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Under the recent revision of the Kyoto Protocol at Bonn, Germany, countries decided to move ahead with policies to slow greenhouse warming without the United States. Using the RICE-2001 model, the author of this Policy Forum shows that the revised protocol will have little impact on greenhouse-gas emissions and that the economic burden shifts sharply toward Europe. The Kyoto-Bonn Accord will nonetheless be a useful experiment in institutional innovation as the protocol9s international market mechanism for the environment is untested up to now.
William D. Nordhaus (Fri,) studied this question.