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International Climate Agreements and the Scream of Greta

Author

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  • Giovanni Maggi
  • Robert W. Staiger

Abstract

Current policies directed at mitigating global warming appear unlikely to prevent temperatures from rising to levels that would trigger a precipitous increase in the costs of climate change. Various attempts at international cooperation to avoid this outcome have failed. Why is this problem so intractable? Can we expect an 11th-hour solution? Will some countries, or even all, succumb on the equilibrium path? We address these questions through a model that features the possibility of climate catastrophe and emphasizes the role of international externalities that a country’s policies exert on other countries and intertemporal externalities that current generations exert on future generations. Within this setting, we explore the extent to which international agreements can mitigate the problem of climate change. Our analysis illuminates the role that international climate agreements can be expected to play in addressing climate change, and it points to important limitations on what such agreements can achieve, even under the best of circumstances.

Suggested Citation

  • Giovanni Maggi & Robert W. Staiger, 2022. "International Climate Agreements and the Scream of Greta," NBER Working Papers 30681, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:30681
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    Cited by:

    1. Daniele, Gianmarco & Martinangeli, Andrea F. M. & Passarelli, Francesco & Sas, Willem & Windsteiger, Lisa, 2023. "Regulation, Expectations, and the Erosion of Trust," VfS Annual Conference 2023 (Regensburg): Growth and the "sociale Frage" 277599, Verein für Socialpolitik / German Economic Association.
    2. Gianmarco Daniele & Andrea F.M. Martinangeli & Francesco Passarelli & Willem Sas & Lisa Windsteiger, 2023. "Externalities and the Erosion of Trust," CESifo Working Paper Series 10474, CESifo.

    More about this item

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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