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Climate-Change Pledges, Actions and Outcomes

Author

Listed:
  • Silvana Tenreyro

    (Bank of England
    London School of Economics (LSE)
    Centre for Macroeconomics (CFM)
    Centre for Economic Policy Research (CEPR))

  • Tiloka de Silva

    (University of Moratuwa)

Abstract

We study countries’ compliance with the targets pledged in international climate-change agreements and the impact of those agreements and specific climate laws and policies on greenhouse-gas emissions and economic outcomes. To do so, we compile and codify data on international agreements and measures enacted at the national and sub-national levels. We find that compliance with targets has been mixed. Still, countries that signed the Kyoto Protocol or the Copenhagen Accord experienced significant reductions in emissions when compared to non-signatories. Having quantifiable targets led to further reductions. Effects from the Paris Agreement are not yet evident in the data. Carbon taxes and the introduction of emission-trading schemes led to material reductions in emissions. Other climate laws or policies do not appear to have had, individually, a material effect on emissions. The impact on GDP growth or inflation from most measures was largely insignificant. Overall, much more ambitious targets would be needed to offset the impact of economic and population growth on emissions and contain the expansion of the stock of gases.

Suggested Citation

  • Silvana Tenreyro & Tiloka de Silva, 2021. "Climate-Change Pledges, Actions and Outcomes," Discussion Papers 2118, Centre for Macroeconomics (CFM).
    • Handle: RePEc:cfm:wpaper:2118
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    References listed on IDEAS

    as
    1. Òscar Jordà, 2005. "Estimation and Inference of Impulse Responses by Local Projections," American Economic Review, American Economic Association, vol. 95(1), pages 161-182, March.
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    3. Joshua D. Angrist & Òscar Jordà & Guido M. Kuersteiner, 2018. "Semiparametric Estimates of Monetary Policy Effects: String Theory Revisited," Journal of Business & Economic Statistics, Taylor & Francis Journals, vol. 36(3), pages 371-387, July.
    4. Òscar Jordà & Alan M. Taylor, 2016. "The Time for Austerity: Estimating the Average Treatment Effect of Fiscal Policy," Economic Journal, Royal Economic Society, vol. 126(590), pages 219-255, February.
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    Cited by:

    1. Richhild Moessner, 2024. "Effects of Green Technology Support Policies on Carbon Dioxide Emissions," CESifo Working Paper Series 11047, CESifo.
    2. Tancredi Pascucci & Giuseppina Maria Cardella & Brizeida Hernàndez-Sànchez & Jose Carlos Sànchez-Garcìa, 2022. "Environmental Sensitivity to Form a Sustainable Entrepreneurial Intention," Sustainability, MDPI, vol. 14(16), pages 1-17, August.
    3. Tol, Richard S.J., 2023. "The fiscal implications of stringent climate policy," Economic Analysis and Policy, Elsevier, vol. 80(C), pages 495-504.

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    Keywords

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    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth

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