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Targets for global climate policy: An overview

Richard S.J. Tol ()

Journal of Economic Dynamics and Control, 2013, vol. 37, issue 5, pages 911-928

Abstract: A survey of the economic impact of climate change and the marginal damage costs shows that carbon dioxide emissions are a negative externality. The estimated Pigou tax and its growth rate are too low to justify the climate policy targets set by political leaders. A lower discount rate or greater concern for the global distribution of income would justify more stringent climate policy, but would imply an overhaul of other public policies. Catastrophic risk justifies more stringent climate policy, but only to a limited extent.

Keywords: Climate change; Climate policy; First-best (search for similar items in EconPapers)
JEL-codes: Q54 (search for similar items in EconPapers)
Date: 2013
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Journal of Economic Dynamics and Control is currently edited by J. Bullard, C. Chiarella, H. Dawid, C. H. Hommes, P. Klein and C. Otrok

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