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Meeting the Kyoto targets: the importance of developing country participation

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  • Zhang, ZhongXiang

Abstract

This paper investigates the implications of progressively broadening the scope of the market of tradable permits from no emissions trading to full global trading. We start with the no emissions trading case where each Annex I country must individually meet its Kyoto targets. Next, we consider a case where trading of emissions permits is limited to Annex I countries only. We then expand the scope of the market to include all the non-Annex I countries but China. Finally, to investigate the role China plays in bringing down Annex I countries' compliance costs, we further broaden the market to include China into full global trading. Our results clearly demonstrate that the gain of the OECD as a whole increases as the market expands. Our results also show that developing countries themselves benefit from such an expansion too because it not only provides them for additional financial resources, but also helps to cut their baseline carbon emissions by a big margin. By contrast, the former Soviet Union tends to become worse off as the market expands. The potential conflict of interest between the former Soviet Union and developing countries underlines the importance of establishing clear rules of procedure about admitting new entrants before emissions trading begins.
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Suggested Citation

  • Zhang, ZhongXiang, 2004. "Meeting the Kyoto targets: the importance of developing country participation," Journal of Policy Modeling, Elsevier, vol. 26(1), pages 3-19, January.
  • Handle: RePEc:eee:jpolmo:v:26:y:2004:i:1:p:3-19
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    References listed on IDEAS

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    1. ZhongXiang Zhang, 2000. "Estimating the size of the potential market for the Kyoto flexibility mechanisms," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 136(3), pages 491-521, September.
    2. ZhongXiang Zhang, 1998. "The Economics of Energy Policy in China," Books, Edward Elgar Publishing, number 1291, April.
    3. Christopher N. MacCracken & James A. Edmonds & Son H. Kim & Ronald D. Sands, 1999. "The Economics of the Kyoto Protocol," The Energy Journal, International Association for Energy Economics, vol. 0(Special I), pages 25-71.
    4. Zhang, ZhongXiang, 1998. "Greenhouse gas emissions trading and the world trading system," MPRA Paper 12971, University Library of Munich, Germany.
    5. Zhang, ZhongXiang, 1999. "Estimating the size of the potential market for all three flexibility mechanisms under the Kyoto Protocol," MPRA Paper 13088, University Library of Munich, Germany.
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    Cited by:

    1. Zhang, ZhongXiang, 2010. "Is it fair to treat China as a Christmas tree to hang everybody's complaints? Putting its own energy saving into perspective," Energy Economics, Elsevier, vol. 32(Supplemen), pages 47-56, September.
    2. Seidman, Laurence & Lewis, Kenneth, 2009. "Compensations and contributions under an international carbon treaty," Journal of Policy Modeling, Elsevier, vol. 31(3), pages 341-350, May.
    3. Zhang, Zhong Xiang, 2001. "Why has the energy intensity fallen in China's industrial sector in the 1990s?: the relative importance of structural change and intensity change," CDS Research Reports 200111, University of Groningen, Centre for Development Studies (CDS).
    4. Di Vita, Giuseppe, 2008. "Is the discount rate relevant in explaining the Environmental Kuznets Curve?," Journal of Policy Modeling, Elsevier, vol. 30(2), pages 191-207.
    5. Zhang, ZhongXiang, 2004. "The World Bank's prototype carbon fund and China," MPRA Paper 13222, University Library of Munich, Germany, revised Dec 2005.
    6. ZhongXiang Zhang, 2015. "Crossing the river by feeling the stones: the case of carbon trading in China," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 17(2), pages 263-297, April.
    7. You, Jing, 2013. "China's challenge for decarbonized growth: Forecasts from energy demand models," Journal of Policy Modeling, Elsevier, vol. 35(4), pages 652-668.
    8. Zhang, ZhongXiang, 2006. "Toward an effective implementation of clean development mechanism projects in China," Energy Policy, Elsevier, vol. 34(18), pages 3691-3701, December.
    9. Zhongxiang Zhang, 2007. "Why has China not embraced a global cap-and-trade regime?," Climate Policy, Taylor & Francis Journals, vol. 7(2), pages 166-170, March.
    10. Zhang, ZhongXiang, 2006. "China, the United States and technology cooperation on climate control," MPRA Paper 12801, University Library of Munich, Germany.
    11. Zhang, ZhongXiang, 2010. "China in the transition to a low-carbon economy," Energy Policy, Elsevier, vol. 38(11), pages 6638-6653, November.
    12. Zhang, ZhongXiang, 2008. "Asian energy and environmental policy: Promoting growth while preserving the environment," Energy Policy, Elsevier, vol. 36(10), pages 3905-3924, October.
    13. Aronsson, Thomas & Backlund, Kenneth & Sahlén, Linda, 2010. "Technology transfers and the clean development mechanism in a North-South general equilibrium model," Resource and Energy Economics, Elsevier, vol. 32(3), pages 292-309, August.
    14. Peter Bohm, 2002. "Improving Cost-effectiveness and Facilitating Participation of Developing Countries in International Emissions Trading," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 2(3), pages 261-273, September.
    15. Zhang, ZhongXiang, 2003. "Reconstructing climate policy: how best to engage China and other developing countries?," MPRA Paper 12830, University Library of Munich, Germany.
    16. Brechet, Thierry & Lussis, Benoit, 2006. "The contribution of the clean development mechanism to national climate policies," Journal of Policy Modeling, Elsevier, vol. 28(9), pages 981-994, December.

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