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Climate agreements: emission quotas versus technology policies
By Golombek, Rolf and Michael Hoel
Memorandum 21/2006
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Abstract |
The Kyoto Agreement is the result of international negotiations over many years.
However, because of a number of weaknesses, different sorts of climate agreement
have been suggested: for example, coordinated R&D activities that reduce abatement
costs for all firms. We will compare an agreement focusing only on emissions (a
Kyoto type of agreement) with an agreement focusing only on technology, assuming
that the costs of abatement are affected by R&D in all firms through technology
spillovers. In an emissions agreement, emissions should be restricted to the extent that
the carbon price exceeds the Pigovian level. For sufficiently low technology
spillovers, an emissions agreement is more efficient than a technology agreement
specifying an R&D subsidy to be imposed on all firms in all countries. The opposite
may hold if technology spillovers are sufficiently large. Finally, an alternative
technology agreement specifying R&D expenditure in each country is more efficient
than an agreement specifying an R&D subsidy. |
| JEL Classification:
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H23, O30, Q20, Q28, Q48 |
| Keywords:
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climate policy, international climate agreements, R&D policy, technology
spillovers |
| Project:
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3144 Post Kyoto Climate Agreements and Technological Innovation
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