OCEAN CARBON SINKS AND INTERNATIONAL CLIMATE POLICY

Katrin Rehdanz, Richard Tol and Patrick Wetzel

No FNU-60, Working Papers from Research unit Sustainability and Global Change, Hamburg University

Abstract: Terrestrial sinks have entered the Kyoto Protocol as offsets for carbon sequestration, but ocean sinks have escaped attention. Ocean sinks are as unexplored and uncertain as were the terrestrial sinks at the time of negotiation. It is not unlikely that certain countries will advocate the inclusion of ocean carbon sinks to reduce their emission reduction obligations. We use a simple model of the international market for carbon dioxide emissions to evaluate who would gain or loose from allowing for ocean carbon sinks. Our analysis is restricted to information on anthropogenic carbon sequestration within the exclusive economic zone of a country. Like the carbon sequestration of business as usual forest management activities, natural ocean carbon sequestration applies at zero costs. The total amount of anthropogenic ocean carbon sequestration is large, also in the exclusive economic zones. As a consequence, it substantially alters the costs of emission reduction for most countries. Countries such as Australia, Denmark, France, Iceland, New Zealand, Norway and Portugal would gain substantially, and a large number of countries would benefit too. Current net exporters of carbon permits, particularly Russia, would gain less and oppose the inclusion of carbon sinks.

Keywords: carbon dioxide emission reduction; emission permit trade; exclusive economic zones; ocean sinks (search for similar items in EconPapers)
JEL-codes: Q54 (search for similar items in EconPapers)
Pages: 19 pages
Date: 2005-02, Revised 2005-02
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Published, Energy Policy, 34, 3516-3526

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Related works:
Journal Article: Ocean carbon sinks and international climate policy (2006)
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