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Targets for Global Climate Policy: An Overview

Richard Tol ()

Working Paper Series from Department of Economics, University of Sussex

Abstract: A survey of the economic impact of climate change and the marginal damage costs shows that carbon dioxide emissions are a negative externality. The estimated Pigou tax and its growth rate are too low to justify the climate policy targets set by political leaders. A lower discount rate or greater concern for the global distribution of income would justify more stringent climate policy, but would imply an overhaul of other public policy. Catastrophic risk justifies more stringent climate policy, but only to a limited extent.

Keywords: climate change; climate policy; first-best (search for similar items in EconPapers)
JEL-codes: Q54 Q58 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ene, nep-env and nep-res
Date: 2012-08
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http://www.sussex.ac.uk/economics/documents/wps37-2012-tol.pdf (application/pdf)

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Journal Article: Targets for global climate policy: An overview (2013) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:sus:susewp:3712

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