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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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  1. > Environmental and Natural Resource Economics > Energy Economics > Energy Policy
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Cited by:
  1. Richard S.J. Tol, 2012. "Climate Policy with Bentham-Rawls Preferences," Working Paper Series 3812, Department of Economics, University of Sussex.
  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 5312, Department of Economics, University of Sussex.
  3. In Hwang & Frédéric Reynès & Richard Tol, 2013. "Climate Policy Under Fat-Tailed Risk: An Application of Dice," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 56(3), pages 415-436, November.

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