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Carbon Pricing as an Effective Instrument of Climate Policy: Searching for an Optimal Policy Instrument

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Abstract

The paper highlights the use of carbon pricing as an effective market tool to control GHG emissions It describes the discussion on the benefits and limitations of both carbon tax and carbon trading. The paper summarises this debate and it argues that, as well as economic effectiveness, many other factors are highly relevant when choosing the right policy instrument. These include political feasibility, impact on competitiveness, institutional requirements, incentives for R&D and many others. Finally, interesting lessons are drawn for policy makers and academics willing to develop such instruments.

Suggested Citation

  • Alberto Ansuategi & Ibon Galarraga, 2009. "Carbon Pricing as an Effective Instrument of Climate Policy: Searching for an Optimal Policy Instrument," Rivista di Politica Economica, SIPI Spa, vol. 99(3), pages 147-169, JULY-SEPT.
    • Handle: RePEc:rpo:ripoec:v:99:y:2009:i:3:p:147-169
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    Cited by:

    1. Galarraga, Ibon & Abadie, Luis M. & Ansuategi, Alberto, 2013. "Efficiency, effectiveness and implementation feasibility of energy efficiency rebates: The “Renove” plan in Spain," Energy Economics, Elsevier, vol. 40(S1), pages 98-107.
    2. M. Gallastegui & M. González-Eguino & I. Galarraga, 2012. "Cost effectiveness of a combination of instruments for global warming: a quantitative approach for Spain," SERIEs: Journal of the Spanish Economic Association, Springer;Spanish Economic Association, vol. 3(1), pages 111-132, March.
    3. Ibon Galarraga & Luis M. Abadie & Alberto Ansuategi, 2013. "Economic Efficiency, Environmental Effectiveness and Political Feasibility of Energy Efficiency Rebates: The Case of the Spanish Energy Efficiency Renove Plan," Working Papers 2013-05, BC3.
    4. Luis M. Abadie & Ibon Galarraga, 2011. "The European Emission Trading Scheme: Implications For Long-Term Investment Valuation," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 2(02), pages 129-148.

    More about this item

    Keywords

    carbon taxes; cap and trade;

    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy
    • H00 - Public Economics - - General - - - General

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