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Targets for Global Climate Policy: An Overview

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  • Richard S.J. Tol

    ()
    (Department of Economics, University of Sussex, UK
    Institute for Environmental Studies, Department of Spatial Economics, Vrije Universiteit, Amsterdam, The Netherlands)

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 policy. Catastrophic risk justifies more stringent climate policy, but only to a limited extent.

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Paper provided by Department of Economics, University of Sussex in its series Working Paper Series with number 3712.

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Date of creation: Aug 2012
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Handle: RePEc:sus:susewp:3712

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Keywords: climate change; climate policy; first-best;

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Cited by:
  1. Hwang, In Chang & Reynès, Frédéric & Tol, Richard S. J., 2011. "Climate Policy Under Fat-Tailed Risk: An Application of Dice," Papers, Economic and Social Research Institute (ESRI) WP403, Economic and Social Research Institute (ESRI).
  2. Richard S. J. Tol & In Chang Hwang & Frédéric Reynès, 2012. "The Effect of Learning on Climate Policy under Fat-tailed Uncertainty," Working Paper Series, Department of Economics, University of Sussex 5312, Department of Economics, University of Sussex.
  3. Halkos, George, 2014. "The Economics of Climate Change Policy: Critical review and future policy directions," MPRA Paper 56841, University Library of Munich, Germany.
  4. Tol, Richard S.J., 2013. "Climate policy with Bentham–Rawls preferences," Economics Letters, Elsevier, Elsevier, vol. 118(3), pages 424-428.

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