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Climate action with revenue recycling has benefits for poverty, inequality and well-being

Urheber*innen

Budolfson,  Mark
External Organizations;

Dennig,  Francis
External Organizations;

Errickson,  Frank
External Organizations;

Feindt,  Simon
External Organizations;

Ferranna,  Maddalena
External Organizations;

Fleurbaey,  Marc
External Organizations;

Klenert,  David
External Organizations;

/persons/resource/kornek.ulrike

Kornek,  Ulrike
Potsdam Institute for Climate Impact Research;

Kuruc,  Kevin
External Organizations;

Méjean,  Aurélie
External Organizations;

Peng,  Wei
External Organizations;

Scovronick,  Noah
External Organizations;

Spears,  Dean
External Organizations;

Wagner,  Fabian
External Organizations;

Zuber,  Stéphane
External Organizations;

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Zitation

Budolfson, M., Dennig, F., Errickson, F., Feindt, S., Ferranna, M., Fleurbaey, M., Klenert, D., Kornek, U., Kuruc, K., Méjean, A., Peng, W., Scovronick, N., Spears, D., Wagner, F., Zuber, S. (2021): Climate action with revenue recycling has benefits for poverty, inequality and well-being. - Nature Climate Change, 11, 12, 1111-1116.
https://doi.org/10.1038/s41558-021-01217-0


Zitierlink: https://publications.pik-potsdam.de/pubman/item/item_26621
Zusammenfassung
Existing estimates of optimal climate policy ignore the possibility that carbon tax revenues could be used in a progressive way; model results therefore typically imply that near-term climate action comes at some cost to the poor. Using the Nested Inequalities Climate Economy (NICE) model, we show that an equal per capita refund of carbon tax revenues implies that achieving a 2 °C target can pay large and immediate dividends for improving well-being, reducing inequality and alleviating poverty. In an optimal policy calculation that weighs the benefits against the costs of mitigation, the recommended policy is characterized by aggressive near-term climate action followed by a slower climb towards full decarbonization; this pattern—which is driven by a carbon revenue Laffer curve—prevents runaway warming while also preserving tax revenues for redistribution. Accounting for these dynamics corrects a long-standing bias against strong immediate climate action in the optimal policy literature.