Abstract
The establishment of a global multi-regional carbon market is considered to be a cost effective approach to facilitate global emission abatement and has been widely concerned. The ongoing planned linkage between the European Union’s carbon market and a new emission trading system in Australia in 2015 would be an important attempt to the practice of building up an international carbon market across different regions. To understand the abatement effect of such a global carbon market and to study its energy and economic impact on different market participants, this article adopts a global dynamic computable general equilibrium model with a detailed representation of the interactions between energy and economic systems. Our model includes 20 economic sectors and 19 regions, and describes in detail 17 energy technologies. Bundled with fossil fuel consumptions, the emission permits are considered to be essential inputs in each of the production and consumption activities in the economic system to simulate globa...
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