It is widely acknowledged that introducing a price on carbon represents a crucial precondition for filling the current gap in low-carbon investment. However, as this paper argues, carbon pricing in itself may not be sufficient. This is due to the existence of market failures in the process of...

Transitioning to a low-carbon economy will require significant investment to transform energy systems, alter the built environment and adapt infrastructure. A strategy to finance this investment is needed if the limit of a 2�C increase in global mean temperatures is to be respected. Also,...

Recent international environmental negotiations have highlighted the importance of establishing a commonly agreed approach to attribute climate change responsabil- ities. In this paper I investigate how choices on allocation mechanisms are likely to affect optimal abatement effort paths and...

This paper examines the impact of electoral cycles and the introduction of Reducing Emissions from Deforestation and Degradation (REDD+) policy upon the holding of small-scale mining property rights in Guyana. Mining is both the major cause of deforestation and the main economic activity in the...

Climate policy required that much of the world�s reserves of fossil fuels remain unburned. This paper makes the case for implementing this directly through policy to close the global coal industry. Coal is singled out because of its high emissions intensity, low rents per unit value, local...

The paper analyses the implications of landowners� option values in land allocation and derives policy recommendations for payments for Reducing Emissions from Deforestation and Forest Degradation (REDD). Given that REDD will not represent a permanent change in the cumulative flux of carbon...

The last two decades have witnessed an explosion in the publication of country indexes that measure and rank the relative policy performances of governments. Whilst there is a well understood audience for such rankings amongst policy-makers and the media, much less is known about their use and...

Putting a price on carbon is critical for climate change policy. Increasingly, policymakers combine multiple policy tools to achieve this, for example by complementing cap-and-trade schemes with a carbon tax, or with a feed-in tariff. Often, the motivation for doing so is to limit undesirable...

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Equilibrium models have been proposed in literature with the aim of describing the evolution of the price of emission permits. This paper derives first a reduced-form model from an equilibrium model and thereby explains how existing reduced-form models are related to equilibrium models. Second,...