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Global CO2 Agreements: A Cost-Effective Approach

Snorre Kverndokk

Year: 1993
Volume: Volume 14
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol14-No2-5
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Abstract:
In this paper I specify CO2 abatement cost Junctions for five different world regions. A cost-effective CO2 agreement is defined by the emissions that follow from minimising the total abatement costs, given a specified CO2 emission limit. Under the cost-effective agreement, the industrialised countries bear all reductions, while developing countries are actually allowed to increase emissions compared to the 1990 level. The developing countries will, nevertheless, bear the highest burdens under this treaty. The agreement is also analysed under different tradeable permit regimes and compared to uniform percentage reductions. The transfers from tradeable permit systems are high, and may be difficult for political leaders to justify. An allocation based on historical CO2 emissions is the only simple rule which ensures every region is better off than under uniform percentage reductions.



Market Power, International CO2 Taxation and Oil Wealth

Elin Berg, Snorre Kverndokk and Knut Einar Rosendahl

Year: 1997
Volume: Volume18
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol18-No4-2
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Abstract:
We present an intertemporal equilibrium model for fossil fuels, and study the effects on oil prices, extraction paths and oil wealth of an international carbon tax on fossil fuel consumption Our conclusion is that a carbon tax will hurt OPEC more than other producers, as the cartel is induced by its market power to restrain production in order to maintain the oil price. Thus, the effects on the oil wealth of the competitive fringe are minor, while OPECs wealth is considerably reduced. We also show by applying a competitive model that this result is due to market structure, and not to differences in the resource base.





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