U.S. CO2 Mitigation in a Global Context: Welfare, Trade and Land Use

Ronald D. Sands, Katja Schumacher and Hannah Forster

The Energy Journal, 2014, vol. 35, issue 1_suppl, 181-198

Abstract: We describe carbon dioxide mitigation scenarios specified by the Energy Modeling Forum study (EMF-24) “U.S. Technology Transitions under Alternative Climate Policies,†using a global computable general equilibrium model that simulates world energy and agricultural systems through 2050. One set of scenarios covers variation across five major technology groups: end-use technology, carbon dioxide capture and storage, nuclear electricity generation, wind and solar power, and bioenergy. Other scenarios cover variation across policies. Policies such as a renewable portfolio standard for electricity generation or a clean electricity standard have the potential for significant emissions reductions, but at a greater cost than a cap-and-trade scenario with the same reduction in emissions. Cap-and-trade scenarios resulted in carbon dioxide leakage rates of 11 to 20 percent depending on the stringency of the targets. Oil-exporting regions without a mitigation policy may still have significant welfare losses when other world regions reduce emissions.

Keywords: Carbon dioxide; Climate policy; Carbon leakage; Land use; Bioenergy (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:sae:enejou:v:35:y:2014:i:1_suppl:p:181-198

DOI: 10.5547/01956574.35.SI1.10

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