Climate Clubs: Overcoming Free-riding in International Climate Policy

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Most cited references 17

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Equilibrium points in n-person games

J F Nash (1950)

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An Economic Theory of Clubs

James M Buchanan (1965)

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Economic aspects of global warming in a post-Copenhagen environment

W Nordhaus (2010)

The science of global warming has reached a consensus on the high likelihood of substantial warming over the coming century. Nations have taken only limited steps to reduce greenhouse gas emissions since the first agreement in Kyoto in 1997, and little progress was made at the Copenhagen meeting in December 2009. The present study examines alternative outcomes for emissions, climate change, and damages under different policy scenarios. It uses an updated version of the regional integrated model of climate and the economy (RICE model). Recent projections suggest that substantial future warming will occur if no abatement policies are implemented. The model also calculates the path of carbon prices necessary to keep the increase in global mean temperature to 2 degrees C or less in an efficient manner. The carbon price for 2010 associated with that goal is estimated to be $59 per ton (at 2005 prices), compared with an effective global average price today of around $5 per ton. However, it is unlikely that the Copenhagen temperature goal will be attained even if countries meet their ambitious stated objectives under the Copenhagen Accord.

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Author and article information

Journal

Title: American Economic Review

Abbreviated Title: American Economic Review

Publisher: American Economic Association

ISSN (Print): 0002-8282

Publication date Created: April 2015

Publication date (Print): April 2015

Volume: 105

Issue: 4

Pages: 1339-1370

Article

DOI: 10.1257/aer.15000001

SO-VID: 53797089-8175-478b-86c6-3e579da38636

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