Economic tools to promote transparency and comparability in the Paris Agreement
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© 2016 Macmillan Publishers Limited, part of Springer Nature.The Paris Agreement culminates a six-year transition towards an international climate policy architecture based on parties submitting national pledges every five years. An important policy task will be to assess and compare these contributions. We use four integrated assessment models to produce metrics of Paris Agreement pledges, and show differentiated effort across countries: wealthier countries pledge to undertake greater emission reductions with higher costs. The pledges fall in the lower end of the distributions of the social cost of carbon and the cost-minimizing path to limiting warming to 2 °C, suggesting insufficient global ambition in light of leaders' climate goals. Countries' marginal abatement costs vary by two orders of magnitude, illustrating that large efficiency gains are available through joint mitigation efforts and/or carbon price coordination. Marginal costs rise almost proportionally with income, but full policy costs reveal more complex regional patterns due to terms of trade effects.
Published Version (Please cite this version)10.1038/nclimate3106
Publication InfoAkimoto, K; Aldy, J; Blanford, G; Carraro, C; Clarke, LE; Edmonds, J; ... Tavoni, M (2016). Economic tools to promote transparency and comparability in the Paris Agreement. Nature Climate Change, 6(11). pp. 1000-1004. 10.1038/nclimate3106. Retrieved from http://hdl.handle.net/10161/13141.
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Professor in the Sanford School of Public Policy
Billy Pizer joined the faculty of the Sanford School of Public Policy at Duke University in the fall of 2011. He also was appointed a faculty fellow in the Nicholas Institute for Environmental Policy Solutions, a nonpartisan institute at Duke that focuses on finding solutions to some of the nation's most pressing environmental challenges. His current research examines how public policies to promote clean energy can effectively leverage private sector investments, how environmental re