Considering the costs and risks of inaction, ambitious action to reduce greenhouse gas emissions is
economically rational. However, success in abating world emissions will ultimately require a least-cost set
of policy instruments that is applied as widely as possible across all emission sources (countries, sectors
and greenhouse gases). The main purpose of this paper is to explore feasible ways to meet these two basic
requirements for successful future climate policies. Using a range of modelling frameworks, it analyses
cost-effective policy mixes to reduce emissions, the implications of incomplete coverage of policies for the
costs of mitigation action and carbon leakage, the role of technology-support policies in lowering future
emissions and policy costs, as well as the incentives –and possible options to enhance them – for emitting
countries to take action against climate change.
The Economics of Climate Change Mitigation
Policies and Options for the Future
Working paper
OECD Economics Department Working Papers
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Abstract
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