The Global Energy, CO 2 Emissions, and Economic Impact of Vehicle Fuel Economy Standards

Valerie J. Karplus, Paul N. Kishimoto and Sergey Paltsev

Journal of Transport Economics and Policy, 2015, vol. 49, issue 4, 517-538

Abstract: Fuel economy standards for new light-duty passenger vehicles have recently been adopted or tightened in many nations. Using a global computable general equilibrium (CGE) model, we analyse the combined effect of existing and accelerated national and regional fuel economy standards on demand for petroleum-based fuels, CO 2 emissions, and economic cost, and compare the results to a carbon pricing scenario with identical emissions reductions. We find that fuel economy standards are less cost-effective than a carbon price, with year-on-year consumption loss rising to 10 per cent of global GDP in 2050 under fuel economy standards, compared with 6 per cent under carbon pricing. © 2015 LSE and the University of Bath

Date: 2015
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