Round Up

Harvard Project on Climate Agreements Discussion Paper Series and Related Research

Nov. 07, 2018

The Harvard Project on Climate Agreements is supporting more than twenty-seven research projects from leading thinkers around the world, including from Europe, China, Japan, India, Australia, and the United States. These projects range in topic from complete architectures to succeed the Kyoto Protocol, to proposed solutions to specific problems climate negotiators face, such as facilitating technology transfer to developing countries, preventing deforestation, and enforcing a global climate agreement.

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115 Items

Discussion Paper - Harvard Project on Climate Agreements

Center-State Relations in India: A Political Economy Approach to Climate and Energy Policy

    Authors:
  • Johannes Urpelainen
  • Jai Shekhar
| January 2022

India plays a critical role in global climate and energy policy. Although India is only responsible for 7% of global greenhouse gas emissions today, it has a large population and considerable potential for rapid economic growth. This paper explores how India’s states can best address climate change, the relative roles of state and Union governments, and how relationships between states and New Delhi can constrain or accelerate climate action.

Discussion Paper - Harvard Project on Climate Agreements

Investor Rewards to Climate Responsibility: Stock-Price Responses to the Opposite Shocks of the 2016 and 2020 U.S. Elections

    Authors:
  • Stefano Ramelli
  • Alexandre Ziegler
  • Richard Zeckhauser
| May 2021

Donald Trump’s 2016 election and his nomination of climate skeptic Scott Pruitt to head the Environmental Protection Agency drastically downshifted expectations on U.S. policy toward climate change. Joseph Biden’s 2020 election shifted them dramatically upward. The authors study firms’ stock-price movements in reaction. As expected, the 2016 election boosted carbon-intensive firms. Surprisingly, firms with climate-responsible strategies also gained, especially those firms held by long-run investors. Such investors appear to have bet on a ‘‘boomerang’’ in climate policy. Harbingers of a boomerang already appeared during Trump’s term. The 2020 election marked its arrival.

Discussion Paper - Harvard Project on Climate Agreements

Environmental Benefit-Cost Analysis: A Comparative Analysis Between the United States and the United Kingdom

| January 2021

The United States and United Kingdom have longstanding traditions in use of environmental benefit-cost analysis (E-BCA). While there are similarities between how E-BCA is utilized, there are significant differences too, many of which mirror ongoing debates and recent developments in the literature on environmental and natural resource economics. We review the use of E-BCA in both countries across three themes: (a) the role of long-term discounting; (b) the estimation and use of carbon valuation; and, (c) the estimation and use of the value of a statistical life. 

Discussion Paper - Harvard Project on Climate Agreements

Co-Benefits and Regulatory Impact Analysis: Theory and Evidence from Federal Air Quality Regulations

    Authors:
  • Matthew Kotchen
  • Mary Evans
  • Meredith Fowlie
  • Arik Levinson
  • Karen Palmer
| January 2021

This paper considers the treatment of co-benefits in benefit-cost analysis of federal air quality regulations. Using a comprehensive data set on all major Clean Air Act rules issued by the Environmental Protection Agency over the period 1997–2019, the authors show that (1) co-benefits make up a significant share of the monetized benefits; (2) among the categories of co-benefits, those associated with reductions in fine particulate matter are the most significant; and (3) co-benefits have been pivotal to the quantified net benefit calculation in nearly half of cases.

Discussion Paper - Harvard Project on Climate Agreements

Rolling the Dice in the Corridors of Power: William Nordhaus's Impacts on Climate Change Policy

| July 2020

The seminal contributions of William Nordhaus to scholarship on the long-run macroeconomics of global climate change are clear. Much more challenging to identify are the impacts of Nordhaus and his research on public policy in this domain. The authors examine three conceptually distinct pathways for that influence: his personal participation in the policy world; his research’s direct contribution to the formulation and evaluation of public policy; and his research’s indirect role informing public policy

Discussion Paper - Harvard Project on Climate Agreements

Three Prongs for Prudent Climate Policy

| April 2020

After reviewing emission mitigation’s poor performance and low-probability of delivering on long-term climate goals, the authors evaluate a three-pronged strategy for mitigating climate change risks: adding adaptation and amelioration — through solar radiation management (SRM) — to the emission mitigation approach.  They conclude by assessing the value of an iterative act-learn-act policy framework that engages all three prongs for limiting climate-change damages.

Discussion Paper - Harvard Project on Climate Agreements

Creating Subnational Climate Institutions in China

| December 2019

This discussion paper (available in English and Chinese) describes the evolution of decentralization over the reform period that began in China in 1978, different theories of institutional change in China, and how the empirical and theoretical literatures help scholars and policymakers understand the development of institutions for governing GHG-emitting activities.

Paper - Harvard Project on Climate Agreements

Carbon Taxes vs. Cap and Trade: Theory and Practice

| November 2019

How do the two major approaches to carbon pricing compare on relevant dimensions, including efficiency, cost-effectiveness, and distributional equity? This paper addresses this question by drawing on theories of policy instrument choice pertaining to the attributes — or merits — of the instruments.

Discussion Paper - Harvard Project on Climate Agreements

Transitioning to Long-Run Effective and Efficient Climate Policies

| April 2019

This paper evaluates factors affecting the potential to transition over time to more efficient longrun climate policies, including the sequence of policies to be adopted. By considering these factors, policymakers can increase the likelihood that more efficient policies emerge from the current suite of less-efficient measures being pursued by some national and sub-national governments. The authors focus on the state of Oregon, which is currently contemplating the adoption of a greenhouse-gas cap-and-trade system.

Discussion Paper - Harvard Project on Climate Agreements

The Future of U.S. Carbon-Pricing Policy

| May 2019

There is widespread agreement among economists — and a diverse set of other policy analysts — that at least in the long run, an economy-wide carbon pricing system will be an essential element of any national policy that can achieve meaningful reductions of CO2 emissions cost-effectively in the United States. There is less agreement, however, among economists and others in the policy community regarding the choice of specific carbon-pricing policy instrument.