publication . Article . Preprint . 2012

Targets for global climate policy: an overview

Richard S.J. Tol;
Open Access
  • Published: 01 Aug 2012 Journal: Journal of Economic Dynamics and Control, volume 37, pages 911-928 (issn: 0165-1889, Copyright policy)
  • Publisher: Elsevier BV
Abstract
A survey of the economic impact of climate change and the marginal damage costs shows that carbon dioxide emissions are a negative externality. The estimated Pigou tax and its growth rate are too low to justify the climate policy targets set by political leaders. A lower discount rate or greater concern for the global distribution of income would justify more stringent climate policy, but would imply an overhaul of other public policies. Catastrophic risk justifies more stringent climate policy, but only to a limited extent.
Subjects
free text keywords: climate change; climate policy; first-best, Economics and Econometrics, Control and Optimization, Applied Mathematics, Public policy, Pigou effect, Climate policy, Environmental economics, Climate change, Externality, Political economy of climate change, Natural resource economics, Economics, Politics, Economic impact analysis, Financial economics, jel:Q54, jel:Q58
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publication . Article . Preprint . 2012

Targets for global climate policy: an overview

Richard S.J. Tol;