Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
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Daily Overview |
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Climate Change Mitigation 5 Location: B011 Session Chair: Joshua Bißbort, RPTU Kaiserslautern | |
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Curbing fossil fuels through global reward payment funds inducing countries to reduce supply, reduce demand and expand substitutes PIK, Germany Existing international environmental institutions curb fossil fuels by rewarding countries for reducing demand and expanding substitutes. This paper argues that it would be beneficial to create new institutions that would reward countries for reducing their fossil fuel supply. Assuming complete information, I prove a Price Preservation Lemma: For any given budget, the optimal way to split the budget between the three approaches (rewarding supply reduction, demand reduction and substitute expansion) leaves the world market price of the fossil fuel unchanged. In a dynamic setting, this result holds under full commitment for any given intertemporal budget at the global institution’s disposal. Using this Lemma, I show that the optimum cannot be implemented by relying on the supply side entirely on a deposit purchase fund. The results suggest that it would be valuable to also create funds rewarding countries for taxing fossil fuel extraction. | |