Tradable climate liabilities: A thought experiment
Document type :
Compte-rendu et recension critique d'ouvrage
Title :
Tradable climate liabilities: A thought experiment
Author(s) :
Billette De Villemeur, Etienne [Auteur]
EMLyon Business School [EM]
Lille économie management - UMR 9221 [LEM]
Leroux, Justin [Auteur]
HEC Montréal [HEC Montréal]
EMLyon Business School [EM]
Lille économie management - UMR 9221 [LEM]
Leroux, Justin [Auteur]
HEC Montréal [HEC Montréal]
Journal title :
Ecological Economics
Pages :
106355
Publisher :
Elsevier
Publication date :
2019-10
ISSN :
0921-8009
English keyword(s) :
Climate liability
Market instruments
Pigovian tax
Risk sharing
Market instruments
Pigovian tax
Risk sharing
HAL domain(s) :
Sciences de l'Homme et Société/Economies et finances
English abstract : [en]
We envision the creation of a climate liability market to address climate change. Each period, countries are issued liability commensurate to their emissions of the period. Liability bearers are required to pay over time, ...
Show more >We envision the creation of a climate liability market to address climate change. Each period, countries are issued liability commensurate to their emissions of the period. Liability bearers are required to pay over time, as climate harm materializes. Revenues are used to compensate participating countries in proportion of climate harm. Because liabilities are traded like financial debt among participants, the mechanism achieves a unique carbon price through decentralization of the choice of a discount rate as well as beliefs about the severity of the climate problem. We discuss properties of such a mechanism along the dimensions of efficiency, fairness, exposure to risk, commitment, participation, as well as implementation challenges.Show less >
Show more >We envision the creation of a climate liability market to address climate change. Each period, countries are issued liability commensurate to their emissions of the period. Liability bearers are required to pay over time, as climate harm materializes. Revenues are used to compensate participating countries in proportion of climate harm. Because liabilities are traded like financial debt among participants, the mechanism achieves a unique carbon price through decentralization of the choice of a discount rate as well as beliefs about the severity of the climate problem. We discuss properties of such a mechanism along the dimensions of efficiency, fairness, exposure to risk, commitment, participation, as well as implementation challenges.Show less >
Language :
Anglais
Popular science :
Non
Collections :
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