Climate Policy after Copenhagen: The Role of Carbon Pricing by Karsten Neuhoff

By Karsten Neuhoff

On the UN weather Negotiations in Copenhagen, 117 heads of nation concluded that low-carbon improvement is critical that allows you to strive against weather swap. although, they can no longer agree on emission objectives. a minimum of one of many explanation why they can now not agree is that low-carbon improvement is not easy since it calls for the implementation of a portfolio of regulations and courses. This booklet examines one the rules on the middle of makes an attempt to create a low-carbon destiny: the ecu Emission buying and selling Scheme. It explores difficulties surrounding the implementation of such schemes, together with the function of vested pursuits, the impression of sophisticated layout info, and possibilities to draw long term investments. It additionally indicates how foreign weather cooperation will be designed to aid the household implementation of rules for low-carbon improvement. This well timed research of carbon pricing includes vital classes for all these occupied with the improvement of post-Copenhagen weather coverage.

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The Stern Review (2006) has identified three sets of policy interventions that are necessary to shift the economy onto a low-carbon trajectory and facilitate continued economic development: 1 Putting a price on carbon provides the economic incentive for individuals and corporations to participate in the transformation. By providing a signal to these players as to the value of various carbon-reducing options, the carbon price allows market players to make investment, production and consumption decisions in a way that minimises the impact on their economic well-being.

This is reflected in the conclusions of an EU green paper on energy efficiency, which reported that at least 20 per cent of energy could be saved in a cost-effective manner (European Commission 2005). An extensive set of economic, sociological and policy studies have examined why these cost-effective opportunities to save energy and carbon emissions have not been realised. The main barriers that have been identified include inadequate information and interest, a lack of access to low-carbon products and insufficient credit to finance the advance investment in energy efficiency and insulation (Hassett and Metcalf 1993).

Efficiency improvements A carbon price increases the price of fossil energy and therefore creates incentives to use fossil energy more efficiently. It becomes more attractive to insulate or retrofit a building to make it more energy-efficient, to buy a more efficient car or to replace an energy-intensive electric engine with a carbon price, because the energy savings translate into bigger cost savings and can therefore justify higher expenditures on energy efficiency. Thus, carbon prices can contribute to improving energy efficiency and to reducing CO2 emissions.

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