International Journal of Social Science & Economic Research
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Title:
The Feasibility of Introducing an Alternative Dual Market for Tradeable Pollution Permits to Improve its Economic Efficiency in Addressing Global Warming

Authors:
Justin Tang

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Justin Tang
The National Mathematics and Science College, United Kingdom

MLA 8
Tang, Justin. "The Feasibility of Introducing an Alternative Dual Market for Tradeable Pollution Permits to Improve its Economic Efficiency in Addressing Global Warming." Int. j. of Social Science and Economic Research, vol. 9, no. 9, Sept. 2024, pp. 3198-3240, doi.org/10.46609/IJSSER.2024.v09i09.006. Accessed Sept. 2024.
APA 6
Tang, J. (2024, September). The Feasibility of Introducing an Alternative Dual Market for Tradeable Pollution Permits to Improve its Economic Efficiency in Addressing Global Warming. Int. j. of Social Science and Economic Research, 9(9), 3198-3240. Retrieved from https://doi.org/10.46609/IJSSER.2024.v09i09.006
Chicago
Tang, Justin. "The Feasibility of Introducing an Alternative Dual Market for Tradeable Pollution Permits to Improve its Economic Efficiency in Addressing Global Warming." Int. j. of Social Science and Economic Research 9, no. 9 (September 2024), 3198-3240. Accessed September, 2024. https://doi.org/10.46609/IJSSER.2024.v09i09.006.

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ABSTRACT:
Under growing public awareness of global warming, economists proposed a system that marketises the cost of pollution to firms in the form of tradable permits, aiming to discourage carbon emissions. In this system, pollution cost is determined by a free market force, making it more efficient than the government directly taxing producers. Nevertheless, the system’s efficiency still can be improved, and the urgent situation of climate change calls for policyholders to take a more effective and comprehensive approach, one of which is a regulated, online, dual market with the involvement of both producers and individuals around the world. The thesis, thereby, aims to examine whether this self-proposed system, with a higher market efficiency, can trigger more joint efforts to carbon reduction. The analysis will include a description of the new system and a comparison between the current and new system. The paper will then use mathematical modelling to determine key figures for the new scheme. The primary objective set for the model, which determines the market's feasibility, is achieving the Paris Agreement's 2-degree goal and restoring the atmosphere's carbon emissions to the pre-industrial level.

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