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Economic tools to promote transparency and comparability in the Paris Agreement

Author

Listed:
  • Pizer, William
  • Tavoni, Massimo
  • Reis, Lara
  • Akimoto, Keigo
  • Aldy, Joseph Edgar
  • Blanford, Geoffrey
  • Carraro, Carlo
  • Clarke, Leon
  • Edmonds, James
  • Iyer, Gokul
  • McJeon, Haewon
  • Richels, Richard
  • Rose, Steven
  • Sano, Fuminori
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.

Suggested Citation

  • Pizer, William & Tavoni, Massimo & Reis, Lara & Akimoto, Keigo & Aldy, Joseph Edgar & Blanford, Geoffrey & Carraro, Carlo & Clarke, Leon & Edmonds, James & Iyer, Gokul & McJeon, Haewon & Richels, Rich, 2016. "Economic tools to promote transparency and comparability in the Paris Agreement," Scholarly Articles 29914190, Harvard Kennedy School of Government.
    • Handle: RePEc:hrv:hksfac:29914190
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    References listed on IDEAS

    as
    1. Valentina Bosetti & Carlo Carraro & Marzio Galeotti & Emanuele Massetti & Massimo Tavoni, 2006. "WITCH. A World Induced Technical Change Hybrid Model," Working Papers 2006_46, Department of Economics, University of Venice "Ca' Foscari".
    2. Valentina Bosetti, Carlo Carraro, Marzio Galeotti, Emanuele Massetti, Massimo Tavoni, 2006. "A World induced Technical Change Hybrid Model," The Energy Journal, International Association for Energy Economics, vol. 0(Special I), pages 13-38.
    3. Geoffrey Blanford & James Merrick & Richard Richels & Steven Rose, 2014. "Trade-offs between mitigation costs and temperature change," Climatic Change, Springer, vol. 123(3), pages 527-541, April.
    4. Akimoto, Keigo & Sano, Fuminori & Homma, Takashi & Oda, Junichiro & Nagashima, Miyuki & Kii, Masanobu, 2010. "Estimates of GHG emission reduction potential by country, sector, and cost," Energy Policy, Elsevier, vol. 38(7), pages 3384-3393, July.
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