
Issue (Month): 02 ()
Pages: 79-103

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Handle: RePEc:wsi:ccexxx:v:02:y:2011:i:02:p:79-103

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Related research

Keywords: Climate treaty; Copenhagen Accord; climate commitments; international climate cooperation; climate change economics; comparability of efforts; climate agreements;

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Cited by:
  1. Yingying Lu & Alison Stegman & Yiyong Cai, 2012. "Emissions Intensity Targeting: From China's 12th Five Year Plan to its Copenhagen Commitment," CAMA Working Papers 2012-45, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  2. Jotzo, Frank, 2010. "Comparing the Copenhagen emissions targets," Research Reports 107577, Australian National University, Environmental Economics Research Hub.
  3. Stern, David I. & Jotzo, Frank, 2010. "How ambitious are China and India's emissions intensity targets?," Energy Policy, Elsevier, vol. 38(11), pages 6776-6783, November.
  4. McKibbin, Warwick J. & Wilcoxen, Peter J., 2013. "A Global Approach to Energy and the Environment," Handbook of Computable General Equilibrium Modeling, Elsevier.
  5. Duscha, Vicki & Schumacher, Katja & Schleich, Joachim & Buisson, Pierre, 2013. "Costs of meeting international climate targets without nuclear power," Working Papers "Sustainability and Innovation" S7/2013, Fraunhofer Institute for Systems and Innovation Research (ISI).
  6. Asafu-Adjaye, John & Mahadevan, Renuka, 2013. "Implications of CO2 reduction policies for a high carbon emitting economy," Energy Economics, Elsevier, vol. 38(C), pages 32-41.
  7. Yingying Lu & David I. Stern, 2014. "Substitutability and the Cost of Climate Mitigation Policy," CAMA Working Papers 2014-28, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  8. Warwick J McKibbin & Adele C Morris & Peter J Wilcoxen, 2012. "Bridging the Gap: Integrating Price Mechanisms Into International Climate Negotiations," CAMA Working Papers 2012-55, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  9. Yiyong Cai & Yingying Lu & David Newth & Alison Stegman, 2013. "Modelling Complex Emissions Intensity Targets with a Simple Simulation Algorithm," CAMA Working Papers 2013-33, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.

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