Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/308591 
Year of Publication: 
2022
Citation: 
[Journal:] Environmental and Resource Economics [ISSN:] 1573-1502 [Volume:] 83 [Issue:] 3 [Publisher:] Springer Netherlands [Place:] Dordrecht [Year:] 2022 [Pages:] 733-758
Publisher: 
Springer Netherlands, Dordrecht
Abstract: 
To meet the Paris Agreement targets, carbon emissions from the energy system must be eliminated by mid-century, implying vast investment and systemic change challenges ahead. In an article in WIREs Climate Change, we reviewed the empirical evidence for effects of carbon pricing systems on technological change towards full decarbonisation, finding weak or no effects. In response, van den Bergh and Savin ( 79 ) criticised our review in an article in this journal, claiming that it is "unfair", incomplete and flawed in various ways. Here, we respond to this critique by elaborating on the conceptual roots of our argumentation based on the importance of short-term emission reductions and longer-term technological change, and by expanding the review. This verifies our original findings: existing carbon pricing schemes have sometimes reduced emissions, mainly through switching to lower-carbon fossil fuels and efficiency increases, and have triggered weak innovation increases. There is no evidence that carbon pricing systems have triggered zero-carbon investments, and scarce but consistent evidence that they have not. Our findings highlight the importance of adapting and improving climate policy assessment metrics beyond short-term emissions by also assessing the quality of emission reductions and the progress of underlying technological change.
Subjects: 
Carbon pricing
Climate policy
Decarbonisation
Technological change
Energy transition
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version

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