Global unanimity agreement on the carbon budget
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- dc.contributor.author Llavador, Humberto
- dc.contributor.author Roemer, John E.
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2020-05-25T09:27:01Z
- dc.date.available 2020-05-25T09:27:01Z
- dc.date.issued 2019-04-01
- dc.date.modified 2020-05-25T09:25:05Z
- dc.description.abstract Carbon budgets are a useful way to frame the climate mitigation challenge and much easier to agree upon than the allocation of emissions. We propose a mechanism with countries agreeing on the global carbon budget, while the decision to emit is decentralized at the country level. The revenue is collected in a global fund and allocated according to endogenously defined weights proportional to the marginal cost of climate change. The proposal features a unanimous agreement of the national citizenries of the world and global Pareto efficiency. We run a simulation in the spirit of the Paris Agreement, with zero emissions after 2055. At the Global Unanimity Equilibrium, permits are priced at 90$/tC, yielding 1.3 trillion dollars annually. Africa, India and the less developed countries in Asia are the only net recipients, while the US and China are the largest net contributors.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1646
- dc.identifier.citation
- dc.identifier.uri http://hdl.handle.net/10230/44752
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1646
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword carbon budget
- dc.subject.keyword emissions
- dc.subject.keyword international agreement
- dc.subject.keyword permits
- dc.subject.keyword climate change
- dc.subject.keyword Microeconomics
- dc.subject.keyword Labour, Public, Development and Health Economics
- dc.title Global unanimity agreement on the carbon budget
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper