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[en] Unlike most previous research, which has focused on estimating carbon shadow prices at regional or sectoral levels, this paper attempts to estimate carbon shadow prices at a worldwide level. A non-parametric robust framework estimates carbon shadow prices for 119 countries from all continents in 12 large groups. Our empirical results reveal that the global carbon shadow price is increasing by around 2.24% per annum and reached 2845 US dollars per ton in 2011. Regional carbon shadow prices present significant disparities over the analyzed period. We find a substantial sigma convergence process of carbon shadow prices among countries during 1990–2007 while divergence appears after the global financial crisis. We then analyze the relationship between carbon shadow prices and the implementation of the Kyoto Protocol. - Highlights: • The paper estimates worldwide carbon shadow prices for 119 countries during 1990–2011. • Carbon shadow price is increasing around a trend of 2.24%. • The average carbon shadow price and reaches 2845 US dollar per ton in 2011. • A sigma convergence process of carbon shadow prices is observed during 1990–2007. • The Kyoto Protocol has not significant impact on the evolution carbon shadow prices.
[en] The 1992 United Nations Framework Convention on Climate Change is one of a series of recent agreements through which countries around the world are banding together to meet the challenge of altering the global climate. In 1997, in respond to the growing public pressure and questions on climate change governments adopted the Kyoto Protocol. The 5th Conference of the Parties to the UN Framework Convention on Climate Change (COP5 UNFCCC) was a rather technical and complex conference which focused in particular on the development of a detailed framework for the application of ''flexible mechanisms'' as laid down in the Kyoto Protocol. Young Generation Network as a part of the International Nuclear Forum at COP5 took part in the debate saying that nuclear is the part of the solution. (author)
[en] The 15 countries that formed the European Union at the time of the Kyoto protocol implementation, compelled themselves to reduce by 8%, on average and per year for the 2008-2012 period and with reference to a standard year that was for most European countries 1990, their greenhouse gas emissions. The European Union has recently stated that the reduction will be better than expected and will reach 14.2% on average per year if the member states realize their projects concerning reforestation or the purchase of international carbon emission allowances. (A.C.)
[en] Implementation of the Kyoto commitments will result in lesser global fossil fuel consumption in 2010 than would occur in the absence of climate policy. The paper explores how the consumption change resulting from climate policy implementation could affect the producer prices of fossil fuels. The conclusion is that the price impact will be insignificant if the climate policy goals are established credibly and in the near future, for that will give rationally behaving fossil fuel producers ample time to adjust production capacity to the changed outlook for future demand. It is argued that as long as capacity develops in line with demand, prices should remain the same, irrespective of the speed and direction of demand change. (author)