Conference Agenda
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Daily Overview |
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Land Use Policy Location: B010 Session Chair: Solène Oriane Clémence, University of Bonn | |
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Policy design for efficient, cost-effective, and equitable reductions in deforestation emissions 1: Environmental Markets Lab, University of California, Santa Barbara, United States of America; 2: ZEF, Center for Development Research at the University of Bonn; 3: Department of Economics and the Institute for Sustainable Development at Pontificia Universidad Católica de Chile Market-based policies for forest conservation have been proposed as a low-cost climate solution with enormous abatement potential. However, past implementation of these policies has largely failed to meaningfully reduce deforestation. Here, we explore this tension using a theoretically-founded, econometric model of land users' deforestation decisions. We find that payments of $80/tCO2 would reduce global emissions from deforestation by 43%. However, targeting is essential: untargeted payments at the same carbon price cost $70 trillion with only 3% additionality. Even if targeted by highly informed policymakers, information asymmetries will undermine the efficiency of payments by discouraging low-cost abatement while paying for non-additional conservation. Carbon taxes do not require targeting, but would impose large costs on land users in the poorest countries. Careful policy design will be necessary to ensure that the world makes efficient and equitable use of this important climate solution. | |