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Kyoto, Efficiency, and Cost-Effectiveness: Applications of FUND

Abstract:
In this paper various emission reduction scenarios are evaluated with FUND-the Climate Framework for Uncertainty, Negotiation, and Distribution model. The aim is to help international negotiators improve upon the Kyoto Protocol. International cooperation in greenhouse gas emission reduction is important, and the more of it the better. The emission reduction targets as agreed in the Kyoto Protocol are irreconcilable with economic rationality. If the targets nevertheless need to be met, it is better to start emission reduction sooner than later in order to minimise costs. Methane emission reduction may be an important instrument to reduce costs.

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Energy Specializations: Energy Investment and Finance – Trading Strategies and Financial Instruments; Energy Modeling – Other; Energy and the Environment – Climate Change and Greenhouse Gases; Energy and the Environment – Policy and Regulation

JEL Codes:
G13 - Contingent Pricing; Futures Pricing; option pricing
C59 - Econometric Modeling: Other
Q54 - Climate; Natural Disasters and Their Management; Global Warming
E60 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General

Keywords: Kyoto protocol, FUND model, Climate policy technology, Permits carbon dioxide (CO2), Methane (CH4)

DOI: 10.5547/ISSN0195-6574-EJ-Vol20-NoSI-6


Published in Volume 20, Special Issue - The Cost of the Kyoto Protocol: A Multi-Model Evaluation of The Quarterly Journal of the IAEE's Energy Economics Education Foundation.