Economic tools to promote transparency and comparability in the Paris Agreement

Published

Journal Article

© 2016 Macmillan Publishers Limited, part of Springer Nature. The Paris Agreement culminates a six-year transition towards an international climate policy architecture based on parties submitting national pledges every five years. An important policy task will be to assess and compare these contributions. We use four integrated assessment models to produce metrics of Paris Agreement pledges, and show differentiated effort across countries: wealthier countries pledge to undertake greater emission reductions with higher costs. The pledges fall in the lower end of the distributions of the social cost of carbon and the cost-minimizing path to limiting warming to 2 °C, suggesting insufficient global ambition in light of leaders' climate goals. Countries' marginal abatement costs vary by two orders of magnitude, illustrating that large efficiency gains are available through joint mitigation efforts and/or carbon price coordination. Marginal costs rise almost proportionally with income, but full policy costs reveal more complex regional patterns due to terms of trade effects.

Full Text

Duke Authors

Cited Authors

  • Aldy, J; Pizer, W; Tavoni, M; Reis, LA; Akimoto, K; Blanford, G; Carraro, C; Clarke, LE; Edmonds, J; Iyer, GC; McJeon, HC; Richels, R; Rose, S; Sano, F

Published Date

  • November 1, 2016

Published In

Volume / Issue

  • 6 / 11

Start / End Page

  • 1000 - 1004

Electronic International Standard Serial Number (EISSN)

  • 1758-6798

International Standard Serial Number (ISSN)

  • 1758-678X

Digital Object Identifier (DOI)

  • 10.1038/nclimate3106

Citation Source

  • Scopus