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I don't think it has not been done in formal economic analysis - it may the case in China (even that I am not sure), but certainly there are considerable literature that employs formal economic tools to study the so called carbon economics. Some may be in terms of emissions reductions.
It is generally a case of externality of carbon consumption. It is generally at the global scale, so the practical policy question becomes complicated because of potential problems of free riders.
The US refusal to ratify the Kyoto Protocol also created its own problem. As a result, relatively fewer studies were from the US.
The best policy is to impose a global carbon tax to meet the sions reduction target, and the distribute the tax revenue from all countries on a per capita basis to every country. But politically, very few politicians are advercating for that both for domestic and international political reasons.
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jg-xs1
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