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U.S. CO2 Mitigation in a Global Context: Welfare, Trade and Land Use

Abstract:
We describe carbon dioxide mitigation scenarios specified by the Energy Modeling Forum study (EMF-24) "U.S. Technology Transitions under Alternative Climate Policies," using a global computable general equilibrium model that simulates world energy and agricultural systems through 2050. One set of scenarios covers variation across five major technology groups: end-use technology, carbon dioxide capture and storage, nuclear electricity generation, wind and solar power, and bioenergy. Other scenarios cover variation across policies. Policies such as a renewable portfolio standard for electricity generation or a clean electricity standard have the potential for significant emissions reductions, but at a greater cost than a cap-and-trade scenario with the same reduction in emissions. Cap-andtrade scenarios resulted in carbon dioxide leakage rates of 11 to 20 percent depending on the stringency of the targets. Oil-exporting regions without a mitigation policy may still have significant welfare losses when other world regions reduce emissions. Keywords: Carbon dioxide, Climate policy, Carbon leakage, Land use, Bioenergy

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JEL Codes: Q16: Agricultural R&D; Agricultural Technology; Biofuels; Agricultural Extension Services, Q42: Alternative Energy Sources, Q24: Renewable Resources and Conservation: Land, Q28: Renewable Resources and Conservation: Government Policy, Q54: Climate; Natural Disasters and Their Management; Global Warming, Q41: Energy: Demand and Supply; Prices

Keywords: Carbon dioxide, Climate policy, Carbon leakage, Land use, Bioenergy

DOI: 10.5547/01956574.35.SI1.10

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Published in Volume 35, Special Issue of the bi-monthly journal of the IAEE's Energy Economics Education Foundation.

 

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