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The Timing of CO2 Emissions Abatement: An Overview of Economic Issues

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  • Michael Grubb

    (Energy and Environmental Programme, Royal Institute of International Affairs, London)

Abstract

This paper is stimulated by the debate in the US about optimal abatement paths, in particular recent claims that it would be economically preferable to defer such abatement action, in favour of measures that support technology development but do not affect emission trends for many years. This paper categorises the various economic issues involved and concludes that for each economic argument that has been advanced to justify deferring emission constraints, there are countervailing economic arguments that could be used in support of rapid near-term emissions abatement. Rational policy lies between these extremes. A policy of deferring all emissions abatement exposes economic systems and industries, as well as the environment, to significantly greater costs and risks than those arising from a more balanced approach. Furthermore the modelling studies that have been used to justify deferring emissions abatement do so because they embody the economic factors favourable to delay and largely neglect the countervailing issues, to the point where they cannot be considered as relevant to a balanced assessment of the issues relating to economically optimal abatement timing.

Suggested Citation

  • Michael Grubb, 1998. "The Timing of CO2 Emissions Abatement: An Overview of Economic Issues," Energy & Environment, , vol. 9(4), pages 399-412, June.
    • Handle: RePEc:sae:engenv:v:9:y:1998:i:4:p:399-412
    DOI: 10.1177/0958305X9800900405
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