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Even as the evidence of global warming mounts, the international response to this serious threat is coming unraveled. The United States has formally withdrawn from the 1997 Kyoto Protocol; other key nations are facing difficulty in meeting their Kyoto commitments; and developing countries face no limit on their emissions of the gases that cause global warming. In this clear and cogent book-reissued in paperback with an afterword that comments on recent events--David Victor explains why the Kyoto Protocol was never likely to become an effective legal instrument. He explores how its collapse offers opportunities to establish a more realistic alternative. Global warming continues to dominate environmental news as legislatures worldwide grapple with the process of ratification of the December 1997 Kyoto Protocol. The collapse of the November 2000 conference at the Hague showed clearly how difficult it will be to bring the Kyoto treaty into force. Yet most politicians, policymakers, and analysts hailed it as a vital first step in slowing greenhouse warming. David Victor was not among them. Kyoto's fatal flaw, Victor argues, is that it can work only if emissions trading works. The Protocol requires industrialized nations to reduce their emissions of greenhouse gases to specific targets. Crucially, the Protocol also provides for so-called "emissions trading," whereby nations could offset the need for rapid cuts in their own emissions by buying emissions credits from other countries. But starting this trading system would require creating emission permits worth two trillion dollars--the largest single invention of assets by voluntary international treaty in world history. Even if it were politically possible to distribute such astronomical sums, the Protocol does not provide for adequate monitoring and enforcement of these new property rights. Nor does it offer an achievable plan for allocating new permits, which would be essential if the system were expanded to include developing countries. The collapse of the Kyoto Protocol--which Victor views as inevitable--will provide the political space to rethink strategy. Better alternatives would focus on policies that control emissions, such as emission taxes. Though economically sensible, however, a pure tax approach is impossible to monitor in practice. Thus, the author proposes a hybrid in which governments set targets for both emission quantities and tax levels. This offers the important advantages of both emission trading and taxes without the debilitating drawbacks of each. Individuals at all levels of environmental science, economics, public policy, and politics-from students to professionals--and anyone else hoping to participate in the debate over how to slow global warming will want to read this book.
This book assesses the effects on fossil fuel markets of climate change policies as agreed in Kyoto. This evaluation involves, as a reference case, projections for emissions, energy supply, demand, and prices in a world which does not adopt specific greenhouse policies. The impact of a future involvement of developing countries in an expanded climate change agreement is also analysed.
"Comprehensive examination of the economic, social, and political context of climate policy in industrialized and developing nations. Calls for a multilateral approach that goes beyond the mitigation-focused Kyoto policies and stresses the importance of generating policies that work within a time frame commensurate with that of climate change itself"--Provided by publisher.
Climate change is an increasing concern across the world. In 1997, a number of countries, including most OECD countries, agreed the Kyoto Protocol, which sets targets for future emissions of greenhouse gases that drive climate change. But the Kyoto Pro
Hearing held on the 1997 Kyoto Protocol, in which the administration agreed to legally binding obligations to reduce U.S. greenhouse gas emissions to 7% below 1990 levels during the years 2008 to 2011. Witnesses: Sen. Daniel Akaka, Evan Bayh, Jeff Bingaman, Jim Bunning, Conrad Burns, Larry Craig, Peter Fitzgerald, Bob Graham, Chuck Hagel, Mary Landrieu, Blanche Lincoln, Frank Murkowski, & Craig Thomas; Jay Hakes, Admin., U.S. Energy Info. Admin.; Mary Novak, Energy Service, WEFA, Inc., Burlington, MA; Cecil Roberts, United Mine Workers of America; Margo Thorning, Amer. Council for Capital Formation; & Janet Yellen, Council of Economic Advisers.
Climate change remains a global challenge requiring international collaborative action. Another area where countries have successfully committed to a long-term multilateral resolution is the liberalization of international trade. Integration into the world economy has proven a powerful means for countries to promote economic growth, development, and poverty reduction. The broad objectives of the betterment of current and future human welfare are shared by both global trade and climate regimes. Yet both climate and trade agendas have evolved largely independently through the years, despite their mutually supporting objectives. Since global emission goals and global trade objectives are shared policy objectives of most countries, and nearly all of the World Bank's clients, it makes sense to consider the two sets of objectives together. This book is one of the first comprehensive attempts to look at the synergies between climate change and trade objectives from economic, legal, and institutional perspectives. It addresses an important policy question - how changes in trade policies and international cooperation on trade policies can help address global environmental spillovers, especially GHG emissions, and what the (potential) effects of (national) environmental policies that are aimed at global environmental problems might be for trade and investment. It explores opportunities for aligning development and energy policies in such a way that they could stimulate production, trade, and investment in cleaner technology options.
The adoption of the Kyoto Protocol in December 1997 was a major achievement in the endeavour to tackle the problem of global climate change at the dawn of the 21st century. After many years of involvement in the negotiation process, the book's two internationally recognised authors now offer the international community a first hand and inside perspective of the debate on the Kyoto Protocol. The book provides a comprehensive scholarly analysis of the history and content of the Protocol itself as well as of the economic, political and legal implications of its implementation. It also presents a perspective for the further development of the climate regime. These important features make this book an indispensable working tool for policy makers, negotiators, academics and all those actively involved and interested in climate change issues in both the developed and developing world.
This Congressional Budget Office (CBO) study--prepared at the request of the Ranking Member of the House Committee on Science--presents an overview of issues related to climate change, focusing primarily on its economic aspects. The study draws from numerous published sources to summarize the current state of climate science and provide a conceptual framework for addressing climate change as an economic problem. It also examines public policy options and discusses the potential complications and benefits of international coordination. In keeping with CBO's mandate to provide impartial analysis, the study makes no recommendations.
This book presents in detail a pair of models of the economics of climate change. The models, called RICE-99 (for the Regional Dynamic Integrated model of Climate and the Economy) and DICE-99 (for the Dynamic Integrated Model of Climate and the Economy) build on the authors' earlier work, particularly their RICE and DICE models of the early 1990s. Humanity is risking the health of the natural environment through a myriad of interventions, including the atmospheric emission of trace gases such as carbon dioxide, the use of ozone-depleting chemicals, the engineering of massive land-use changes, and the destruction of the habitats of many species. It is imperative that we learn to protect our common geophysical and biological resources. Although scientists have studied greenhouse warming for decades, it is only recently that society has begun to consider the economic, political, and institutional aspects of environmental intervention. To do so raises formidable challenges of data modeling, uncertainty, international coordination, and institutional design. Attempts to deal with complex scientific and economic issues have increasingly involved the use of models to help analysts and decision makers understand likely future outcomes as well as the implications of alternative policies. This book presents in detail a pair of models of the economics of climate change. The models, called RICE-99 (for the Regional Dynamic Integrated model of Climate and the Economy) and DICE-99 (for the Dynamic Integrated Model of Climate and the Economy) build on the authors' earlier work, particularly their RICE and DICE models of the early 1990s. They can help policy makers design better economic and environmental policies.