{"id":91003,"date":"2026-09-22T09:44:00","date_gmt":"2026-09-22T08:44:00","guid":{"rendered":"https:\/\/www.lse.ac.uk\/granthaminstitute\/?post_type=publication&p=91003"},"modified":"2026-09-28T09:52:01","modified_gmt":"2026-09-28T08:52:01","slug":"ratcheting-up-paris","status":"publish","type":"publication","link":"https:\/\/www.lse.ac.uk\/granthaminstitute\/publication\/ratcheting-up-paris\/","title":{"rendered":"Ratcheting up Paris"},"content":{"rendered":"\n

Journal<\/h3>\n\n\n\n

European Economic Review<\/em>
<\/p>\n\n\n\n

Authors<\/h3>\n\n\n\n

Llavador H, Roemer J, Stoerk T*<\/p>\n\n\n\n

*The starred author is a contributor from the Grantham Research Institute
<\/em><\/p>\n\n\n\n

<\/p>\n\n\n\n

Abstract<\/h3>\n\n\n\n

The Paris Agreement is designed to increase climate ambition gradually through a process of ratcheting up. What is the plausible endpoint of this process? To answer this question, the paper develops a tractable integrated assessment model in which countries interact through a decentralized general equilibrium and negotiate unanimously over a global carbon budget, with all mitigation implemented via a global carbon price. It proves the existence and uniqueness of a unanimous international agreement on global emissions, in which carbon pricing revenues are redistributed across countries in proportion to marginal climate damages. In a quantitative application for 154 countries, the resulting equilibrium limits global mean surface temperature change to 1.51°C, at a carbon price of 320 USD\/tCO₂. The associated international transfers of carbon pricing revenue are progressive toward lower-income countries and amount to about 0.8% of global GDP annually, an order of magnitude larger than the Paris Agreement’s climate finance target.
<\/p>\n\n\n\n

DOI:<\/strong> 10.1016\/j.euroecorev.2026.105488
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Article published in European Economic Review<\/p>\n\n","protected":false},"author":80,"featured_media":0,"template":"","tags":[],"publication-type":[436],"topic_area":[],"class_list":["post-91003","publication","type-publication","status-publish","hentry","publication-type-research-articles"],"acf":{"exclude_from_sync":{"ref_value":"field_560538b0e7350","value":"0","type":false,"post_type":""},"show_translations_widget":{"ref_value":"field_6203d588c41e8","value":"0","type":false,"post_type":""},"downloads":{"ref_value":"field_52f16cc1a80f2","value":false,"type":"repeater","post_type":""},"rss_newsletter":{"ref_value":"field_54f5c2c1544d8","value":"","type":false,"post_type":""},"profile_link":{"ref_value":"field_52f164b5189e9","value":["thomas-stoerk"],"type":"relationship","post_type":"profile"},"article_link":{"ref_value":"field_52eee3c7f0586","value":"https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0014292126002321","type":false,"post_type":""},"article_link_title":{"ref_value":"field_5322399d89d42","value":"External link to article","type":false,"post_type":""},"spotlight":{"ref_value":"field_52f80896506d3","value":"","type":false,"post_type":""}},"yoast_head":"\nRatcheting up Paris - 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