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Energy and Carbon Dynamics at Advanced Stages of Development: An Analysis of the U.S. States, 1960-1999

Joseph E. Aldy

Year: 2007
Volume: Volume 28
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol28-No1-5
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Abstract:
This paper explores the relationships among per capita income, energy consumption, and carbon dioxide (CO2) emissions by focusing on a set of economies at advanced stages of development, the U.S. states. Energy consumption and emissions grew 50�60 percent on average over the 1960�1999 period. The states� per capita energy consumption and emissions have grown on average 2 percent annually. The energy consumption income elasticity is positive but decreasing in income, although energy production takes an inverted-U shape, reflecting the electricity imports among high income states. The standard CO2 measure, corresponding to energy production, is characterized by an inverted-U environmental Kuznets curve. Adjusting emissions for interstate electricity trade yields an emissions-income relationship that peaks and plateaus. The carbon intensity of energy declines with income for total energy consumption and the industrial, residential, and commercial sectors.

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Issues in Designing U.S. Climate Change Policy

Joseph E. Aldy and William A. Pizer

Year: 2009
Volume: Volume 30
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol30-No3-9
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Abstract:
Over the coming decades, the cost of U.S. climate change policy likely will be comparable to the total cost of all existing environmental regulation�perhaps 1-2 percent of national income. In order to avoid higher costs, policy efforts should create incentives for firms and individuals to pursue the cheapest climate change mitigation options over time, among all sectors, across national borders, and in the face of significant uncertainty. Well-designed national greenhouse gas mitigation policies can serve as the foundation for global efforts and as an example for emerging and developing countries. We present six key policy design issues that will determine the costs, cost-effectiveness, and distributional impacts of domestic climate policy: program scope, cost containment, offsets, revenues and allowance allocation, competitiveness, and R&D policy. We synthesize the literature on these design features, review the implications for the ongoing policy debate, and identify outstanding research questions that can inform policy development.

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National Climate Policies and Corporate Internal Carbon Pricing

Nuno Bento, Gianfranco Gianfrate, and Joseph E. Aldy

Year: 2021
Volume: Volume 42
Number: Number 5
DOI: 10.5547/01956574.42.5.nben
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Abstract:
While national governments pledged to reduce their greenhouse gas emissions under the Paris Agreement, delivering on these aims will require significant changes in the activities of major sources of emissions such as companies. To drive such changes, companies will need to consider carbon emissions as a cost of production and many companies have begun doing so through internal carbon pricing. By employing data from the Carbon Disclosure Project, we evaluate how national carbon pricing policies influence firm-level internal carbon pricing and corporate emission targets. We find that firm-level internal carbon prices are significantly higher in countries explicitly pricing carbon through tax and/or cap-and-trade programs. These findings shed light on how companies are factoring climate change in their decision-making and on the drivers that can contribute to the generalization of climate pricing in the economy.

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