Journal
JOURNAL OF ENVIRONMENTAL ECONOMICS AND MANAGEMENT
Volume 82, Issue -, Pages 125-151Publisher
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.jeem.2016.11.003
Keywords
Climate policy; International environmental agreements; Kyoto Protocol; Synthetic control method
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We study the effectiveness of emission targets under the Kyoto Protocol with respect to reducing CO2 emissions. Using country-level and US state-level panel data and employing the synthetic control method, we find very little evidence for an emission reduction effect for the major emitters among the Annex B countries with binding emission targets. More generally, we also show that evaluating the effectiveness of international environmental policies at the country level comes with a number of empirical challenges that may invalidate findings based on more traditional panel data approaches. (C) 2016 Elsevier Inc. All rights reserved.
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