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Carbon-reducing innovation as the essential policy frontier – towards finding the ways that work

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  • Convery, Frank J.

Abstract

Finding the ways that work to deliver the innovation needed should be given parity of esteem with getting the prices right as a focus of the economics profession and policy systems. Learn from experience as regards carbon pricing and carbon-reducing innovation; insights from the latter coming mainly from the US, China and Europe; demographically relatively small countries – Denmark (wind) and Australia (solar PV) – can make outsize contributions. A carbon price ceiling is too low to drive innovation; generating carbon-reducing innovation requires that it be explicitly recognized as a priority, and nurtured accordingly: identify the priority area(s) where innovation at scale will be necessary to make progress; baseline the elements of the innovation ecosystem which are already in place, and the gaps that need to be filled. Key elements include institutions and incentives that promote innovation, a research and enterprise community that make it happen, and a supportive public.

Suggested Citation

  • Convery, Frank J., 2021. "Carbon-reducing innovation as the essential policy frontier – towards finding the ways that work," Environment and Development Economics, Cambridge University Press, vol. 26(3), pages 261-280, June.
    • Handle: RePEc:cup:endeec:v:26:y:2021:i:3:p:261-280_4
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