Requiem for Kyoto: An Economic Analysis of the Kyoto Protocol

William Nordhaus and Joseph G. Boyer

The Energy Journal, 1999, vol. Volume 20, issue Special Issue, 93-130

Abstract: This paper uses the newly developed RICE-98 model to analyze the economics of the Kyoto Protocol. It analyzes versions of the Kyoto Protocol that have different approaches to trading emissions rights and compares these with efficient approaches. The major conclusions are: (a) the net global cost of the Kyoto Protocol is $716 billion in present value, (b) the United States bears almost two thirds of the global cost; and (c) the benefit-cost ratio of the Kyoto Protocol is 1/7. Additionally, the emissions strategy is highly cost-ineffective, with the global temperature reduction achieved at a cost almost 8 times the cost of a strategy which is cost-effective in terms of "where" and "when" efficiency. These conclusions assume that trading in carbon permits is allowed among the Annex I countries.

JEL-codes: F0 (search for similar items in EconPapers)
Date: 1999
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Working Paper: Requiem for Kyoto: An Economic Analysis of the Kyoto Protocol (1998)
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