G2TT
来源类型Discussion paper
规范类型论文
来源IDDP17299
DP17299 Local Carbon Policy
Jose-Luis Cruz; Esteban Rossi-Hansberg
发表日期2022-05-11
出版年2022
语种英语
摘要We study local carbon policy to address the consequences of climate change. Standard analysis suggests that the social cost of carbon determines optimal carbon policy. We start by using the spatial integrated assessment model in Cruz and Rossi-Hansberg (2021) to measure the local social monetary cost of CO2 emissions: the Local Social Cost of Carbon (LSCC). Although the largest welfare costs from global warming are concentrated in the warmest parts of the developing world, adjusting for the local marginal utility of income implies that the LSCC peaks in warm and high-income regions like the southern parts of the U.S. and Europe, as well as Australia. We then proceed to study the effect of the actual carbon reduction pledges in the Paris Agreement and the progress they can make in implementing the expressed goal of keeping global temperature increases below 2°C. We find that although the distribution of pledges is roughly in line with the LSCC, their magnitude is largely insufficient to achieve its goals. The required carbon taxes necessary to keep temperatures below 2°C over the current century are an order of magnitude higher and involve large implicit inter-temporal transfers. Increasing the elasticity of substitution across energy sources is important to reduce the carbon taxes necessary to achieve warming goals.
主题International Trade and Regional Economics ; Macroeconomics and Growth ; Public Economics
URLhttps://cepr.org/publications/dp17299
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/546324
推荐引用方式
GB/T 7714
Jose-Luis Cruz,Esteban Rossi-Hansberg. DP17299 Local Carbon Policy. 2022.
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