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Should Developing Countries Take on Binding Commitments in a Climate Agreement? An Assessment of Gains and Uncertainty

Steffen Kallbekken and Hege Westskog

Year: 2005
Volume: Volume 26
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol26-No3-2
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Abstract:
In this paper we explore whether efficiency gains obtained by developing countries participation in emission trading could offset the economic risks that would be incurred by taking on binding commitments when future emissions are uncertain. Such commitments would allow developing countries to participate in emissions trading, which has significantly lower transaction costs than the present Clean Development Mechanism (CDM). However, because future emissions cannot be known, commitments can become more costly for the developing countries than expected. Using a dynamic computable general equilibrium model, we analyse whether the efficiency gains obtained by participating in emissions trading can offset this risk. We find that the efficiency gains that can be obtained by developing countries might not be very large compared to the risks they incur. Developing countries might therefore have good reasons not to embrace binding commitments in order to participate in �cap and trade� emissions trading.



The Economic Effects of Border Measures in Subglobal Climate Agreements

Mustafa H. Babiker and Thomas F. Rutherford

Year: 2005
Volume: Volume 26
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol26-No4-6
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Abstract:
The Kyoto agreement as originally drafted sought to mitigate anthropogenic greenhouse gas emissions through policy measures by most industrialized countries. It now seems likely that the agreement will be ratified and implemented without the participation of the United States. Any emissions abatement policies which have a measurable reduction in global emissions will induce changes in the terms of trade and comparative advantage and competitiveness To the extent that aggressive policies are undertaken to reduce CO2 emissions, there are likely to be strong calls in the Kyoto coalition for greenhouse-gas related border adjustment measures. This paper uses a multi-region, multi-commodity static general equilibrium model to quantify and assess the implications of such policies.





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