Global Climate Change Policy and Carbon Markets

Transition to a New Era

verfasst von: Richard H. Rosenzweig

Verlag: Palgrave Macmillan UK

Buchreihe : Energy, Climate and the Environment

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Technik"

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Über dieses Buch

In this book, Richard Rosenzweig, describes the policies proposed and adopted in the first generation of climate change policy-making including the Kyoto Protocol and the carbon markets and assesses their failure to halt the increases of rising emissions of greenhouse gases. Carefully structured throughout, each chapter demonstrate how the first generation of policies failed because they were top down, overly ambitious and complex. The author uses the lessons drawn from this analysis to recommend more modest, targeted policies, arguing that they will be more successful in fighting climate change in the new era of policy-making.
An invaluable reference for advanced undergraduate and graduate students in taking relevant courses in Environmental Policy, Law and Business. This book will also be a useful overview for researchers working in the field as well as those working in government and policy.

Inhaltsverzeichnis

Frontmatter

1. Introduction

Abstract

Rosenzweig has a 25-year career working in government and business to create and use environmental markets to reduce air pollutants and greenhouse gases (GHGs) that cause climate change. He served as the Chief of Staff of the Department of Energy (DOE) in the Clinton Administration and participated in efforts to create US climate policy. Rosenzweig was also the Chief Operating Officer (COO) of Natsource, the world’s largest buyer of carbon credits through 2007. Based on this experience, he assesses the policies proposed in the US and adopted internationally, such as the Kyoto Protocol (KP), the Clean Development Mechanism (CDM), and European Union Emissions Trading System (EU ETS), which comprised the global carbon markets. Rosenzweig draws on lessons learned to recommend future policies to reduce GHGs emissions.

Richard H. Rosenzweig

2. Climate Change Policies of the Clinton Administration

Abstract

Rosenzweig summarizes the attempt made during the Clinton Administration to craft a domestic climate policy and similar efforts in the international climate change negotiations. In the US, the emphasis is on the proposed BTU tax, which was soundly defeated. Although modest, its political and substantive consequences continue to be felt, providing opponents with a roadmap to kill cap-and-trade legislation nearly 20 years later. Rosenzweig describes the Administration’s posture in the international negotiations, which resulted in the ill-fated KP. He elaborates its positions on such key issues as the role of developing countries and the creation of the carbon markets. A review of early carbon market activity and key initiatives which spurred it is also provided.

Richard H. Rosenzweig

3. The US Says No While the Carbon Market Moves Forward

Abstract

Rosenzweig describes actions taken by President Bush and the international community during 2000–2008. These include the US decision to reject Kyoto and failure to take action to reduce GHG emissions. The chapter elaborates the emerging cap-and-trade debate, a Supreme Court decision that provided the impetus for future US policy, and bottom-up policy-making efforts. Internationally, Rosenzweig charts the evolution of the policies that created the carbon markets, including the creation of the EU ETS, the CDM rules, and Kyoto’s entry into force. A summary of early market activity is provided. And to illustrate how the markets worked, he provides a synopsis of three CDM deals completed by Natsource and one that failed.

Richard H. Rosenzweig

4. The End of Climate Change 1.0 Internationally

Abstract

Rosenzweig details the turbulence in the EU ETS market and the CDM from 2008–2012, which contributed to the end of the first generation of international climate change policy. In the EU ETS market, an enormous surplus took hold, causing falling prices. And because the EU was the largest buyer of CDM credits, demand and prices plummeted for them. Rosenzweig describes the reasons for this, analyzes the markets’ performance, while also assessing the KP. He concludes that although each market’s performance was caused by unique dynamics, their failure also resulted from common characteristics. Rosenzweig argues that the demise of these top-down systems resulted from their inability to learn, adapt to new information, and respond to problems.

Richard H. Rosenzweig

5. The End of Climate Change 1.0 in the US

Abstract

Rosenzweig reviews the US Congress’ attempt to pass cap-and-trade legislation in 2009–2010. He describes the dynamics that increased the potential for passage and key elements of the legislation. Rosenzweig argues that while the legislation officially died in the Senate in 2010, its prospects ended when it passed the House of Representatives in 2009. Many factors contributed to its failure including economic conditions, increased partisanship, money, lack of presidential leadership, and others. As was the case with the EU ETS, the CDM, and Kyoto, Rosenzweig contends that although many factors contributed to cap-and-trade’s downfall, its top-down approach, ambition, and complexity were leading causes of its defeat and the end of climate change 1.0 in the US.

Richard H. Rosenzweig

6. US and International Climate Change 2.0 Emerges

Abstract

Rosenzweig summarizes the new era of policy-making, climate change 2.0. In the US, this consists of regulations targeted to reduce GHG emissions from the transportation and power sectors and other modest measures. At the international level, Rosenzweig summarizes the key events that led to the Paris Agreement, including important decisions in the international negotiations and bilateral arrangements among the US, China, and other developing countries, which provided important momentum to the negotiations. He reviews the key provisions of Paris that combine Nationally Determined Contributions (a bottom-up approach to mitigation) with top-down elements and a new market mechanism, while providing his views on its prospects for success.

Richard H. Rosenzweig

7. Recommendations

Abstract

Rosenzweig concludes with recommendations. Policies need to be modest, achieve co-benefits, and control costs. He argues that this approach increases the chances for success, which is necessary to create the conditions for more ambitious future efforts. To achieve reductions in GHG emissions of 40–70 % by 2050, and to be at net zero by 2100, to achieve climate policy objectives, policies must achieve dramatic improvements in carbon and energy intensity. To accomplish this, Rosenzweig makes recommendations to implement the Paris Agreement, emphasizing nationally determined contributions, the market mechanism, and linkage. Recommendations also focus on carbon market design at all levels, discouraging fossil fuel use, and creating a portfolio of low and non-emitting energy technologies to decarbonize the economy.

Richard H. Rosenzweig

Backmatter

Titel: Global Climate Change Policy and Carbon Markets
verfasst von: Richard H. Rosenzweig
Verlag: Palgrave Macmillan UK
Electronic ISBN: 978-1-137-56051-3
Print ISBN: 978-1-137-56050-6
DOI: https://doi.org/10.1057/978-1-137-56051-3