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At the UN Climate Negotiations in Copenhagen, 117 heads of state concluded that low-carbon development is necessary in order to combat climate change. However, they also understood that transition to a low-carbon economy requires the implementation of a portfolio of policies and programs--a challenging endeavour for any nation. This book addresses the need for information about factors impacting climate policy implementation, using as a case study one effort that is at the heart of attempts to create a low-carbon future: the European Emission Trading Scheme. It explores problems surrounding the implementation of the ETS, including the role of vested interests, the impact of design details and opportunities to attract long-term investments. It also shows how international climate cooperation can be designed to support the domestic implementation of low-carbon policies. This timely analysis of carbon pricing contains important lessons for all those concerned with the development of post-Copenhagen climate policy.
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1. Introduction
2. The role of a climate policy mix
3. Implementing a carbon price, the example of cap and trade
4. Shifting investment to low-carbon choices
5. Co-operation among developed countries - a role for carbon markets?
6. A world of different carbon prices
7. International support for low-carbon growth in developing countries
8. Conclusion
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Karsten Neuhoff is Director of the Berlin office of Climate Policy Initiative, a global research organization whose mission is to assess, diagnose and support the efforts of nations to achieve low-carbon growth. He is also Research Director for Climate Policy Impact and Industry Response at the German Institute for Economic Research (DIW Berlin). He was previously an economist at the University of Cambridge, leading climate policy and energy research projects, and worked with Climate Strategies on projects related to the European Emissions Trading Scheme.
Karsten Neuhoff makes an interesting case in showing that the failure to adopt a comprehensive climate agreement in Copenhagen may have been the result of some fundamental underlying changes. The Copenhagen Accord could therefore mark the beginning of a bottom-up approach in which domestic policy design based on carbon pricing as well as specific regulations can be supported through international co-operation. If his analysis proves right, the EU is in principle well equipped to such a change, but may have to rethink some elements of its international negotiation strategy accordingly.
- Jos Delbeke, Director-General for Climate Action, European Commission
