The Challenge of Global Warming for the Global Economy - GFDRR
The Challenge of Global Warming for the Global Economy - GFDRR
The Challenge of Global Warming for the Global Economy - GFDRR
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3. Major Policy Approaches <strong>for</strong> <strong>Global</strong> <strong>Warming</strong><br />
• Internationally harmonized carbon tax – economist’s<br />
ideal.<br />
• Universal cap and trade – close second if well designed,<br />
but Kyoto Protocol is not doing well.<br />
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• Regulatory substitutes (CAFE standards, ban on light<br />
bulbs, …) – very inefficient approaches<br />
• Voluntary measures (carbon <strong>of</strong>fsets) are difficult to<br />
calculate and verify and probably a useless diversion.<br />
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