We show that U.S. withdrawal from the Kyoto Protocol is straightforward under political economy considerations. The reason is that U.S. compliance costs exceed low willingness to pay for dealing with global warming in the U.S. The withdrawal had a crucial impact on the concretion of the Protocol prior to its likely ratification at the end of 2002. Remaining non-EU Parties to the Kyoto Protocol ...

This paper presents the analysis of the consequences of CO2 emission reduction policies, as derived, in a European Union perspective, from the Kyoto Protocol for the 2010 horizon. The first section provides a thorough assessment, based on the PRIMES model results, of the marginal and total costs of compliance to the Kyoto Protocol for a ‘no trading’ case and for two cases of emission trading, r...

Pursuant to Article 1 of the Convention signed in Paris on 14th December 1960, and which came into force on 30th September 1961, the Organisation for Economic Cooperation and Development (OECD) shall promote policies designed: − to achieve the highest sustainable economic growth and employment and a rising standard of living in Member countries, while maintaining financial stability, and thus t...

This paper gives an overview of the economics of the Kyoto Protocol, the agreement that was adopted unanimously by government negotiators in December 1997 to tackle the threat of climate change. The Protocol was adopted against a background of hugely disparate perspectives concerning the urgency of action, the costs of limitations, and the appropriate instruments. In the end, the view of the US...

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Before discussing the likely cost of U.S. efforts to avert climate change, it is important to recognize the costs and risks facing our nation should we fail to act. Current concentrations of greenhouse gases have reached levels well above those of preindustrial times. As a consequence, the Intergovernmental Panel on Climate Change estimates that global temperatures will increase by between 2 to...

International concern about climate change has led to the Kyoto Protocol, negotiated in 1997, which contains legally binding emission targets for industrialized countries to be achieved during the commitment period 2008-2012. While proponents of the Protocol celebrate it as a breakthrough in international climate policy, opponents criticize that its approach, namely setting targets and timetabl...

the market for carbon dioxide rights emerged as one of the tools applicable to the implementation of the measures adopted by the kyoto protocol to combat climate change. in this paper we analyze the case of spain, because their peculiar administrative division into seventeen autonomous communities, it is relevant to a detailed study of emissions and allowances of the industries that make up ...