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Grandfathering and Greenhouse: The Role of Compensation and Adjustment Assistance in the Introduction of a Carbon Emissions Trading Scheme for Australia

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Author Info

  • Flavio Marques Menezes

    ()
    (School of Economics, The University of Queensland)

  • John C. Quiggin

    ()
    (School of Economics, The University of Queensland)

  • Liam Wagner

    ()
    (School of Economics, The University of Queensland)

Abstract

The terms "grandfather clause" and "grandfathering" describe elements of a policy programme in which existing participants in an activity are protected from the impact of regulations, restrictions or charges applied to new entrants. In this paper, the role of grandfathering in the design of a carbon emissions trading scheme in Australia is assessed. It is argued that adjustment assistance policies such as those adopted in conjunction with previous microeconomic reform programmes are preferable to policies based on the free issue of emission permits. The suggestion that owners of capital assets should be compensated for changes in government policy that reduce the expected flow of income from those assets represents a radical, and undesirable, policy innovation.

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Bibliographic Info

Paper provided by School of Economics, University of Queensland, Australia in its series Energy Economics and Management Group Working Papers with number 3-2009.

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Date of creation: 2009
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Publication status: Published in Economic Papers: A journal of applied economics and policy, vol. 28 (2009), no.2, pages. 82-92
Handle: RePEc:qld:uqeemg:3-2009

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Related research

Keywords: grandfathering; emissions trading; compensation; adjustment assistance; Environmental Economics and Policy; Resource /Energy Economics and Policy;

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Blog mentions

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  1. Buying out brown coal
    by John Quiggin in John Quiggin on 2009-10-25 12:00:00
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Cited by:
  1. Phil Wild & William Paul Bell & John Foster, 2012. "The Impact of Carbon Pricing on Wholesale Electricity Prices, Carbon Pass-Through Rates and Retail Electricity Tariffs in Australia," Energy Economics and Management Group Working Papers 5-2012, School of Economics, University of Queensland, Australia.
  2. Wood, Peter John & Jotzo, Frank, 2011. "Price floors for emissions trading," Energy Policy, Elsevier, vol. 39(3), pages 1746-1753, March.
  3. Freebairn, John W., 2011. "A Tax Mix Change to Reduce Greenhouse Gas Emissions," 2011 Conference (55th), February 8-11, 2011, Melbourne, Australia 100551, Australian Agricultural and Resource Economics Society.
  4. Neil Ross Lambie, 2010. "Understanding the effect of an emissions trading scheme on electricity generator investment and retirement behaviour: the proposed Carbon Pollution Reduction Scheme," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 54(2), pages 203-217, 04.
  5. Patrick Hamshere & Liam Wagner, 2012. "Potential Impacts of Subprime Carbon on Australia’s Impending Carbon Market," Energy Economics and Management Group Working Papers 14, School of Economics, University of Queensland, Australia.

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