We study the effectiveness of emission targets under the Kyoto Protocol with respect to reducing CO2 emissions. Using country-level and US state-level panel data and employing the synthetic control method, we find very little evidence for an emission reduction effect for the major emitters among the Annex B countries with binding emission targets. More generally, we also show that evaluating the effectiveness of international environmental policies at the country level comes with a number of empirical challenges that may invalidate findings based on more traditional panel data approaches.
- Climate policy
- International environmental agreements
- Kyoto Protocol
- Synthetic control method
ASJC Scopus subject areas
- Economics and Econometrics
- Management, Monitoring, Policy and Law