Public Policy and the New European Agendas 2006
DOI: 10.4337/9781847201577.00024
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Environmental Policy

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“…This was the ultimate neo-liberal market concession to the climate process, an instrument advocated by many mainstream economists, but one that never worked as it was supposed to as the experience with the European emissions trading system introduced in 2005 has proven (Laing et al, 2013). The simple alternative of course would have been a carbon tax, which industry at the time fought tooth and nail (Barnes & Barnes, 1999). The difference between cap-and-trade and carbon tax is that the former allows the private sector to accrue all proceeds from optimal management of emissions rights, and as it turned out to use many opportunities to game the system without reducing overall emissions (Chan, 2010).…”
mentioning
confidence: 99%
“…This was the ultimate neo-liberal market concession to the climate process, an instrument advocated by many mainstream economists, but one that never worked as it was supposed to as the experience with the European emissions trading system introduced in 2005 has proven (Laing et al, 2013). The simple alternative of course would have been a carbon tax, which industry at the time fought tooth and nail (Barnes & Barnes, 1999). The difference between cap-and-trade and carbon tax is that the former allows the private sector to accrue all proceeds from optimal management of emissions rights, and as it turned out to use many opportunities to game the system without reducing overall emissions (Chan, 2010).…”
mentioning
confidence: 99%
“…The anti-tax coalition soon became as obstructionist as the anti-regulatory coalition. An ambitious proposal by the European Commission for an EU-wide carbon tax in 1992 in support of climate negotiations went nowhere (Barnes & Barnes, 1999). In the United States, an energy bill that would have introduced a tax on carbon content of fossil fuels was quickly defeated in 1993 and congressional elections in 1994 brought a Republican anti-tax coalition into power.…”
Section: How Things Have Changed Over 30 Years Of Multilateral Climat...mentioning
confidence: 99%