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In Search of a New Effective International Climate Framework for Post-2020: A Proposal for an Upstream Global Carbon Market

Author

Listed:
  • Mutsuyoshi Nishimura
  • Akinobu Yasumoto

Abstract

Given the urgency and the magnitude of emission cuts required to arrest the global temperature rise at an acceptable level (like 2 degrees Celsius), it is imperative that action to mitigate climate change is taken at the lowest cost. This can be done if a cost effective set of policy tools with a focus on carbon pricing is applied as broadly as possible across all emission sources. In view of the emerging consensus on the temperature target like 2 degrees Celsius, it is imperative that climate scheme caps global emissions rather than allowing governments to arbitrarily pledge their intended cuts. Global emissions must be contained within the limit of carbon budget that achieves temperature objectives. Emission allowances must be issued in accordance with such limit and be sold to the global demand of emitters. Such sales of carbon budget give rise to both the most accurate carbon pricing as well as new revenue that can be used for much needed climate financing for developing countries. A new climate regime along those lines would stop global warming at an acceptable level, provide a new large climate funding that would integrate developing countries to a global low-carbon growth and transformation and keep all economies thriving, whether they are developing, emerging or developed. The post-2020 climate regime must be nimble and effective, not unwieldy and least burdensome. It must also be durable and fully congruent to the economic realities of the coming decades.

Suggested Citation

  • Mutsuyoshi Nishimura & Akinobu Yasumoto, 2011. "In Search of a New Effective International Climate Framework for Post-2020: A Proposal for an Upstream Global Carbon Market," CCEP Working Papers 1117, Centre for Climate & Energy Policy, Crawford School of Public Policy, The Australian National University.
  • Handle: RePEc:een:ccepwp:1117
    as

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    File URL: http://ccep.anu.edu.au/data/2011/pdf/wpapers/CCEP1117Nishimura.pdf
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    References listed on IDEAS

    as
    1. Frank Jotzo & Jonathan Pickering & Peter J. Wood, 2011. "Fulfilling Australia's International Climate Finance Commitments: Which Sources of Financing Are Promising and How Much Could They Raise?," CCEP Working Papers 1115, Centre for Climate & Energy Policy, Crawford School of Public Policy, The Australian National University.
    2. Robert N. Stavins, 2008. "Addressing climate change with a comprehensive US cap-and-trade system," Oxford Review of Economic Policy, Oxford University Press, vol. 24(2), pages 298-321, Summer.
    3. Aldy,Joseph E. & Stavins,Robert N. (ed.), 2009. "Post-Kyoto International Climate Policy," Cambridge Books, Cambridge University Press, number 9780521129527.
    Full references (including those not matched with items on IDEAS)

    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. CCEP Working Papers in November 2011
      by David Stern in Stochastic Trend on 2011-12-03 07:00:00
    2. Crawford School Working Papers in December 2011
      by David Stern in Stochastic Trend on 2012-01-03 06:04:00

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    More about this item

    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations

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