In a recent study published in the journal Science, an international research team conducted a comprehensive evaluation of 1,500 climate policy measures from 41 countries across six continents. The findings of this study shed light on the effectiveness of various climate policies implemented over the past two decades.
The Reality of Climate Policy Effectiveness
The study revealed a sobering reality: many policy measures have failed to achieve the necessary scale of emissions reductions. Out of the 1,500 policy measures evaluated, only 63 cases were deemed successful, leading to an average emission reduction of 19%. The key characteristic of these successful cases was the inclusion of tax and price incentives in well-designed policy mixes.
The debate surrounding climate policy often revolves around the effectiveness of different policy instruments in reducing emissions. The study highlighted the significance of incorporating price-based instruments, such as carbon and energy taxes, in conjunction with other policy measures like subsidies and regulations.
Filling the Gap in Climate Policy Evaluation
Prior evaluations of climate policy measures have focused on a limited range of headline policies, overlooking hundreds of other measures. This study aimed to bridge this gap by evaluating a wide range of climate policy instruments, from energy-related building codes to carbon taxes, using a new OECD database.
Success Stories and Lessons Learned
The researchers identified specific examples to illustrate the importance of well-designed policy mixes. Bans on coal-fired power plants or combustion engine cars were found to be ineffective in achieving significant emissions reductions without complementary tax or price incentives. Success stories were noted in the UK for coal-fired power generation and in Norway for cars.
The interactive Climate Policy Explorer offers insights into specific countries, sectors, and policy measures. For example, China’s pilot emissions trading systems in the industrial sector, the UK’s minimum carbon price in the electricity sector, and the US’s tax incentives in the transportation sector were cited as successful examples of policy implementation.
The study emphasizes the importance of implementing well-designed policy mixes that incorporate price-based instruments along with other policy measures. It provides valuable insights for policymakers and society in the transition to climate neutrality, highlighting the need for effective and comprehensive climate policy measures on a global scale.
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