The case for charges on greenhouse gas emissions

Abstract

The proposal The proposal discussed in this chapter is to levy a common charge on all emissions of greenhouse gases (GHGs) worldwide. All countries would be covered in principle, but the proposal could be implemented with a much smaller number of countries, provided those countries accounted for most of the global emissions. While all GHGs should in principle be covered, this chapter will address mainly carbon dioxide (CO 2 ), quantitatively the most important GHG; extending charges to other GHGs could be made with little or (in the case of methane) much difficulty. The charge would be internationally adjusted from time to time, and each country would collect and keep the revenue it generated. This chapter will discuss the motivation for such a proposal; how it would be implemented; its likely economic effects; its relationship to energy security; the possibility of mixing an emission charge with other schemes to limit emissions, especially “cap-and-trade” schemes; and the negotiability of such an agreement. Motivation Table 5.1 reports CO 2 emissions generated by the use of marketable energy (mainly fossil fuels) in 1990, the base year for the Kyoto Protocol. It also presents emission projections to 2010 (the mid-point of the 2008–2012 first commitment period of the Kyoto Protocol), 2020, and 2030.

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