Lecture_23 - Economics analysis of Kyoto Protocol Kyoto...

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Economics analysis of Kyoto Protocol Kyoto Protocol Overview of Protocol Empirical application: economic analysis of Kyoto Protocol (Chapter 8 of Nordhaus book) The Theory of Cost-Effective Environmental Regulation and CO 2 Markets
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Kyoto Protocol • An international treaty to limit emissions of CO 2 and other greenhouse gases Initiated in 1997 Went into force in 2005 Countries agree to legally binding quotas By 2012, the quotas will be set, on average, at about 5% below 1990 emission levels of greenhouse gases The Protocol expires in 2012 …extension, reform, dissolution thereafter?
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Annex I Countries. These are countries with quotas on their emissions. USA and Australia never ratified the Protocol, so are not subject to national quotas.
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Kyoto’s Structure An aggregate cap – cap on CO 2 emissions from countries within the treaty (5% below 1990 levels) Country-level quotas Permits allowing a certain quantity of emissions Flexibility mechanisms
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Lecture_23 - Economics analysis of Kyoto Protocol Kyoto...

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