Economic tools to promote transparency and comparability in the Paris Agreement
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Date
2016
Author(s)
Pizer, William
Tavoni, Massimo
Reis, Lara
Akimoto, Keigo
Blanford, Geoffrey
Carraro, Carlo
Clarke, Leon
Edmonds, James
Iyer, Gokul
McJeon, Haewon
Richels, Richard
Rose, Steven
Sano, Fuminori
Publisher
Springer Nature
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Citation
Aldy, Joseph, William Pizer, Massimo Tavoni, Lara Aleluia Reis, Keigo Akimoto, Geoffrey Blanford, Carlo Carraro, et al. 2016. “Economic Tools to Promote Transparency and Comparability in the Paris Agreement.” Nature Climate Change 6 (11) (August 22): 1000–1004. doi:10.1038/nclimate3106.
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 2⁰C, 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.
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