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A practical approach to offset permits in post Kyoto climate policy

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  • Heindl, Peter
  • Voigt, Sebastian

Abstract

International Carbon Offsets from developing countries and emerging economies such as permits from the Clean Development Mechanism (CDM) will potentially play an important role for cost containment in domestic greenhouse gas regulation schemes in industrialised countries. We analyse the potential role of offset permits assuming that major emitters such as the USA, Canada, Japan, Australia and New Zealand install domestic greenhouse gas regulation schemes to achieve the emissions reductions pledged in the Copenhagen Accord and seek cost containment. We estimate a potential demand for offset permits of 627 to 667 MtCO2e p.a. from industrialised countries. To describe the supply structure, we derive marginal abatement cost curves for developing countries and emerging economies. We find that developing countries and emerging economies can supply 627 to 667 MtCO2e p.a. at costs of approximately EUR 10 (in 2004 EUR), neglecting transaction costs and country specific risks. The highest potentials for the generation of carbon offsets are present in China, India and the rest of Asia. --

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Bibliographic Info

Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number 11-043.

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Date of creation: 2011
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Handle: RePEc:zbw:zewdip:11043

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Keywords: emissions trading; offsets; CDM; marginal abatement costs; climate policy;

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  1. Wood, Peter John & Jotzo, Frank, 2011. "Price floors for emissions trading," Energy Policy, Elsevier, vol. 39(3), pages 1746-1753, March.
  2. William D. Nordhaus, 2006. "After Kyoto: Alternative Mechanisms to Control Global Warming," American Economic Review, American Economic Association, vol. 96(2), pages 31-34, May.
  3. Wolfgang Sterk & Bettina Wittneben, 2006. "Enhancing the clean development mechanism through sectoral approaches: definitions, applications and ways forward," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 6(3), pages 271-287, September.
  4. Charles Howe, 1994. "Taxesversus tradable discharge permits: A review in the light of the U.S. and European experience," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 4(2), pages 151-169, April.
  5. Nathaniel O. Keohane, 2009. "Cap and Trade, Rehabilitated: Using Tradable Permits to Control U.S. Greenhouse Gases," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 3(1), pages 42-62, Winter.
  6. Randall S. Jones & Byungseo Yoo, 2009. "Improving the Policy Framework in Japan to Address Climate Change," OECD Economics Department Working Papers 740, OECD Publishing.
  7. Pizer, William A., 2002. "Combining price and quantity controls to mitigate global climate change," Journal of Public Economics, Elsevier, vol. 85(3), pages 409-434, September.
  8. Pizer, William & Newell, Richard, 1998. "Regulating Stock Externalities Under Uncertainty," Discussion Papers dp-99-10-rev, Resources For the Future.
  9. Betz, Regina & Owen, Anthony D., 2010. "The implications of Australia's carbon pollution reduction scheme for its National Electricity Market," Energy Policy, Elsevier, vol. 38(9), pages 4966-4977, September.
  10. Roberts, Marc J. & Spence, Michael, 1976. "Effluent charges and licenses under uncertainty," Journal of Public Economics, Elsevier, vol. 5(3-4), pages 193-208.
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Cited by:
  1. Suzi Kerr & Adam Millard-Ball, 2012. "Cooperation to Reduce Developing Country Emissions," Working Papers 12_03, Motu Economic and Public Policy Research.

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