THE ECONOMIC, ENERGY, AND EMISSIONS IMPACTS OF CLIMATE POLICY IN SOUTH KOREA
Niven Winchester () and
John M. Reilly
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John M. Reilly: Joint Program on the Science and Policy of Global Change, Massachusetts Institute of Technology, Cambridge, MA 02139, USA
Climate Change Economics (CCE), 2019, vol. 10, issue 03, 1-23
Using an economy-wide model, we evaluate the impact of policies to meet South Korea’s Paris pledge to reduce greenhouse gas (GHG) emissions by 37% relative those under business as usual (BAU) in 2030. Simulated BAU emissions in 2030 are 840.8 million metric tons (Mt) of carbon dioxide equivalent (CO2e), indicating that economy-wide emissions should be constrained to 529.7 MtCO2e. Under South Korea’s Emissions Trading System (KETS) and fuel economy standards, a 2030 carbon price of $88/tCO2e is needed to meet this goal. Without considering benefits from avoided climate damages, these policies reduce 2030 GDP by $21.5 billion (1.0%) and consumer welfare by 8.1 billion (0.7%). Declines in sectoral production are largest for fossil-based energy sectors and chemical, rubber and plastic products, and iron and steel sectors.
Keywords: Emissions trading system; Paris agreement; fuel economy standard (search for similar items in EconPapers)
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