How to improve global environmental governance? Lessons learned from climate risk and climate policy uncertainty

Yanpeng Sun, Yuru Song, Chi Long, Meng Qin and Oana-Ramona Lobonţ

Economic Analysis and Policy, 2023, vol. 80, issue C, 1666-1676

Abstract: Investigating the conduction mechanism between climate risk and climate policy uncertainty is crucial to enhance global environmental governance. The analysis uses the full- and sub-sample methodologies to recognise the correlation between Southern Oscillation Index (SOI) and U.S. climate policy uncertainty (CPU). The quantitative analysis shows favorable and adverse effects from SOI to CPU, where the La Nina phenomena accompany the positive impacts, and the negative influences are related to the El Nino events. This conclusion highlights that climate change risks would bring more uncertainties to climate policies in the U.S., which is not conducive to enhancing global environmental governance. In turn, CPU exerts an adverse impact on SOI during the Trump administration, suggesting that high uncertainty of U.S. climate policies weakens the ability to cope with the global climate crisis, intensifying climate change risks such as the occurrence of El Nino phenomena. Under the severe climate crisis and extreme weather background, this discussion would put forward significant lessons for improving global environmental governance by effectively preventing and responding to climate changes, ensuring the continuity and consistency of climate policies, and strengthening international cooperation on climate change.

Keywords: Global environmental governance; Climate risk; Climate policy uncertainty; Time-dependant (search for similar items in EconPapers)
JEL-codes: C32 Q54 Q58 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecanpo:v:80:y:2023:i:c:p:1666-1676

DOI: 10.1016/j.eap.2023.11.010

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