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The Economics of the Kyoto Protocol

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  • Michael Grubb

Abstract

This paper surveys economic aspects of the Kyoto Protocol, the Treaty adopted to control emissions of the greenhouse gases that contribute to climate change. The first part focuses upon the structural aspects of the agreement, with particular attention to the long-term conception of the Treaty and its use of market-oriented instruments unprecedented in an international treaty of this scope. The second part then examines the actual commitments adopted for the first period, and the impact of US withdrawal upon the economics of these commitments as mediated through the ‘flexible mechanisms’. It is noted that the emerging behaviour of states under Kyoto is very different from that assumed in economic modeling studies—countries are focusing first upon domestic action and will resort to the mechanisms mainly as a fallback option to secure compliance, not as a route to minimizing costs irrespective of other considerations. This may have important implications for understanding the practical economics of designing international market mechanisms, and for the next steps that might be considered under Kyoto.

Suggested Citation

  • Michael Grubb, 2003. "The Economics of the Kyoto Protocol," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 4(3), pages 143-189, July.
  • Handle: RePEc:wej:wldecn:153
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    Cited by:

    1. Jon Hovi & Bjart Holtsmark, 2006. "Cap-and-trade or carbon taxes? The feasibility of enforcement and the effects of non-compliance," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 6(2), pages 137-155, June.
    2. Sheila M. Olmstead & Robert N. Stavins, 2012. "Three Key Elements of a Post-2012 International Climate Policy Architecture," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 6(1), pages 65-85.
    3. Michel Damian, 2014. "Conférence climatique de Paris 2015 : que peut la diplomatie française ?," Post-Print halshs-00990907, HAL.
    4. Watts, David & Albornoz, Constanza & Watson, Andrea, 2015. "Clean Development Mechanism (CDM) after the first commitment period: Assessment of the world׳s portfolio and the role of Latin America," Renewable and Sustainable Energy Reviews, Elsevier, vol. 41(C), pages 1176-1189.
    5. repec:eee:appene:v:195:y:2017:i:c:p:837-849 is not listed on IDEAS
    6. Stavins, Robert, 2004. "Can an Effective Global Climate Treaty be Based on Sound Science, Rational Economics, and Pragmatic Politics?," Working Paper Series rwp04-020, Harvard University, John F. Kennedy School of Government.
    7. Fritz Rahmeyer, 2007. "Europäischer Handel mit Treibhausgasemissionszertifikaten und seine Umsetzung in das deutsche Umweltrecht," Discussion Paper Series 296, Universitaet Augsburg, Institute for Economics.
    8. Tang, Ling & Shi, Jiarui & Bao, Qin, 2016. "Designing an emissions trading scheme for China with a dynamic computable general equilibrium model," Energy Policy, Elsevier, vol. 97(C), pages 507-520.
    9. Zhou, Lu & Li, Jing & Chiang, Yat Hung, 2013. "Promoting energy efficient building in China through clean development mechanism," Energy Policy, Elsevier, vol. 57(C), pages 338-346.
    10. repec:bla:pacecr:v:22:y:2017:i:3:p:435-479 is not listed on IDEAS
    11. Muhammad Ishaq-ur Rahman, 2013. "Climate Change: a Theoretical Review," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 11(1), pages 1-13.
    12. Hansjürgens, Bernd, 2008. "Internationale Klimapolitik nach Kyoto: Architekturen und Institutionen," UFZ Discussion Papers 10/2008, Helmholtz Centre for Environmental Research (UFZ), Division of Social Sciences (ÖKUS).
    13. Peter Read, 2006. "Reconciling Emissions Trading with a Technology-Based Response to Potential Abrupt Climate Change," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 11(2), pages 493-511, March.
    14. Michel Damian, 2014. "La politique climatique change enfin de paradigme," Post-Print halshs-00969308, HAL.
    15. Michel Damian, 2012. "Repenser l'économie du changement climatique," Post-Print halshs-00709929, HAL.
    16. Cui, Lian-Biao & Fan, Ying & Zhu, Lei & Bi, Qing-Hua, 2014. "How will the emissions trading scheme save cost for achieving China’s 2020 carbon intensity reduction target?," Applied Energy, Elsevier, vol. 136(C), pages 1043-1052.
    17. Hu, Yu & Monroy, Carlos Rodríguez, 2012. "Chinese energy and climate policies after Durban: Save the Kyoto Protocol," Renewable and Sustainable Energy Reviews, Elsevier, vol. 16(5), pages 3243-3250.
    18. repec:hal:wpaper:halshs-00990907 is not listed on IDEAS

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