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Rationales for Additional Climate Policy Instruments under a Carbon Price

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  • Paul Twomey

Abstract

The plan to introduce a carbon pricing scheme in Australia has focused attention on the future relevance and necessity of using other policy instruments to reduce carbon emissions. Significant reports, including the Wilkins Review and reports by the Productivity Commission, have argued using the standard neoclassical economics framework that once a carbon price is established, it should be (almost) the only instrument needed to tackle climate change mitigation in Australia. With a small number of exceptions for complementary instruments to address some market failures, the use of other climate policy instruments, it is argued, will result only in unnecessary duplication and potential distortions. The aim of this article is to show that there are, in fact, a significant number of rationales for implementing several climate policy instruments in combination with a carbon price, and we should not be too quick to dismiss certain climate policy instrument combinations.

Suggested Citation

  • Paul Twomey, 2012. "Rationales for Additional Climate Policy Instruments under a Carbon Price," The Economic and Labour Relations Review, , vol. 23(1), pages 7-31, February.
    • Handle: RePEc:sae:ecolab:v:23:y:2012:i:1:p:7-31
    DOI: 10.1177/103530461202300102
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    References listed on IDEAS

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    3. Samuel Fankhauser & Cameron Hepburn & Jisung Park, 2010. "Combining Multiple Climate Policy Instruments: How Not To Do It," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 1(03), pages 209-225.
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