FEEM Re3: “Efficiency and Acceptability of Climate Policies: Race Against the Lock-ins”
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This article by Julie Rozenberg and Adrien Vogt-Schilb, CIRED, and Stephane Hallegatte, The World Bank, investigates the efficiency and acceptability of capital-based policies versus a carbon price. While capital-based policies are more politically acceptable because they do not create immediate losers, they reduce emissions slower and need to be implemented sooner. Delaying their implementation may create a political-economy lock-in (easier-to-implement policies become unavailable) in addition to the economic lock-in (the target becomes more expensive).
Review of Environment, Energy and Economics – Re3