Carmen Bunzl - Universidad Pontificia Comillas

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Chapter 5. Conclusions 246 3.5 Technology Achieving the expected GHG reductions will require both the widespread diffusion and adoption of currently available low-carbon technologies, as well as the development of new technologies. To stimulate the necessary technological innovation, international climate policy should create both technology push (public support for R&D) and market pull incentives. Technology oriented agreements (TOAs), as complements for carbon commitments, will certainly be needed; renewable targets, efficiency improvement, and technology standards must overcome market imperfections such as low carbon prices, price volatility and uncertainty. Urgent action is required to implement energy efficiency policies and the application of existing technologies, including renewables and nuclear, and the development of newer but established technologies, including carbon capture and storage. To be effective, it is indispensable that this approach is extended to developing countries. Some key aspects are to manage the large increases in investment and R&D needed, ensure transfers of technology to developing countries are done effectively, and globally coordinate complex policies. Achieving the targets of cutting global emissions by half will require both the widespread diffusion and adoption of currently available low-carbon technologies, as well as the development of new technologies. The overall objective for technology policy is to expand the global market for low-carbon technology thus providing incentives for needed innovations. Escuela Técnica Superior de Ingeniería ICAI Carmen Bunzl Boulet Junio 2008
Chapter 5. Conclusions 247 The next climate change regime must stimulate technological innovation. A long-term effort to address climate change will require the development and deployment of zero-emitting technologies. To stimulate the innovation necessary to deliver these new technologies, international climate policy should create both technology push (public support for R&D) and market pull (stable economic incentives for innovation and widespread technology development) incentives. The most effective incentives to pull new technology into the market are those that put a price on greenhouse gas emissions, like a cap-and-trade system. These policy instruments would discourage the continued investment in carbon-intensive capital, and with time it is expected that they will induce technological change. Also, via their impact in energy prices, carbon prices would help in changing patterns of energy consumption. Besides, economic rents from carbon markets might be used to fund innovation efforts in new clean technologies. However, carbon prices will not suffice to promote the required deployment of low-carbon technologies. Stable and high prices would drive investments in new clean technologies; in practice, this is not achieved because of low carbon price levels, price volatility and uncertainty, among others. An alternative approach would be to subsidize investment in new, climate-friendly technologies. Technology oriented agreements (TOAs) (presented in Chapter 2, Section 2.4) as complements for carbon commitments will certainly be needed; if energy and carbon markets do not provide sufficiently strong incentives, TOAs can help in promoting technological progress. Energy efficiency should be the major instrument for climate change mitigation, especially in developing countries, both due to its potential and to its low cost compared to other alternatives. Renewable energy is another low- carbon, sustainable technology; more efficient instruments should be promoted, Escuela Técnica Superior de Ingeniería ICAI Carmen Bunzl Boulet Junio 2008
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UNIVERSIDAD PONTIFICIA COMILLAS ESC
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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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