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Policy Framework for Transition to a Low‐Carbon World Economy

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  • Ross GARNAUT

Abstract

Climate change mitigation policy is the most difficult to come before our polity in living memory. There can be no solution without international agreement involving all substantial economies, and yet each country has an incentive to free ride on others. The international agreement must have five parts: agreement on the objective in terms of concentrations of greenhouse gases in the atmosphere, agreement on allocation of an emissions entitlements budget among countries, agreement on rules for international trade in entitlements, agreement on developed countries taking the lead on development of low‐emissions technologies, and agreement on assistance from developed countries for climate change mitigation in developing countries. Two sources of market failure must be corrected to achieve emissions reduction targets efficiently: the external costs of emitting greenhouse gases and the external benefits of private investment in innovation in relation to low‐emissions technologies.

Suggested Citation

  • Ross GARNAUT, 2010. "Policy Framework for Transition to a Low‐Carbon World Economy," Asian Economic Policy Review, Japan Center for Economic Research, vol. 5(1), pages 19-33, June.
    • Handle: RePEc:bla:asiapr:v:5:y:2010:i:1:p:19-33
    DOI: 10.1111/j.1748-3131.2010.01141.x
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    References listed on IDEAS

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    1. Garnaut,Ross, 2008. "The Garnaut Climate Change Review," Cambridge Books, Cambridge University Press, number 9780521744447, October.
    2. Stern,Nicholas, 2007. "The Economics of Climate Change," Cambridge Books, Cambridge University Press, number 9780521700801, October.
    3. Harold Hotelling, 1931. "The Economics of Exhaustible Resources," Journal of Political Economy, University of Chicago Press, vol. 39(2), pages 137-137.
    4. Bhagwati, Jagdish, 2008. "Termites in the Trading System: How Preferential Agreements Undermine Free Trade," OUP Catalogue, Oxford University Press, number 9780195331653.
    5. Marcus NOLAND, 2010. "Comment on “Policy Framework for Transition to a Low‐Carbon World Economy”," Asian Economic Policy Review, Japan Center for Economic Research, vol. 5(1), pages 34-36, June.
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    Cited by:

    1. Hu, Wenfa & He, Xinhua, 2024. "The role of fiscal policies in supporting a transition to a low-carbon economy: Evidence from the Chinese shipping industry," Transportation Research Part A: Policy and Practice, Elsevier, vol. 179(C).
    2. Mitsuhiro FUKAO, 2010. "Comment on “Policy Framework for Transition to a Low‐Carbon World Economy”," Asian Economic Policy Review, Japan Center for Economic Research, vol. 5(1), pages 37-38, June.
    3. Takatoshi ITO & Akira KOJIMA & Colin MCKENZIE & Shujiro URATA, 2010. "The Environment and Climate Change: Editors' Overview," Asian Economic Policy Review, Japan Center for Economic Research, vol. 5(1), pages 1-18, June.
    4. Miranda A. SCHREURS, 2010. "Multi‐level Governance and Global Climate Change in East Asia," Asian Economic Policy Review, Japan Center for Economic Research, vol. 5(1), pages 88-105, June.
    5. Jing CAO, 2010. "Reconciling Economic Growth and Carbon Mitigation: Challenges and Policy Options in China," Asian Economic Policy Review, Japan Center for Economic Research, vol. 5(1), pages 110-129, June.
    6. Marcus NOLAND, 2010. "Comment on “Policy Framework for Transition to a Low‐Carbon World Economy”," Asian Economic Policy Review, Japan Center for Economic Research, vol. 5(1), pages 34-36, June.

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