The Politics of Climate
Change
Required Readings:
What are carbon taxes (in practice) and what is cap and trade?
–In Canada: charged to producers and passed on to consumers. Each person gets a uniform rebate.
–These are tradeable,
–incentivizes emissions reduction among producers.
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–Carbon pricing
–Cap and trade
–Consumer subsidies
–FF subsidy reduction –FF production quotas, bans, caps –Etc..
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–Alternatives: auctions, non-tradeable.
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Green and Denniss: Policy Options (pg. 75)
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| From economic to political models: some key considerations | Supply side and demand side are complements |
of economy, etc.) –Tobacco or cannibis: licensing sales, restricting
institutions –Restrict smoking to some places
–Limit advertising.
–Policies not a reflection of what we want •Past examples of supply-side: CFC bans
–They can change what we want (and can do) –International cooperation
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More on shortcomings of demand side policies
–Especially problematic internationally
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–Alleged “hypocrisy” of Trudeau’s policies.
–Burden on households
–Diverts effort from policies that will address CC more rapidly or directly.
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More forward-looking (and dynamic) policy tool
–Increasing price doesn’t alter need to recoup these.
–Issue is how will we invest (price doesn’t always determine this – too indirect). Other risk factors, etc..
–Securities regulators: require reporting on climate
risk.
–Ford gov’t killed this idea (along with strengthened reporting of women on corporate Boards)
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Other advantages of supply side
–Irony: lowers price in non-participating countries •Overcomes infrastructure lock-in.
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–More salient benefit (if sold properly) than increasing price.
–Polling shows people like good ideas but usually don’t want to pay more.
–Example: youth coalition around climate activism.
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| •Benefits of reduced emissions are often distant (in time and space), incremental and diffused (too abstract!)
–Consumers experience & understand costs more than the benefits. –Concern about free riders. –Easy for populist climate-deniers to oppose. •Supply side policies can “mobilize” support better (identify with the cause, new types of careers, etc.) |
•Dirty coal – elimination of Ontario coal plants under Ontario Liberal government.
•Targeting producers: –Policy advocates. Divestment campaigns (pension plans, etc..) –Unfairness of making consumers pay (why not producers?). –Finding supportive coalition of producers. |
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| 13 | 14 | ||
| What is the best policy instrument? | End Pt. 2 | ||
–Green energy jobs.
–(more cooperation) at int’l level. –Attract investors.
| Concentrated vs. diffuse benefits | G&D: So, let’s target FF itself |
–Carbon pricing and “command and control” are complementary policies
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| Federal Liberal government policies | Canadian Banks* | ||
| •Carbon pricing.
•Accept Paris targets (1.5C), major reductions by 2030. •Carbon neutrality by 2050 |
•Committed to action in 2015.
•Reality: still heavily financing FF industry •Three Cdn banks in top ten global institutions financing FF projects. •Some small progress: TD green bonds. •What else can be done? –Activist shareholders could try to link CEO pay to decarbonization. * Amir Barnea, “Big 5 banks need to take action on climate change.” Toronto Star, Jan 25, 2020. |
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| 17 | 18 | ||
| Some Advocates of Green New Deal policies |
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| Some elements of GND | GND cont’d |
–Too many sectors to coordinate and institutions •Recent years: ratio of corp profits to to change. investment is low.
pricing –need to assist economically displaced
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| Cap and Adapt | Mandates and concrete policies | |||
| •Transition to renewables fairly. Use nontradeable allowances.
•Fallback: rationing plan. •Rich country targets should be higher. –But use border adjustment tariffs. –Avoids leakage –penalize non-complying imports. •Emphasize renewables, energy efficiency demand reduction. |
•Progressive reduction of FF extraction and use.
•Electric vehicle mandates and subsidies. •Infrastructure. •Public spending. •Mass transit. |
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| 23 | 24 | |||
| Convergence between climate and macroeconomic policies/goals | End Pt. 3 |
(like depression-era New Deal of the 1930’s) •Reverse declining rate of taxes and new investment (relative to wealth) in rich countries.
Research paper guidance video posted soon.
(TBA)
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