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Using Genuine Savings for Climate Policy Evaluation with an Integrated Assessment Model

Louis Dupuy (), Koji Tokimatsu () and Nick Hanley ()
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Koji Tokimatsu: Tokyo Institute of Technology

Discussion Papers in Environment and Development Economics from University of St. Andrews, School of Geography and Sustainable Development

Abstract: Climate policies can have impacts which show up in multiple sectors of the economy and which change consumption levels over time, besides the changes in emissions which such policies bring about. We show how the sustainability indicator Genuine Savings can be endogenised within a general equilibrium model and used a sa criterion for judging the impacts of such policies or growth scenarios. We combine life cycle analytical approaches with a multi-country macroeconomic model which includes the economic costs of emissions from economic activity, and impacts on biodiversity and net primary productivity. The model is used to calculate values for Genuine Savings, where the shadow prices used to measure the value of asset changes is derived from the model structure. Differences in Genuine Savings over different greenhouse emission scenarios are discussed, scenarios which also consider the effects of pricing impacts on other pollutants and on biodiversity, and the effects of changes in population and the rate of growth of productivity. A key result which emerges is the key role of the rate of technological change relative to the population growth rate, if wellbeing is to be sustained over the next 50 years.

Keywords: Genuine Savings (GS), integrated assessment model (IAM), lifecycle impact assessment (LCIA), sustainability; policy analysis (search for similar items in EconPapers)
JEL-codes: Q01 Q54 Q56 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ene and nep-env
Date: 2017-03
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Journal Article: Using Genuine Savings for Climate Policy Evaluation with an Integrated Assessment Model (2019) Downloads
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