An economic assessment of the Kyoto Protocol using a global model based on the marginal abatement costs of 12 regions
The Kyoto Protocol incorporates emissions trading, joint implementation and the clean development mechanism to help Annex 1 countries to meet their Kyoto targets at a lower overall cost. Using a global model based on the marginal abatement costs of 12 countries and regions, this paper estimates the contributions of the three Kyoto flexibility mechanisms to meet the total greenhouse gas emissions reductions required of Annex 1 countries under the three trading scenarios respectively. Our results clearly demonstrate that the fewer the restrictions on the use of flexibility mechanisms the gains from their use are greater. The gains are unevenly distributed, however, with Annex 1 countries that have the highest autarkic marginal abatement costs tending to benefit the most. Our results also indicate that restrictions on the use of flexibility mechanisms not only reduce potential of the Annex 1 countries’ efficiency gains, but also are not beneficial to developing countries because they restrict the total financial flows to developing countries under the clean development mechanism.
|Date of creation:||Nov 2001|
|Date of revision:|
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- 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.
- Zhang, ZhongXiang, 2001.
"An assessment of the EU proposal for ceilings on the use of Kyoto flexibility mechanisms,"
Elsevier, vol. 37(1), pages 53-69, April.
- Zhang, ZhongXiang, 2000. "An assessment of the EU proposal for ceilings on the use of Kyoto flexibility mechanisms," MPRA Paper 13151, University Library of Munich, Germany.
- A. Denny Ellerman & Ian Sue Wing, 2000. "Supplementarity: An Invitation to Monopsony?," The Energy Journal, International Association for Energy Economics, vol. 0(Number 4), pages 29-59.
- Warwick J. McKibbin & Martin T. Ross & Robert Shackleton & Peter J. Wilcoxen, 1999.
"Emissions Trading, Capital Flows and the Kyoto Protocol,"
Economics and Environment Network Working Papers
9901, Australian National University, Economics and Environment Network.
- Warwick J. McKibbin & Martin T. Ross & Robert Shackleton & Peter J. Wilcoxen, 1999. "Emissions Trading, Capital Flows and the Kyoto Protocol," The Energy Journal, International Association for Energy Economics, vol. 0(Special I), pages 287-333.
- 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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