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Das grüne Paradoxon: Warum man das Angebot bei der Klimapolitik nicht vergessen darf

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  • Sinn, Hans-Werner

Abstract

Despite its efforts and obligations under the Kyoto Protocol, the EU has not succeeded in even making a dent in the rapidly rising trend of worldwide carbon dioxide emissions. If anything, the trend has accelerated in recent years. In his Thünen Lecture given to the Verein für Socialpolitik in October 2007, the author criticizes the attempt to slow down global warming by means of unilaterally curtailing the demand for fossil fuels and develops an intertemporal supply side approach to the economics of global warming. He advances the hypothesis that the ineffectiveness of demand policies results from anticipation effects on the part of the owners of fossil fuel resources. In addition to the threat of potential ousting by domestic rivals, the threat of falling energy prices (against a modified Hotelling trend) due to greening public policies and increasing participation in worldwide emissions trading systems gives resource owners the incentive to speed up extraction. Feasible policy measures that do not encounter such problematic anticipation effects include the rapid creation of a complete worldwide monopsony for fossil fuels that can dictate quantities rather than having to rely on price signals. Moreover, source taxes on the financial returns of resource owners will provide additional conservation motives; technical measures including afforestation and sequestration may also be a way to reduce the speed of global warming.

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Bibliographic Info

Paper provided by University of Munich, Department of Economics in its series Munich Reprints in Economics with number 19631.

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Date of creation: 2008
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Publication status: Published in Perspektiven der Wirtschaftspolitik SUPPL. 1 9(2008): pp. 109-142
Handle: RePEc:lmu:muenar:19631

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References

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  1. Hans-Werner Sinn, 2007. "Pareto Optimality in the Extraction of Fossil Fuels and the Greenhouse Effect: A Note," NBER Working Papers 13453, National Bureau of Economic Research, Inc.
  2. Hans-Werner Sinn, 2007. "Public Policies against Global Warming," CESifo Working Paper Series 2087, CESifo Group Munich.
  3. Solow, Robert M, 1974. "The Economics of Resources or the Resources of Economics," American Economic Review, American Economic Association, vol. 64(2), pages 1-14, May.
  4. Long, Ngo Van & Sinn, Hans-Werner, 1985. "Surprise Price Shifts, Tax Changes and the Supply Behaviour of Resource Extracting Firms," Australian Economic Papers, Wiley Blackwell, vol. 24(45), pages 278-89, December.
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Cited by:
  1. Auerswald, Heike & Konrad, Kai A. & Thum, Marcel, 2011. "Unsichere Klimafolgen und rationale Klimapolitik," Munich Reprints in Economics 13969, University of Munich, Department of Economics.
  2. Christoph Böhringer, 2010. "1990 bis 2010: Eine Bestandsaufnahme von zwei Jahrzehnten europäischer Klimapolitik," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 11(s1), pages 56-74, 05.
  3. Itzenplitz, Anja & Seifferth-Schmidt, Nicole, 2010. "Warum Klimakonferenzen scheitern, aber dennoch zum Wohl des Weltklimas kooperiert wird," Ilmenau Economics Discussion Papers 67, Ilmenau University of Technology, Institute of Economics.
  4. Sebastian Schröer & Ulrich Zierahn, 2010. "Die deutschen Ausbauziele für erneuerbare Energien: Eine Effizienzanalyse," MAGKS Papers on Economics 201003, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  5. Lars Calmfors & Giancarlo Corsetti & Michael P. Devereux & Gilles Saint-Paul & Hans-Werner Sinn & Jan-Egbert Sturm & Xavier Vives, 2008. "Chapter 5: Global warming: The neglected supply side," EEAG Report on the European Economy, CESifo Group Munich, vol. 0, pages 125-139, 02.
  6. Leo Wangler, 2012. "The political economy of the green technology sector: A study about institutions, diffusion and efficiency," European Journal of Law and Economics, Springer, vol. 33(1), pages 51-81, February.

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