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An Early Action Proposal with Known Costs: A Sensible and Realistic Option for Emissions Trading in Australia

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Author Info
Warwick J. McKibbin () (Australian National University, Research School of Pacific and Asian Studies, Economics Division, The Brookings Institution)

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Abstract

In a number of papers, McKibbin and Wilcoxen (1997a,1997b,1999) have proposed to tackle rising greenhouse emissions by using an internationally coordinated system of domestic permit trading schemes with a fixed price rather than a fixed cap on greenhouse emissions. This paper argues that early action by Australia alone is difficult to justify. However, if early action on the Kyoto Protocol is deemed to be warranted then the McKibbin- Wilcoxen Proposal for a permit trading system with a low fixed permit price is a sensible early action policy for Australia, especially if many countries implement it at the same time and particularly if by implementing this proposal as an early action policy, it ultimately replaces the Kyoto Protocol. The paper sets out some important lessons from model research that are crucial for designing an early action policy for Australia. The paper also sets out the original McKibbin-Wilcoxen proposal as a more realistic approach to climate change than the Kyoto Protocol, as well as explaining how this proposal could work as an early action policy.

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Publisher Info
Paper provided by Australian National University, Economics and Environment Network in its series Economics and Environment Network Working Papers with number 9903.

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Length: 14 pages
Date of creation: Aug 1999
Date of revision:
Handle: RePEc:anu:eenwps:9903

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Web page: http://een.anu.edu.au/

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Related research
Keywords: tradable permits; Kyoto Protocol; Australia; climate change; policy;

Find related papers by JEL classification:
Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy
Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters
O20 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - General

References listed on IDEAS
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  1. Warwick J. McKibbin & Peter J. Wilcoxen, 1997. "A Better Way to Slow Global Climate Change," Economics and Environment Network Working Papers 9702, Australian National University, Economics and Environment Network. [Downloadable!]
  2. Warwick J. McKibbin & Peter J. Wilcoxen, 1999. "Permit Trading Under the Kyoto Protocol and Beyond," Economics and Environment Network Working Papers 9902, Australian National University, Economics and Environment Network. [Downloadable!]
  3. McKibbin, Warwick J. & Wilcoxen, Peter J., 1998. "The theoretical and empirical structure of the G-Cubed model," Economic Modelling, Elsevier, vol. 16(1), pages 123-148, January. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Helal Ahammad & Kenneth W. Clements & Ye Qiang, 2001. "The Economic Impact of Reducing Greenhouse Gas Emissions in WA," Economics Discussion / Working Papers 01-23, The University of Western Australia, Department of Economics. [Downloadable!]
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