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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Towards Global Carbon Pricing

This chapter examines ways in which a global carbon price can be built up gradually to achieve broad-based international pricing of carbon. Important steps include removal of environmentally harmful fossil fuel energy subsidies and increasing the use of emissions trading schemes while linking them together. The chapter investigates the global and regional gains from linking regional emissions trading schemes, and the harmonisation issues that need to be addressed in the case of direct linking. It examines indirect linking, for instance through the Clean Development Mechanism (CDM) or possible sectoral crediting approaches. It concludes with a discussion of market regulatory issues and the role of financial markets.

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