A Framework for Comparing Climate Mitigation Policies Across Countries

Simon Black, Danielle Minnett, Ian Parry, James Roaf and Karlygash Zhunussova

No 2022/254, IMF Working Papers from International Monetary Fund

Abstract: There is growing interest in international coordination over climate mitigation policy. Climate clubs or international carbon price floors could complement the Paris Agreement by helping to deliver the near-term cuts in global greenhouse gas emissions needed to contain global warming to 1.5 to 2oC. To ensure inclusivity, these arrangements need to account for varying mitigation policies across countries, including carbon pricing, fuel taxes, subsidy reform, and non-pricing approaches like regulations. A transparent methodology is needed to compare and monitor mitigation effort by countries implementing diverse policy packages. This paper presents and illustrates a methodology for converting climate mitigation policies and targets into their carbon price equivalents and applies it to the Group of Twenty (G20) countries.

Keywords: Emissions reductions; carbon price equivalence; G20; non-pricing instrument; sectoral target; fuel taxes; temperature aligned mitigation.; climate mitigation policy; annex B. policy equivalence; reductions from Policites; policy package; industry emissions target; policy instrument; mitigation approach; emissions impact; BAU emissions projection; emission rate standard; Greenhouse gas emissions; Fuel tax; Climate policy; Global; Africa; IMF-WB CPAT Model; IMF-WB Climate Policy Assessment Tool (search for similar items in EconPapers)
Pages: 39
Date: 2022-12-16
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