Economic tools to promote transparency and comparability in the Paris Agreement

William Pizer, Massimo Tavoni (), Lara Reis, Keigo Akimoto, Joseph Aldy, Geoffrey Blanford, Carlo Carraro (), Leon Clarke, James Edmonds, Gokul Iyer, Haewon McJeon, Richard Richels, Steven Rose and Fuminori Sano

Scholarly Articles from Harvard Kennedy School of Government

Abstract: The Paris Agreement culminates a six-year transition toward an international climate policy architecture based on parties submitting national pledges every five years. An important policy task will be to assess and compare these contributions. We use four integrated assessment models to produce metrics of Paris Agreement pledges, and show differentiated effort across countries: wealthier countries pledge to undertake greater emission reductions with higher costs. The pledges fall in the lower end of the distributions of the social cost of carbon (SCC) and the cost-minimizing path to limiting warming to 2⠰C, suggesting insufficient global ambition in light of leaders’ climate goals. Countries’ marginal abatement costs vary by two orders of magnitude, illustrating that large efficiency gains are available through joint mitigation efforts and/or carbon price coordination. Marginal costs rise almost proportionally with income, but full policy costs reveal more complex regional patterns due to terms of trade effects.

Date: 2016
New Economics Papers: this item is included in nep-ene and nep-env
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Published in Nature Climate Change

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