Reconstructing Climate Policy Beyond Kyoto

by Steward, Richard B.; Wiener, Jonathan Baert

• ISBN13: 9780844741864
• ISBN10: 0844741868
• Format: Paperback
• Copyright: 2007-04-18
• Publisher: Aei Press

Summary

In their comprehensive analysis of the Kyoto Protocol and climate policy, Richard B. Stewart and Jonathan B. Wiener examine the current impasse in climate policy and the potential steps nations can take to reduce greenhouse gases. They summarize the current state of information regarding the extent of global warming that would be caused by increasing uncontrolled greenhouse gas emissions. They explain why participation by all major greenhouse gas-emitting countries is essential to curb future greenhouse gas emissions and also note the significant obstacles to obtaining such participation.

Stewart and Weiner argue it is in the national interest of the United States to participate in such a regime, provided that it is well designed. They discuss the elements of sound climate regulatory design, including maximum use of economic incentives, the comprehensive approach, and other flexibility mechanisms; participation by all major emitting countries, including developing countries; regulatory targets based on longer-term emissions pathways set to maximize net social benefits; and effective arrangements to ensure compliance with regulatory obligations by nations and sources.

After evaluating the successes and failures of the Kyoto Protocol in light of those elements, the authors propose a series of U.S. initiatives at the international and domestic levels, with the aim of engaging the United States and major developing country emitters such as China in the global greenhouse gas regulatory effort and correcting the remaining defects in the design of the Kyoto Protocol. Although several alternatives to the current Kyoto Protocol regime have been proposed, Stewart and Weiner argue that the best approach for surmounting the current global climate policy impasse is a new strategy that would lead, sooner or later, to simultaneous accession by the United States and China (and other major developing country emitters) to a modified and improved version of the Kyoto Protocol agreement.

Author Biography

Richard B. Stewart is University Professor and Emily Kempin Professor of Law at New York University. Jonathan B. Wiener is professor of law, professor of environmental policy, and faculty director of the Duke Center for Environmental Solutions at Duke University and University Fellow at Resources for the Future.

Table of Contents

Foreword	vii
Christopher C. DeMuth
Robert W. Hahn
Acknowledgments	ix
Introduction and Summary	1	(17)
Climate Policy Today	3	(3)
The Kyoto Protocol's Persisting Flaws	6	(4)
Moving Forward: A United States--China Strategy	10	(8)
Prudent Investment in Regulation to Mitigate Climate Change	18	(19)
The Warming Effects of Uncontrolled Emissions	18	(3)
The Risks of Warming	21	(4)
The Costs of Limiting Emissions and the Role of Sound Regulatory Design	25	(7)
Balancing Benefits and Costs in Designing a Global Regulatory Regime	32	(5)
Participation by All Major Greenhouse Gas--Emitting Nations in Climate Regulation	37	(7)
Wide Participation to Make Regulation Effective and Affordable	38	(2)
Obstacles to Expanding Participation in Global Climate Regulation	40	(4)
U.S. Interests and Global Climate Regulation	44	(10)
Warming Effects and U.S. Welfare	44	(3)
Commercial Benefits of U.S. Participation in Global Climate Regulation	47	(4)
Strategic Benefits of U.S. Participation in Global Climate Regulation	51	(1)
Challenges to U.S. Participation in Global Climate Regulation	51	(3)
The Elements of Sound Regulatory Design For Climate Policy	54	(29)
Market Failures in Use of the Atmosphere for Greenhouse Gas Disposal	55	(2)
The Need for Maximum Flexibility of Means for Limiting Emissions	57	(2)
The Benefits of a Comprehensive Approach	59	(6)
Maximizing the Use of Economic Incentives--Emissions Trading	65	(15)
Balancing Costs and Benefits in Setting Regulatory Targets	80	(3)
Assessing and Correcting the Kyoto Protocol's Flaws	83	(13)
Sound Basic Regulatory Design	83	(2)
Failure to Set Ground Rules for Implementation and Compliance Simultaneously with Regulatory Targets	85	(3)
Ducking the Vital Issue of Developing Country Participation	88	(4)
Unjustified Short-Term Targets	92	(4)
U.S. Leadership in Reconstruction	96	(35)
International Components of U.S. Climate Strategy	98	(24)
Domestic Components of U.S. Climate Strategy	122	(9)
Conclusion	131	(4)
Notes	135	(50)
Index	185	(6)
About the Authors	191