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The Economics of Climate Change Mitigation

Policies and Options for Global Action beyond 2012

image of The Economics of Climate Change Mitigation

Against the background of a projected doubling of world greenhouse gas emissions by mid-century, this book explores feasible ways to abate them at least cost. Through quantitative analysis, it addresses key climate policy issues including: an ideal set of climate policy tools; the size of the economic and environmental costs of incomplete country or sector coverage of climate change mitigation policies;  how to concretely develop a global carbon market; the case for, and what can we reasonably expect from, R&D and technology support policies; and  the incentives for major emitting countries to join a climate change mitigation agreement.

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Regional Incentives for Global Action

This chapter investigates which countries are needed to achieve an ambitious GHG stabilisation target, and identifies the economic incentives that countries have to participate in global action. It identifies the size of the so-called free-rider incentives, whereby countries have a greater incentive to stay outside a global mitigation coalition and benefit from the mitigation actions of others than to participate. It assesses the possibilities to enhance participation incentives by taking co-benefits of mitigation policies (e.g. reduced local air pollution and improved energy security) into account. Finally, the role of financial transfers, specifically the allocation of emission reduction targets across countries, is highlighted as an instrument to stimulate participation.

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