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Social value of mitigation activities and forms of carbon pricing

Author

Listed:
  • Hourcade, Jean-Charles
  • Pottier, Antonin
  • Espagne, Etienne
Abstract
In the Decision accompanying the Paris Agreement, the Conference of the Parties “recog-nizes the social, economic and environmental value of voluntary mitigation actions and their co-benefits to adaptation, health and sustainable development”. This paper argues that this Social Value of Mitigation Activities (SVMA) can lay the ground to a new set of tools in climate policies, complementary to more traditional carbon pricing strategies. It first proposes a summary of the economic and political reasons which lead to this article 108 of the Paris Agreement, and the follow-up that emerged since December 2015. It then gives a theoretical back-up to this necessity of SVMA as a climate policy tool by deriving it from the more usual concepts of Social Cost of Carbon (SCC) and Shadow Price of Carbon (SPC). The use of such a value to help fund projects at the micro-level is proposed in a specific institutional arrangement, especially when carbon pricing strategies fail to be implemented at the optimal level. Its potential to bridge the macro-level funding gap between developed and developing or emerging countries is also developed. The last section concludes on the perspectives opened by the recent Stern-Stiglitz report and its corridor of carbon prices to the local and global implementation of SVMAs.

Suggested Citation

  • Hourcade, Jean-Charles & Pottier, Antonin & Espagne, Etienne, 2018. "Social value of mitigation activities and forms of carbon pricing," International Economics, Elsevier, vol. 155(C), pages 8-18.
    • Handle: RePEc:eee:inteco:v:155:y:2018:i:c:p:8-18
    DOI: 10.1016/j.inteco.2018.06.001
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    Cited by:

    1. Antonina Ivanova Boncheva, 2022. "Finance for Climate Action: Postcovid-19 Recovery Challenges," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 17(2), pages 1-20, Abril - J.
    2. Antonina Ivanova & Rodrigo Serrano, 2022. "Climate change, human rights and sustainability," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 17(4), pages 1-20, Octubre -.

    More about this item

    Keywords

    Social value of mitigation activities; Paris Agreement; Climate finance; Carbon pricing; Climate club;
    All these keywords.

    JEL classification:

    • H2 - Public Economics - - Taxation, Subsidies, and Revenue
    • H4 - Public Economics - - Publicly Provided Goods
    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics

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