Handbook on Green Growth
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Handbook on Green Growth

Edited by Roger Fouquet

Economies around the world have arrived at a critical juncture: to continue to grow fuelled by fossil fuels and exacerbate climate change, or to move towards more sustainable, greener, growth. Choosing the latter is shown to help address climate change, as well as present new economic opportunities. This Handbook provides a deeper understanding of the concept of green growth, and highlights key lessons from the experience of green transformations across the world following a decade of ambitious stimulus packages and green reforms.
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Chapter 10: Climate change policy, innovation and growth

Antoine Dechezleprêtre, Ralf Martin and Samuela Bassi

Abstract

Actions to stimulate low-carbon innovation – a global policy priority – are moving full speed ahead. This chapter provides evidence to inform these and other initiatives seeking to stimulate low-carbon innovation. A crucial challenge for climate change policies is ensuring that low-carbon innovation activity is either additional to current R & D expenditures, or at least will displace innovation in polluting technologies rather than other socially valuable innovation. Price-based instruments, such as carbon markets, and quantity-based instruments, such as renewable energy mandates, tend to favour innovation in technologies that are closest to the market. Thus, they need to be complemented by direct support to emerging technologies that will be essential to long-term emissions reduction targets through public funding of R & D and feed-in tariffs. Finally, increasing public support for low-carbon R & D may be politically attractive because low-carbon innovations have greater economic benefits than the carbon-intensive technologies they replace.

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