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Cost-Effective Climate Policy in a Small Country

Cathrine Hagem

Year: 1994
Volume: Volume15
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol15-No4-6
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Unilateral action to curb CO2 emissions in a small country or a group of countries has only a limited effect on global CO2 emissions. However, it could be a first step toward a broader climate treaty. So far, unilateral commitments have been aimed at reducing national consumption of fossil fuels. A country that produces and consumes fossil fuels can also influence the global CO2 emissions by reducing its production. The estimated cost of reducing national CO2 emissions in Norway, through a reduction in fossil fuel consumption, is presented in a report from the Environmental Tax Committee (1992). In this paper, that cost is compared with an estimated cost of reducing fossil fuel production. The calculation reveals that it could be less costly to reduce the production than the consumption, given that the effect on global CO2 emissions is identical.

Climate policies in a fossil fuel producing country – demand versus supply side policies

Taran Fæhn, Cathrine Hagem, Lars Lindholt, Ståle Mæland, and Knut Einar Rosendahl

Year: 2017
Volume: Volume 38
Number: Number 1
DOI: 10.5547/01956574.38.1.tfae
View Abstract

In absence of joint global climate action, several jurisdictions unilaterally restrict their domestic demand for fossil fuels. Another policy option for fossil fuel producing countries, not much analysed, is to reduce own supply of fossil fuels. We explore analytically and numerically how domestic demand and supply side policies affect global emissions, contingent on market behaviour. Next, in the case of Norway, we find the cost-effective combination of the two types of policies. Our numerical results indicate that given a care for global emissions, and a desire for domestic action, about 2/3 of the emission reductions should come through supply side measures.

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