Responding to Climate Change

Responding to Climate Change

Global Experiences and the Korean Perspective

KDI/EWC series on Economic Policy

Edited by Chin Hee Hahn, Sang-Hyop Lee and Kyoung-Soo Yoon

This topical book explores the global experiences of responding to climate change, with perspectives from Australia, China, the European Union, Japan, the Republic of Korea, the United States, as well as the International Energy Agency.

Chapter 4: Energy and Climate Change Policy: Perspectives from the International Energy Agency

Richard A. Bradley

Subjects: asian studies, asian economics, economics and finance, asian economics, environmental economics, environment, climate change, environmental economics


Richard A. Bradley INTRODUCTION Balancing energy security with economic and climate change goals is one of the most difficult policy challenges facing member governments of the International Energy Agency (IEA). It is a challenge under normal circumstances; it seems nearly unachievable in the face of climate change. Emissions and concentrations are rising, impacts are already observable and ultimately may be quite significant, political consensus is elusive, and yet the policy action commensurate with the threat is urgent. The key features of the policy challenge are the slow rate of capital stock turnover in the energy consuming and supply sector and the unprecedented geographic and economic sources of the emissions, which require both international and domestic policy formulation. Accordingly, climate change mitigation policy will be unique in its complexity, requiring a package of different measures—just as there is no technological silver bullet, there is no policy silver bullet—and the creation of new institutional forms. No historic model exists to guide such complex policy formulation. This unprecedented global commons problem inspires no shortage of proposals for grand solutions, but the urgency for considerable action, along with the limits of governments to find the ideal within the complexity, argues for practical next steps. This chapter describes the key features of the mitigation challenge, and suggests some priorities for near-term response. THE NATURE OF THE CHALLENGE Climate change is a particularly difficult public-policy challenge because of inertia, both in the climate system, where greenhouse gases have such 78 M2842 - HAHN TEXT.indd...

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