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Benefits of Multi-Gas Mitigation: An Application of the Global Trade and Environment Model (GTEM)

To address the problem of human induced climate change effectively, climate policy must embody the principles of economic efficiency, environmental effectiveness and equity. In this paper it is shown that such a climate change policy should include a broad coverage of major greenhouse gases and sources. ABAREÕs Global Trade and Environment Model (GTEM) is used to analyse the economic impact of meeting a radiative forcing target using policies that focus on carbon dioxide emissions only and policies that focus on all major greenhouse gases and sources, including land use change and forestry emissions. It is projected that incorporating non-carbon dioxide gases into climate change policy reduces the economic adjustment cost significantly. Broadening the sources of carbon dioxide to include land use change and forestry emissions further reduces the economic adjustment costs.

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Energy Specializations: Energy Modeling – Other; Energy and the Environment – Climate Change and Greenhouse Gases; Energy and the Environment – Air Emissions (other than greenhouse gases); Energy and the Environment – Policy and Regulation

JEL Codes: Q54: Climate; Natural Disasters and Their Management; Global Warming, Q40: Energy: General, Q42: Alternative Energy Sources, Q53: Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling, Q35: Hydrocarbon Resources, L71: Mining, Extraction, and Refining: Hydrocarbon Fuels

Keywords: Multi-gas mitigation, GTEM model, Climate change policy

DOI: 10.5547/ISSN0195-6574-EJ-VolSI2006-NoSI3-16

Published in Multi-Greenhouse Gas Mitigation and Climate Policy, Special Issue #3 of the bi-monthly journal of the IAEE's Energy Economics Education Foundation.


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