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Global carbon pricing and international trade

ABSTRACT This paper provides policies other than trade restrictions to induce global carbon pricing. It shows that bilateral increases of domestic taxes between large open economies represent a useful first step toward global carbon pricing. Specifically, the paper recommends that the production tax of the importing country and the consumption tax of the exporting country be increased together. Unlike a tariff-induced carbon pricing, the proposed policy mix is robust to trade distortions and increases market access. What is more, it addresses world price volatility and emissions leakage.