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Kyoto Protocol and Beyond: The Economic Cost to Spain

International Council for Capital Formation
October 18, 2005


Meeting the Kyoto Protocol target in 2008-2012 through a combination of domestic actions plus purchases of international credits would increase the price of home heating oil by more than 32%. Consumers would also pay more for gasoline and diesel.

If the Spain participates in the Kyoto Protocol’s economy-wide emission reduction program, prices for industry would rise dramatically. Spanish industries would pay more than 42% more for natural gas and 24% more for electricity than under the baseline projection.

Under the assumption that the Kyoto Protocol’s emission targets are made even more stringent in the post-2012 period, the impact on household heating oil prices would rise to more than 43% above the baseline estimate by 2025. Gasoline and diesel prices would rise substantially, between 15-19% by 2025.

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