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Politically Feasible Emission Target Formulas to Attain 460 ppm CO[subscript 2] Concentrations

Author

Listed:
  • Frankel, Jeffrey A.

    (Harvard University)

  • Bosetti, Valentina

    (FEEM, Milan)

Abstract
A new climate change treaty must plug three gaps: the absence of emission targets extending far into the future, the absence of participation by the United States, China, and other developing countries, and the absence of reason to expect compliance. To be politically acceptable, it must obey certain constraints regarding country-by-country economic costs. We offer a framework to assign quantitative emission allocations, across countries, one budget period at a time. The two-part plan: (i) China and other developing countries accept targets at BAU in the coming budget period, the same period in which the US first agrees to cuts below BAU; (ii) all countries are asked in the future to make further cuts in accordance with a formula which sums a Progressive Reductions Factor, Latecomer Catch-up Factor, and Gradual Equalization Factor. An earlier proposal for specific parameter values in the formulas achieved the environmental goal that CO2 concentrations plateau at 500 ppm by 2100. It obeyed our political constraints: keeping the economic cost for every country below thresholds of Y=1% of income in Present Discounted Value, and X=5% of income in the worst period. In this paper we attain a concentration goal of 460 ppm CO2, but only by loosening political constraints.

Suggested Citation

  • Frankel, Jeffrey A. & Bosetti, Valentina, 2011. "Politically Feasible Emission Target Formulas to Attain 460 ppm CO[subscript 2] Concentrations," Working Paper Series rwp11-016, Harvard University, John F. Kennedy School of Government.
    • Handle: RePEc:ecl:harjfk:rwp11-016
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    References listed on IDEAS

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    Cited by:

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    2. Joachim Schleich & Elisabeth Dütschke & Claudia Schwirplies & Andreas Ziegler, 2016. "Citizens' perceptions of justice in international climate policy: an empirical analysis," Climate Policy, Taylor & Francis Journals, vol. 16(1), pages 50-67, January.
    3. Frédéric Branger, Philippe Quirion, Julien Chevallier, 2017. "Carbon Leakage and Competitiveness of Cement and Steel Industries Under the EU ETS: Much Ado About Nothing," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3).
    4. Gilbert E. Metcalf & David Weisbach, 2012. "Linking Policies When Tastes Differ: Global Climate Policy in a Heterogeneous World," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 6(1), pages 110-129.

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    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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