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Good practice in low-carbon policy

In: Trends in Climate Change Legislation

Author

Listed:
  • Alex Bowen
  • Sam Fankhauser
Abstract
Chapter 7 reviews the policy measures required to reduce greenhouse gas emissions. They constitute the core content of climate change legislation. The starting point of the chapter is an understanding of the market, policy and behavioural failures that prevent private decision makers from adopting low-carbon solutions on their own accord. The chapter advocates carbon pricing as an effective way of incentivizing emission reductions, although command-and-control interventions are equally possible and have often been successful. Additional problems that need to be addressed include failures in capital markets, externalities related to low-carbon innovation, network issues and barriers preventing the uptake of energy efficiency measures. There are also policy distortions, not least the subsidization of fossil fuels and the underpricing of energy. The chapter further recommends interventions to mitigate the wider socioeconomic impacts of carbon policies, in particular their effect on competitiveness and fuel poverty. These measures do not directly reduce emissions, but they make climate change policy fairer, less disruptive and more acceptable to the public.

Suggested Citation

  • Alex Bowen & Sam Fankhauser, 2017. "Good practice in low-carbon policy," Chapters, in: Alina Averchenkova & Sam Fankhauser & Michal Nachmany (ed.), Trends in Climate Change Legislation, chapter 7, pages 123-140, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17582_7
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    File URL: https://www.elgaronline.com/view/9781786435774.00016.xml
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    Citations

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    Cited by:

    1. Fankhauser, Samuel & Jotzo, Frank, 2017. "Economic growth and development with low-carbon energy," LSE Research Online Documents on Economics 86850, London School of Economics and Political Science, LSE Library.
    2. Doda, Baran & Fankhauser, Sam, 2020. "Climate policy and power producers: The distribution of pain and gain," Energy Policy, Elsevier, vol. 138(C).
    3. Xiang, Chenxi & Xie, Lunyu & Zheng, Xinye, 2024. "Can a mandate be justified by unrealized gains? Evidence from a heating energy transition program in China," Energy Policy, Elsevier, vol. 188(C).

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