Jurisdictions have implemented a variety of policy instruments to mitigate greenhouse gas emissions. However, interactions between overlapping climate policies can lead to unintended impacts. This study demonstrates how interactions between an incomplete emissions cap and additional climate policy can result in higher emissions and higher average abatement costs relative to an emissions cap alone. This sectoral policy emissions displacement effect is then quantified through simulations using a computable general equilibrium model for the case of California's low-carbon fuel standard (LCFS) and cap-and-trade program. Emissions increase as a result of the LCFS incentivizing greater production of alternative transportation fuels with emissions not covered by the emissions cap. Emissions leakage can be mitigated by incorporating elements of a fixed-price instrument (i.e. carbon tax) to improve policy complementarity or requiring an obligation for the lifecycle GHG emissions of fuels under the emissions cap.

中文翻译：

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重叠的气候政策造成的成本、创新和排放泄漏


各司法管辖区已经实施了各种政策工具来减少温室气体排放。然而，重叠的气候政策之间的相互作用可能会导致意想不到的影响。本研究展示了不完整的排放上限和额外的气候政策之间的相互作用如何导致相对于单独的排放上限更高的排放量和更高的平均减排成本。然后，对于加州的低碳燃料标准 （LCFS） 和限额与交易计划，使用可计算的一般均衡模型通过模拟来量化这种部门政策排放取代效应。由于 LCFS 鼓励增加替代运输燃料的生产，而排放量未包含在排放上限范围内，因此排放量增加。可以通过纳入固定价格工具（即碳税）的要素来提高政策互补性，或要求在排放上限下对燃料的生命周期温室气体排放承担义务，从而减轻排放泄漏。