Abstract

Market-based climate change policy instruments, such as energy and carbon taxes, have frequently been proposed as efficient means to stimulate industrial energy efficiency improvements and to reduce carbon emissions. This paper presents an assessment of the impacts that energy and carbon taxes may have on energy use and emission profiles of the US iron and steel industry. Time series data and engineering information are combined to endogenously specify changes in technologies, fuel mix, and production processes within a dynamic computer model. The results of the model indicate that energy taxes are likely to reduce energy requirements per ton of product more than comparable carbon taxes. However, both energy and carbon taxes will result in a similar decrease in gross carbon emissions when compared to the absence of those taxes.

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