Brown bag seminar | How should we price carbon emissions?
Stockholm Institute of Transition Economics cordially invites you to join the online brown bag seminar `Pricing carbon´ with Moritz Drupp (co-authors Frikk Nesje and Robert C. Schmidt). Read the abstract below!
Moritz Drupp is an Assistant Professor of Economics, esp. Environmental Economics, at the Department of Economics, University of Hamburg. he is also a member of the Cluster of Excellence “Climate, Climatic Change, and Society” (CLICCS), the Center for Earth System Research and Sustainability (CEN), an affiliate member of the CESifo Research Network, and serve as an editorial board member for the Journal of Environmental Economics and Management (JEEM), for which he is currently a guest-edit at Special Issue on "Inequality and the Environment".
His research interest is mostly concerned with the evaluation and design of public policies, such as relating to climate change, air and water quality, health, and biodiversity, with a special focus on distributional issues within and across generations. Drawing on theory, modelling and empirical analyses, He seek to inform the transition towards a sustainable future.
Learn more about Moritz Drupp
Most economists would agree that pricing carbon should be the corner stone of any effective climate policy mix. Yet, there is widespread disagreement about the appropriate level of the carbon price, the precise extent of which is not well documented. To quantify the degree of (dis-)agreement on appropriate carbon prices, we provide direct survey evidence on carbon pricing from almost 500 publication-based experts. Each expert is asked to advise a hypothetical world government that seeks to implement a uniform carbon price globally, and his or her local government on domestic carbon pricing in scenarios with and without border carbon adjustment. Average (median) recommended carbon prices at the global level are $50 ($40) in 2020, $92 ($70) in 2030 and $224 ($100) in 2050. Based on expert’s acceptable ranges, we find that a majority can agree on global carbon price levels of $30 to $50 in 2020 and $50 to $60 in 2030, while no carbon price level is supported by a majority in 2050. Contrary to the standard free-riding hypothesis, domestic carbon price recommendations with border carbon adjustment are, on average, higher than at the global level. This average effect varies with country’s income levels and existing weighted carbon prices and is mostly driven by European experts. Indeed, local carbon price recommendations vary substantially, ranging from less than $20 in India on average in 2020 to more than $100 in Switzerland. We further explore potential drivers of carbon price recommendations by making use of additional survey questions, expert’s characteristics as well as country-level information. Our results may help to inform carbon pricing initiatives that are underway in various countries across the globe.
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