Global Carbon Pricing: The Path To Climate Cooperation by Peter CramtonGlobal Carbon Pricing: The Path To Climate Cooperation by Peter Cramton

Global Carbon Pricing: The Path To Climate Cooperation

EditorPeter Cramton, David Jc Mackay, Axel Ockenfels

Hardcover | June 16, 2017

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Why the traditional "pledge and review" climate agreements have failed, and how carbon pricing, based on trust and reciprocity, could succeed.

After twenty-five years of failure, climate negotiations continue to use a "pledge and review" approach: countries pledge (almost anything), subject to (unenforced) review. This approach ignores everything we know about human cooperation. In this book, leading economists describe an alternate model for climate agreements, drawing on the work of the late Nobel laureate Elinor Ostrom and others. They show that a "common commitment" scheme is more effective than an "individual commitment" scheme; the latter depends on altruism while the former involves reciprocity ("we will if you will").

The contributors propose that global carbon pricing is the best candidate for a reciprocal common commitment in climate negotiations. Each country would commit to placing charges on carbon emissions sufficient to match an agreed global price formula. The contributors show that carbon pricing would facilitate negotiations and enforcement, improve efficiency and flexibility, and make other climate policies more effective. Additionally, they analyze the failings of the 2015 Paris climate conference.

ContributorsRichard N. Cooper, Peter Cramton, Ottmar Edenhofer, Christian Gollier, Éloi Laurent, David JC MacKay, William Nordhaus, Axel Ockenfels, Joseph E. Stiglitz, Steven Stoft, Jean Tirole, Martin L. Weitzman

Title:Global Carbon Pricing: The Path To Climate CooperationFormat:HardcoverDimensions:268 pages, 9 × 6 × 0.5 inPublished:June 16, 2017Publisher:The MIT PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0262036266

ISBN - 13:9780262036269

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Editorial Reviews

The threat of climate change can be managed only by global cooperation. Here a distinguished panel of experts applies fundamental principles of economics to show how such global efforts can be sustained. This is a great and important book.