This study examines the economic impact of greenhouse gases mitigation in Spain using a dynamic Applied General Equilibrium model (AGE). The model captures the main energy and economic interactions and evaluates policies with a broad impact on economic activity. The article focuses on the impacts of Kyoto Protocol compliance in the long run and also on other alternatives in terms of targets and timings. In order to investigate the costs of mitigation we focus on key macroeconomic variables, on sectoral variables, energy mix or emission permit prices. Results show that the costs of achieving Kyoto in the long run, although not comparable to any environmental policy from the past, can remain limited if a shift toward a less carbon intensive economy is induced; through improvements in energy efficiency, through changes in the energy mix and in production and consumption patterns, and finally, and crucially, through technological development and innovation
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