IESR Environmental Economics Seminar Series｜Derek Lemoine, University of Arizona
Title: Incentivizing Negative Emissions Through Carbon Shares
Speaker：Derek Lemoine, University of Arizona
Time：9: 00 - 10:30 am, 10 September, 2021 (Beijing Time, GMT+8)
About the Speaker:
Derek Lemoine is an Associate Professor of Economics at the University of Arizona, a Research Associate of the National Bureau of Economic Research, and an Associate Fellow of the Centre for Economic Policy Research. His research explores environmental policymaking under uncertainty, the dynamics of climate change policy, the pricing of climate risk, and the interaction between energy systems and innovation, among other topics. He received his Ph.D. from the University of California, Berkeley in 2011.
I analyze a novel climate policy instrument that attaches a transferable asset to each unit of carbon in the atmosphere. I show that this instrument improves on an emission tax by incentivizing both optimal emission reductions and optimal removal of past emissions. Emitters post a bond equal to the worst-case social cost of carbon, and the regulator deducts damages as they are realized over time. Quantitatively, a bond that is double the optimal emission tax is sufficient to provide optimal carbon removal incentives in 95% of cases.
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