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The Portfolio of Economic Policies Needed to Fight Climate Change

Author(s): Olivier Blanchard ¹ , Christian Gollier ¹ , Jean Tirole ¹

Publication date Created: September 13 2023

Publication date (Print): September 13 2023

Journal: Annual Review of Economics

Publisher: Annual Reviews

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Abstract

Climate change poses an existential threat. Theoretical and empirical research suggest that carbon pricing and green R&D support are the right tools, but their implementation can be improved. Other policies, such as standards, bans, and targeted subsidies, also all have a role to play, but they have often been incoherent, and their implementation is delicate.

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Most cited references 55

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The Environment and Directed Technical Change

Daron Acemoğlu, Philippe Aghion, Leonardo Bursztyn … (2012)

This paper introduces endogenous and directed technical change in a growth model with environmental constraints. The final good is produced from "dirty" and "clean" inputs. We show that: (i) when inputs are sufficiently substitutable, sustainable growth can be achieved with temporary taxes/subsidies that redirect innovation toward clean inputs; (ii) optimal policy involves both "carbon taxes" and research subsidies, avoiding excessive use of carbon taxes; (iii) delay in intervention is costly, as it later necessitates a longer transition phase with slow growth; and (iv) use of an exhaustible resource in dirty input production helps the switch to clean innovation under laissez-faire. (JEL O33, O44, Q30, Q54, Q56, Q58).

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Individual and Corporate Social Responsibility

ROLAND BÃNABOU, JEAN TIROLE (2010)

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Investment under Uncertainty

Robert K. Dixit, Robert S. Pindyck (1994)

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Author and article information

Journal

Title: Annual Review of Economics

Abbreviated Title: Annu. Rev. Econ.

Publisher: Annual Reviews

ISSN (Print): 1941-1383

ISSN (Electronic): 1941-1391

Publication date Created: September 13 2023

Publication date (Print): September 13 2023

Volume: 15

Issue: 1

Pages: 689-722

Affiliations

[1 ]Peterson Institute of International Economics, Toulouse School of Economics, Toulouse Capitole University, Toulouse, France;

Article

DOI: 10.1146/annurev-economics-051520-015113

SO-VID: 0a3ab208-8f17-4928-872b-3c0afa526669

Copyright © © 2023

License:

http://creativecommons.org/licenses/by/4.0/

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