The AIM/top-down model is a recursive general equilibrium model used to analyze the post-Kyoto scenarios presented by EMF16. Differences among scenarios mainly arise from the setting of emission trading. Japan's marginal cost is the highest among the Annex I countries except New Zealand, where a relatively high emission reduction is necessary, while the highest GDP loss is observed in the USA in 2010 in the no trading case. The marginal costs will become much less in the global trading case.

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... countries of the Former Soviet Union sell emission rights and the USA buys the largest amount of them. Emission reductions by trading will account for a large part of the total emission reductions if there is no restriction on trading. The GDP gain of the Former Soviet Union is the largest in 2010 in the trading cases. The GDP change in Middle East Asia is negative, and reaches the highest level in the no trading case. Carbon leakage is particularly observed in the no trading case.