Market Instruments and CO2 Mitigation: A General Equilibrium Analysis for Spain

Mikel González-Eguino

No 2009-02, Working Papers from BC3

Abstract: Market instruments are a core element of policies to mitigate climate change. Choosing and designing the right instruments can help to minimise mitigation costs. This paper seeks to analyse various market instruments for CO2 mitigation from the viewpoint of cost-effectiveness, using an AGE (applied general equilibrium) model for the case of Spain. A distinction is drawn between (1) quantity instruments, which represent different extents of a market for emission permits; and (2) price instruments, which represent different types of tax. The analysis quantifies the importance of making the right choice as to which sectors are excluded from the permit market, and of targeting taxes correctly.

Keywords: Environmental policy instruments; general equilibrium analysis; Spain (search for similar items in EconPapers)
Date: 2010-04
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