Tradable instruments to fight climate change: A disappointing outcome

Philippe Quirion

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Abstract: Various tradable instruments have been implemented for climate change mitigation: emission trading systems, tradable energy-efficiency obligations, and tradable renewable energy quotas. Their track record has been disappointing so far: almost every emission trading has suffered from over-allocation which has undermined its effectiveness; tradable energy-efficiency obligations seem to have mostly co-financed investments that would have taken place anyway; tradable renewable energy quotas suffer from several shortcomings compared to alternative support systems, i.e., feed-in tariffs and premiums. I discuss the reasons for these failures (especially too superficial a reading of the work of researchers by policy makers) and ways to improve the situation (including encouraging systematic syntheses of academic work).

Date: 2021-05
New Economics Papers: this item is included in nep-ene, nep-env and nep-reg
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Published in WIREs Climate Change, 2021, 12 (3), ⟨10.1002/wcc.705⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03495904

DOI: 10.1002/wcc.705

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