Monday, 5 May 2008

Economics | Environment | Cutting carbon and sustaining growth:

A new paper 'Cutting carbon and sustaining growth: the importance of valuing and trading carbon' has been published on our Environment page.

This speech - to the UK Network of Environmental Economists' Annual Conference (at The Royal Society, London, March 2008) - sets out the links between the economics of climate change and UK policy. It argues that it is nonsense to treble the current value of the shadow price of carbon, as some have argued, as the arguments for doing so effectively assume that the UK will act alone in tackling climate change. It also points to the creation of global markets in carbon, including the use of international credits towards UK emissions goals, as an imperative to generate capital flows to finance low-carbon technologies around the world on the scale required to avoid dangerous climate change.

The full paper is downloadable from - go to

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