Abstract The European Union (EU) recently adopted $ CO_{2} $ emissions mandates for new passenger cars, requiring steady reductions to 95 $ gCO_{2} $/km in 2021. We use a multi-sector computable general equilibrium (CGE) model, which includes a private transportation sector with an empirically-based parameterization of the relationship between income growth and demand for vehicle miles traveled. The model also includes representation of fleet turnover, and opportunities for fuel use and emissions abatement, including representation of electric vehicles. We analyze the impact of the mandates on oil demand, $ CO_{2} $ emissions, and economic welfare, and compare the results to an emission trading scenario that achieves identical emissions reductions. We find that vehicle emission standards reduce $ CO_{2} $ emissions from transportation by about 50 $ MtCO_{2} $ and lower the oil expenditures by about €6 billion, but at a net added cost of €12 billion in 2020. Tightening $ CO_{2} $ standards further after 2021 would cost the EU economy an additional €24–63 billion in 2025, compared with an emission trading system that achieves the same economy-wide $ CO_{2} $ reduction. We offer a discussion of the design features for incorporating transport into the emission trading system.
Reducing $ CO_{2} $ from cars in the European Union
Transportation ; 45 , 2
2016
Article (Journal)
Electronic Resource
English
BKL: | 74.75$jVerkehrsplanung$jVerkehrspolitik / 55.80$jVerkehrswesen$jTransportwesen: Allgemeines / 55.80 Verkehrswesen, Transportwesen: Allgemeines / 74.75 Verkehrsplanung, Verkehrspolitik |
Reducing $ CO_{2} $ from cars in the European Union
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