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http://ssrn.com/abstract=1987487
 
 

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The Promise and Problems of Pricing Carbon: Theory and Experience


Joseph E. Aldy


Harvard Kennedy School; National Bureau of Economic Research; Resources for the Future

Robert N. Stavins


Harvard University - Harvard Kennedy School (HKS); Resources for the Future; National Bureau of Economic Research (NBER)

January 18, 2012

FEEM Working Paper No. 82.2011

Abstract:     
Because of the global commons nature of climate change, international cooperation among nations will likely be necessary for meaningful action at the global level. At the same time, it will inevitably be up to the actions of sovereign nations to put in place policies that bring about meaningful reductions in the emissions of greenhouse gases. Due to the ubiquity and diversity of emissions of greenhouse gases in most economies, as well as the variation in abatement costs among individual sources, conventional environmental policy approaches, such as uniform technology and performance standards, are unlikely to be sufficient to the task. Therefore, attention has increasingly turned to market-based instruments in the form of carbon-pricing mechanisms. We examine the opportunities and challenges associated with the major options for carbon pricing: carbon taxes, cap-and-trade, emission reduction credits, clean energy standards, and fossil fuel subsidy reductions.

Number of Pages in PDF File: 31

Keywords: Global Climate Change, Market-Based Instruments, Carbon Pricing, Carbon Taxes, Cap-and-Trade, Emission Reduction Credits, Energy Subsidies, Clean Energy Standards

JEL Classification: Q540, Q580, Q400, Q480

working papers series


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Date posted: January 18, 2012  

Suggested Citation

Aldy, Joseph E. and Stavins, Robert N., The Promise and Problems of Pricing Carbon: Theory and Experience (January 18, 2012). FEEM Working Paper No. 82.2011. Available at SSRN: http://ssrn.com/abstract=1987487 or http://dx.doi.org/10.2139/ssrn.1987487

Contact Information

Joseph E. Aldy
Harvard Kennedy School ( email )
79 JFK Street
Cambridge, MA 02138
United States
617-496-7213 (Phone)
HOME PAGE: http://www.hks.harvard.edu/about/faculty-staff-directory/joseph-aldy
National Bureau of Economic Research
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Resources for the Future ( email )
79 JFK Street
Cambridge, MA 02138
United States
617-496-7213 (Phone)
HOME PAGE: http://www.hks.harvard.edu/about/faculty-staff-directory/joseph-aldy
Robert N. Stavins (Contact Author)
Harvard University - Harvard Kennedy School (HKS) ( email )
79 John F. Kennedy Street
Cambridge, MA 02138
United States
617-495-1820 (Phone)
617-496-3783 (Fax)
Resources for the Future
1616 P Street, NW
Washington, DC 20036
United States
National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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