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Emissions trading is a market-based approach to controlling pollution by providing economic incentives for reducing the emissions of pollutants. The concept is also known as cap and trade (CAT) or emissions trading scheme (ETS). Carbon emission trading for CO2 and other greenhouse gases has been introduced in China, the European Union and other countries as a key tool for climate change mitigation. Other schemes include sulfur dioxide and other pollutants.
Environmental economics is a sub-field of economics concerned with environmental issues. It has become a widely studied subject due to growing environmental concerns in the twenty-first century. Environmental economics "undertakes theoretical or empirical studies of the economic effects of national or local environmental policies around the world. ... Particular issues include the costs and benefits of alternative environmental policies to deal with air pollution, water quality, toxic substances, solid waste, and global warming."
Environmental finance is a field within finance that employs market-based environmental policy instruments to improve the ecological impact of investment strategies. The primary objective of environmental finance is to regress the negative impacts of climate change through pricing and trading schemes. The field of environmental finance was established in response to the poor management of economic crises by government bodies globally. Environmental finance aims to reallocate a businesses resources to improve the sustainability of investments whilst also retaining profit margins.
A carbon tax is a tax levied on the carbon emissions required to produce goods and services. Carbon taxes are intended to make visible the "hidden" social costs of carbon emissions, which are otherwise felt only in indirect ways like more severe weather events. In this way, they are designed to reduce carbon dioxide (CO
2) emissions by increasing prices of the fossil fuels that emit them when burned. This both decreases demand for goods and services that produce high emissions and incentivizes making them less carbon-intensive. In its simplest form, a carbon tax covers only CO2 emissions; however, it could also cover other greenhouse gases, such as methane or nitrous oxide, by taxing such emissions based on their CO2-equivalent global warming potential. When a hydrocarbon fuel such as coal, petroleum, or natural gas is burned, most or all of its carbon is converted to CO
2. Greenhouse gas emissions cause climate change, which damages the environment and human health. This negative externality can be reduced by taxing carbon content at any point in the product cycle. Carbon taxes are thus a type of Pigovian tax.
Roger Lawrence Kerr, a public policy and business leader, was the executive director of the New Zealand Business Roundtable, a free-market think-tank based in Wellington, New Zealand.
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Emission trading (ETS) for carbon dioxide (CO2) and other greenhouse gases (GHG) is a form of carbon pricing; also known as cap and trade (CAT) or carbon pricing. It is an approach to limit climate change by creating a market with limited allowances for emissions. This can lower competitiveness of fossil fuels and accelerate investments into low carbon sources of energy such as wind power and photovoltaics. Fossil fuels are the main driver for climate change. They account for 89% of all CO2 emissions and 68% of all GHG emissions.
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Gernot Wagner is a climate economist at Columbia Business School. He holds an AB and a PhD in political economy and government from Harvard University, as well as an MA in economics from Stanford University. A founding co-director of Harvard's Solar Geoengineering Research Program (2017-2019) he joined the faculty of New York University in 2019, moving to Columbia University in 2022. Wagner writes a monthly column for Project Syndicate, and is the co-author, with Martin L. Weitzman, of Climate Shock, a Top 15 Financial Times-McKinsey Business Book of the Year 2015.
The Interim Climate Change Committee is a ministerial advisory committee created by the New Zealand Government in mid–April 2018 to explore how New Zealand transitions to a net zero emissions economy by 2050. The Interim Committee was superseded and replaced by an independent Climate Change Commission under the Climate Change Response Amendment Act in November 2019.
Peter Cramton is an American economist and academic. He is Professor of Economics at the University of Maryland, Emeritus since 2018, and holds the Market Design Chair in Economics at the University of Cologne.
Richard G. Newell is an American energy economist and climate policy expert who served as the seventh administrator of the United States Energy Information Administration from 2009 to 2011. He is currently the president and CEO of Resources for the Future, a nonprofit environmental economics research and policy institute in Washington, D.C. He has previously served as Senior Economist for Energy and Environment on the President's Council of Economic Advisers and as Professor of Energy and Environmental Economics at Duke University.
References
- ↑ "Suzi Kerr | School of Government | Victoria University of Wellington". Victoria.ac.nz. Retrieved 3 July 2017.
- ↑ "From global climate change policy to the New Zealand farm". interest.co.nz. 5 September 2015. Retrieved 3 July 2017.
- ↑ Eric Frykberg (25 August 2015). "ETS not lucrative for industry, says economist | Radio New Zealand News". Radionz.co.nz. Retrieved 3 July 2017.
- ↑ "Thinktank Motu puts forward new plan to tackle emissions trading". Stuff.co.nz. 31 May 2017. Retrieved 3 July 2017.
- ↑ "Wanaka's Aspiring Conversations programme launched". Stuff. Retrieved 3 February 2018.
- ↑ Shaw, James (17 April 2018). "Interim Climate Change Committee announced" (Press release).
