Carmen Bunzl - Universidad Pontificia Comillas

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Chapter 5. Conclusions 240 reductions are not treated with urgency, as they may prefer approaches that prepare them to act later, e.g. technology development. Some other country groups, such as the EU, emphasize the environmental aspect of the problem, so that keeping global emissions low has the highest priority. Urgency to act is stressed by these countries. They want certainty on low global emission levels, they may not accept an agreement that would minimize the costs but it is unclear whether the long-term objective of the Convention can be met. They would prefer to work towards defining a joint long-term goal. Nevertheless, there is broad consensus that the next agreement must stimulate substantial, cost-effective emissions abatement. Lower costs of implementation can facilitate greater participation and compliance with climate goals. In a world with scarce resources, the most cost-effective the means are, the more feasible an ambitious goal is. Stringency in setting emission reduction obligations is relevant to ensure that market carbon prices remain sufficiently high to drive mitigation action. The high potential for offsets could result in carbon prices being too low to bring about sufficient mitigation. Even though carbon markets are regarded as being environmentally effective, their outcome would largely depend on the level and stability of the price set for carbon. At the moment, governments do not have the sufficient power or recognition to be able to fix a sufficiently high carbon price for emission reductions to happen – there will be no significant technological change or the needed changes in consumer’s behavior. The climate change problem is urgent, action ‘was needed yesterday’; command and control measures may be more effective as a first step in combating climate change – e.g. changing all light-bulbs for efficient ones. Although carbon price based measures are theoretically or apparently environmentally effective, at the moment they cannot be implemented in such a stringent manner that would lead to the necessary emissions stabilization level. Escuela Técnica Superior de Ingeniería ICAI Carmen Bunzl Boulet Junio 2008
Chapter 5. Conclusions 241 Technology or policies based measures to complement market-based approaches are necessary to start combating climate change. Examples may be measures to make higher-cost technologies more economic, provide for technology cooperation and sufficient financial and investment flows, and cover emissions sources not included in market-based approaches. Also, it needs to be recalled that market- based approaches should be supplemental to domestic action in meeting emission reduction targets. Market-based instruments, such as emissions trading or emissions taxes, can serve as the means for achieving climate policy goals at relatively low cost. International emissions trading serves as the cornerstone of several proposed international policy architectures (see Chapter 2, Section 2.1). In addition, it can serve as a vehicle to transfer funds to developing countries; providing the compensation that may be necessary to secure participation by developing countries, also enhancing countries with low costs of emissions abatement to join the international regime. Despite all this, national sovereignty impedes countries to be legally coerced to take actions against their self interest. A tax may have less appeal because it eliminates the potential for an implementation mechanism to transfer resources to low-income countries. A careful assessment of the equity implications of market-based instruments, also at the country level, is needed. The primary means through which support would flow is the mechanism of market-based allowance trading; countries whose emissions exceeded their allowances would purchase allowances from countries whose allowances exceeded their emissions. One key question is whether this type of support is adequate; further mechanisms would be needed to ensure that in addition to the availability of finances, there were also technical and capacity building needed to bring about the transition to a low- carbon economy. Another question is whether the flow of allowance revenue would provide sufficient support to enable developing countries to undertake the necessary scale of mitigation – and adaptation – without compromising their development efforts. Escuela Técnica Superior de Ingeniería ICAI Carmen Bunzl Boulet Junio 2008
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Summary ii Summary The objective of
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Summary iv The recent rise of secto
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Resumen vi compromisos para los pa
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Index viii Index CHAPTER 1. INTRODU
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Index x 3.1.4 Institutional feasibi
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Index xii 2.3.9 Overview of sectora
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1 Introduction
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4 Case study: Spain
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Page 279 and 280: References 255 IPCC, 2007. Climate
Page 281: References 257 Persson, T.A., C. Az
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Carmen Bunzl - Universidad Pontificia Comillas

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