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Surprisingly small tweaks to carbon pricing could balance cost with fairness
Researchers believe they found a way to resolve the tradeoff between too many different carbon prices and the need for big cash transfers between countries
December 15, 2020
Researchers have long known that there’s a tradeoff in global climate policy. The cheapest way to decarbonize is to implement a global cap-and-trade system with a uniform carbon price around the world. But this triggers a need for massive payments from wealthy to developing countries to equalize the financial burden.
Developing countries sometimes perceive this influx of outside money as a threat to national sovereignty, and wealthier countries don’t always follow through on their promises anyway. On the other hand, setting carbon prices on a country-by-country basis prevents the need for transfer payments, but raises the overall cost of global decarbonization.
12/09/2020 - Global greenhouse-gas emission reductions could be achieved in a fair and thrifty way by surprisingly small variations of well-known policies. This is shown by a team of economists in a quantitative study now published in Nature. Differentiated CO2 prices in different countries combined with moderate financial transfers from advanced to developing countries would do the job. These changes would be most efficient in achieving fair burden sharing and at the same time keep overall costs in check, the researchers find. This could solve the epic trilemma to unite cost-efficiency, national sovereignty and fair effort-sharing. Power lines in North York, Canada. Photo: Moreka Kazemi on Unsplash
To curb global carbon emissions and slow climate change, a group of economists recommend using a variable carbon price and mandating moderate financial transfers from mature to developing economies.