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A cap on global warming implies a tighter carbon budget which can be enforced with a credible second-best renewable energy subsidy designed to lock up fossil fuel and curb cumulative emissions. Such a subsidy brings forward the end of the fossil fuel era, but accelerates fossil fuel extraction...
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Countries have pledged to stabilize global warming at a 1.5 to 2°C increase. Either target requires reaching net zero emissions before the end of the century, which implies a major transformation of the economic system. This paper reviews the literature on how policymakers can design climate...
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Prior research produced contradicting evidence regarding the role of international influence in the diffusion of climate policies. To unravel this puzzle, we examine various policy instruments adopted by G20 countries, demonstrating that peer pressure stimulates convergence in the number of new...
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carbon prices. Our results not only support the role that our theory ascribes to managerial incentives, but also show that …
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