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McKibbin CAMA, Australian National University & The Brookings Institution, Washington DC :g Qg    F0?Text Box 4Z @Prepared for Singapore Economic Review Conference 07 August 2009A 2AA  H  0޽h ? 33___PPT10i.Ƀ@ +D=' Y= @B +"I 0  s(      x0e0e?Rectangle 2,   NOverview       x0e0e?Rectangle 3"PK![Content_Types].xml|N0 HC+jS8 @:Q۸ ??\o<7p]V޷O(I'6E=, ){Ō4>I)q7UuDހǏ)}nL"Mᴸ&g0eSA)΄2';2 WYu7{ɯΒzŘqFrj9K*(]mOlPK!Z,[ _rels/.relslj0 ``t_Pƈ[>,dgzjǎ?I'f#®Pb-\/Ƿ0Z]nLnp__3.iJV KQBiDžrL,Vʌ/7р4`ANar+m;E/'3U Aںv83/PK!drs/downrev.xmlDN@&䚸VBFĄv.mڷwB';^uLηF x'HWFY/Zbg4 z5Yb&E\E hBjHK:vG]ͥKOd:>4h)o.~;߽l72/tW qwou<).LY; _􁜀m)/PK-![Content_Types].xmlPK-!Z,[ _rels/.relsPK-!drs/downrev.xmlPKH$D 0  7Climate Science and Policy How to build a global framework Lessons from Kyoto Lessons from the financial crisis Key issues in the design of a global system The McKibbin Wilcoxen Hybrid ConclusionB; Z5 ZT Z;5T H  0޽h ? 33___PPT10.i\+YD' Y= @B De' = @BA?%,( < +O%,( < +D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<* %(D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<* ;%(D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<* ;N%(D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<* Np%(D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<* p%(D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<* %(D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<* %(+" 0 5-(     x0e0e?Rectangle 2,   O Bathtubs     j   xT 0e0e?Rectangle 3"PK![Content_Types].xml|N0 HC+jS8 @:Q۸ ??\o<7p]V޷O(I'6E=, ){Ō4>I)q7UuDހǏ)}nL"Mᴸ&g0eSA)΄2';2 WYu7{ɯΒzŘqFrj9K*(]mOlPK!Z,[ _rels/.relslj0 ``t_Pƈ[>,dgzjǎ?I'f#®Pb-\/Ƿ0Z]nLnp__3.iJV KQBiDžrL,Vʌ/7р4`ANar+m;E/'3U Aںv83/PK!pdrs/downrev.xmlD]k0x7SYF)@x׼ٚ$Q7b+B#style.visibility<*Z%(D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*Z%(D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*"%(+"  0  a(  #   x0e0e?Rectangle 2z =   WClimate Science     x(0e0e?Rectangle 3"PK![Content_Types].xml|N0 HC+jS8 @:Q۸ ??\o<7p]V޷O(I'6E=, ){Ō4>I)q7UuDހǏ)}nL"Mᴸ&g0eSA)΄2';2 WYu7{ɯΒzŘqFrj9K*(]mOlPK!Z,[ _rels/.relslj0 ``t_Pƈ[>,dgzjǎ?I'f#®Pb-\/Ƿ0Z]nLnp__3.iJV KQBiDžrL,Vʌ/7р4`ANar+m;E/'3U Aںv83/PK!-^drs/downrev.xmlDN1M|fL)Y(!n x';޶H>452ĥ3 WދǛ1 IÙgS̍;Xᐣ:.25Y ŘxJpaņC-k*VC6~\, w>UZ__ H}FoA U@1; l)PK-![Content_Types].xmlPK-!Z,[ _rels/.relsPK-!-^drs/downrev.xmlPK H$D 0   Science does not tell us exactly what the global concentration target should be - but it guides use ee (H  0޽h ? 33___PPT10n.@$C+YDB' Y= @B D' = @BA?%,( < +O%,( < +D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*e%(+"t  0 vn0(  #   xD,0e0e?Rectangle 2z =   WClimate Science     x0e0e?Rectangle 3"PK![Content_Types].xml|N0 HC+jS8 @:Q۸ ??\o<7p]V޷O(I'6E=, ){Ō4>I)q7UuDހǏ)}nL"Mᴸ&g0eSA)΄2';2 WYu7{ɯΒzŘqFrj9K*(]mOlPK!Z,[ _rels/.relslj0 ``t_Pƈ[>,dgzjǎ?I'f#®Pb-\/Ƿ0Z]nLnp__3.iJV KQBiDžrL,Vʌ/7р4`ANar+m;E/'3U Aںv83/PK!Cdrs/downrev.xmlDQK0Co.2eLE7AXpmh$ۺoAj4=;Y Il㔶}r'Va,IPjrgS[ 6(q(8MG dSwp`Lѷ\y<'}=rڦZw|WG#aȷϛr&uW>w)oor,BcWޔ\a%$dL/PK-![Content_Types].xmlPK-!Z,[ _rels/.relsPK-!Cdrs/downrev.xmlPK H$D 0  J Even if we knew the concentration target  Science does not tell us which of the many paths for global emissions should be followed for a given concentration target8  F 5 (H  0޽h ? 33___PPT10n.@$C+YDB' Y= @B D' = @BA?%,( < +O%,( < +D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(+"  0 @(  #   x0e0e?Rectangle 2z =   WClimate Science  E   xX0e0e?Rectangle 3"PK![Content_Types].xml|N0 HC+jS8 @:Q۸ ??\o<7p]V޷O(I'6E=, ){Ō4>I)q7UuDހǏ)}nL"Mᴸ&g0eSA)΄2';2 WYu7{ɯΒzŘqFrj9K*(]mOlPK!Z,[ _rels/.relslj0 ``t_Pƈ[>,dgzjǎ?I'f#®Pb-\/Ƿ0Z]nLnp__3.iJV KQBiDžrL,Vʌ/7р4`ANar+m;E/'3U Aںv83/PK!M-ydrs/downrev.xmlDQO0M5M:\dRA wtm6>9Nb0;ƣ ʩj XhvΒ3X̯fX(w{:f bCP5d0\O6uc^sY 6=4Ӫc$b~}ZNtV!" 2^ ]$\c`[KH~6PK-![Content_Types].xmlPK-!Z,[ _rels/.relsPK-!M-ydrs/downrev.xmlPKH$D 0  dEven if we knew the optimal path for global emissions  Science has nothing to say about what target an individual country should follow  (H  0޽h ? 33___PPT10n.@$C+YDB' Y= @B D' = @BA?%,( < +O%,( < +D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(+"* 0  P (   6   xb0e0e?Rectangle 2,   j"Economics of Climate Change Policy# ## .   xr0e0e?Rectangle 3"PK![Content_Types].xml|N0 HC+jS8 @:Q۸ ??\o<7p]V޷O(I'6E=, ){Ō4>I)q7UuDހǏ)}nL"Mᴸ&g0eSA)΄2';2 WYu7{ɯΒzŘqFrj9K*(]mOlPK!Z,[ _rels/.relslj0 ``t_Pƈ[>,dgzjǎ?I'f#®Pb-\/Ƿ0Z]nLnp__3.iJV KQBiDžrL,Vʌ/7р4`ANar+m;E/'3U Aںv83/PK!vdrs/downrev.xmlDJ@Eai7Ԕm)UV($4fwM}p.gL'NC묂qltkkh"D;gIW ̴;ۜNEKlPAcI 2;8o0k=Yn:9Ii`Ohi=MwW:R7D!?oUsK&Sӷ:+@e rPK-![Content_Types].xmlPK-!Z,[ _rels/.relsPK-!vdrs/downrev.xmlPK H$@ 0  LFind the lowest cost distribution of emission reductions globally to achieve a global concentration target this will not be an equal proportional reduction for each country But how to do this is practice?<k B  kB   (<)H  0޽h ? 33___PPT10.`x+EDZ' Y= @B D' = @BA?%,( < +O%,( < +DL' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<* k%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<* k%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<* %(+" 0 `$g(  $" $  x0e0e?Rectangle 2,   VWhat is Needed   $  x80e0e?Rectangle 3   9A change in the behaviour of energy users and other greenhouse gas emitters Technologies to reduce greenhouse gas emissions reduce energy demand increase energy efficiency Need to get the prices right <] Q  ]Q H $ 0޽h ? 33___PPT10i.FD+D=' Y= @B +"" 0 4,p((  (/ (  x0e0e?Rectangle 2,   cThe Role of a Price on carbon  U (  x0e0e?Rectangle 3"PK![Content_Types].xml|N0 HC+jS8 @:Q۸ ??\o<7p]V޷O(I'6E=, ){Ō4>I)q7UuDހǏ)}nL"Mᴸ&g0eSA)΄2';2 WYu7{ɯΒzŘqFrj9K*(]mOlPK!Z,[ _rels/.relslj0 ``t_Pƈ[>,dgzjǎ?I'f#®Pb-\/Ƿ0Z]nLnp__3.iJV KQBiDžrL,Vʌ/7р4`ANar+m;E/'3U Aںv83/PK!nPdrs/downrev.xmlDN1EMfL|P +ԈM`a;.l6>L͙;ۈP;)ą35  6IÅgWŠ;NX$ᐡ*62Y ='wbL/xNrȁR#iPaKˊjh緧$_n..|k}{-ADsG+I-jp C$!܄A~PK-![Content_Types].xmlPK-!Z,[ _rels/.relsPK-!nPdrs/downrev.xmlPK H$D 0  tThe long term carbon price drives technology and is an opportunity Demand side management The emergence of alternative technologies The adoption and diffusion of alternative technologies The short term carbon price is an input cost and is an economic lossBC x F CxF H ( 0޽h ? 33 ~ ___PPT10^ .έ+YD2 ' Y= @B D ' = @BA?%,( < +O%,( < +D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*(C%(D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*(CZ%(D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*(Z%(D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*(%(D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*(%(+" 0 ,(  ,/ ,  x50e0e?Rectangle 2  X cHow to build a global system?  " ,  x@0e0e?Rectangle 3 `   X V   H , 0޽h ? 33___PPT10i.(+D=' Y= @B +" 0 me0(  0D 0  xF0e0e?Rectangle 2,   x0Alternative Philosophies (top down vs bottom up)1 11 y 0  xK0e0e?Rectangle 3"PK![Content_Types].xml|N0 HC+jS8 @:Q۸ ??\o<7p]V޷O(I'6E=, ){Ō4>I)q7UuDހǏ)}nL"Mᴸ&g0eSA)΄2';2 WYu7{ɯΒzŘqFrj9K*(]mOlPK!Z,[ _rels/.relslj0 ``t_Pƈ[>,dgzjǎ?I'f#®Pb-\/Ƿ0Z]nLnp__3.iJV KQBiDžrL,Vʌ/7р4`ANar+m;E/'3U Aںv83/PK!;>drs/downrev.xmlDQK0C/R7J]6FU Vk3ĭp/ۉ`+e k 7 >D;ǤD9yCmlDp(PAc_H,SsbL7R{<&8˦ҢbOeK*gׇ]^loJ]^ {?vӧ7z!Wm2PK-![Content_Types].xmlPK-!Z,[ _rels/.relsPK-!;>drs/downrev.xmlPK H$ 0  Negotiate a global system in a common framework from the top down The Kyoto approach Created a global system by coordinating national policies to build a global system Nordhaus coordinated carbon tax The McKibbin-Wilcoxen HybridB Z ZT Z= Z9 . .,= H 0 0޽h ? 33  ___PPT10 .`gW+FDc ' Y= @B D ' = @BA?%,( < +O%,( < +D' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*0B%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*0BU%(Ds' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*0V%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*0%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*0%(+8+0+00 +"A 0 o g 4 (  4H 4  x0e0e?Rectangle 2,   |4Alternative Philosophies (quantity vs price targets)5 55 w  4  x$ 0e0e?Rectangle 3"PK![Content_Types].xml|N0 HC+jS8 @:Q۸ ??\o<7p]V޷O(I'6E=, ){Ō4>I)q7UuDހǏ)}nL"Mᴸ&g0eSA)΄2';2 WYu7{ɯΒzŘqFrj9K*(]mOlPK!Z,[ _rels/.relslj0 ``t_Pƈ[>,dgzjǎ?I'f#®Pb-\/Ƿ0Z]nLnp__3.iJV KQBiDžrL,Vʌ/7р4`ANar+m;E/'3U Aںv83/PK! drs/downrev.xmlDQK0߅pdNmƘ:A*>_[$ݿ7s|9ȇY ӉFrZGt Ypbri5K P&a:;o05W7-llzuMqm$tau6 Mic3W^l*2`oC$/!%d |PK-![Content_Types].xmlPK-!Z,[ _rels/.relsPK-! drs/downrev.xmlPKH$ 0  IDEA - Pick an emissions target based on the expected costs and expected benefits Targets and timetables (politically popular) Stern and Garnaut POLICY   Cap and Trade - Require firms have a permit each year (based on a target) for each unit of emissions with emissions capped Trade permits in the market Revenue goes to permit owner Emissions certain (targets and timetables) but cost is uncertain Global REGIME  join emission trading systems together to generate a global priceS Z? Z Zz Z ZR ZS?z  R H 4 0޽h ? 33jb___PPT10B.`gW+FD' Y= @B D' = @BA?%,( < +O%,( < +Ds' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*4S%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*4S%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*4%(D ' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*4%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*45%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*45R%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*4R%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*4%(+8+0+40 +" 0   8" (  8 8  x:0e0e?Rectangle 3"PK![Content_Types].xml|N0 HC+jS8 @:Q۸ ??\o<7p]V޷O(I'6E=, ){Ō4>I)q7UuDހǏ)}nL"Mᴸ&g0eSA)΄2';2 WYu7{ɯΒzŘqFrj9K*(]mOlPK!Z,[ _rels/.relslj0 ``t_Pƈ[>,dgzjǎ?I'f#®Pb-\/Ƿ0Z]nLnp__3.iJV KQBiDžrL,Vʌ/7р4`ANar+m;E/'3U Aںv83/PK!gXhdrs/downrev.xmlDMO1E&摸,Q1!q9} N?V ]ܛssfND>4H2`dJSIx/n&BD$\(b޻a贏KrPrCY0Lk)+-eؘPuM[KpbOuao7Qta&u[hE( b,KH~6PK-![Content_Types].xmlPK-!Z,[ _rels/.relsPK-!gXhdrs/downrev.xmlPK<H$ 0  8IDEA - Pick a carbon price based on how much society is willing to pay for insurance against climate change and adjust the price over time as more information is revealed National POLICY   carbon tax where firms are charged a preannounced tax for each unit of carbon emissions Revenue goes to the government Emissions uncertain but cost (i.e. the tax) is certain Global REGIME  set the same price everywhereH ZV Z/ ZV/ N 8  ~0C0e0e?Rectangle 5,   |4Alternative Philosophies (quantity vs price targets)5 55 H 8 0޽h ? 33  ___PPT10w .`gW+JD ' Y= @B D ' = @BA?%,( < +O%,( < +DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*8%(Ds' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*8%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*87%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*87n%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*8o%(+8+0+80 +" 0 J B < (  <L  <  x\[0e0e?Rectangle 3"PK![Content_Types].xml|N0 HC+jS8 @:Q۸ ??\o<7p]V޷O(I'6E=, ){Ō4>I)q7UuDހǏ)}nL"Mᴸ&g0eSA)΄2';2 WYu7{ɯΒzŘqFrj9K*(]mOlPK!Z,[ _rels/.relslj0 ``t_Pƈ[>,dgzjǎ?I'f#®Pb-\/Ƿ0Z]nLnp__3.iJV KQBiDžrL,Vʌ/7р4`ANar+m;E/'3U Aںv83/PK!Ϧdrs/downrev.xmlDN0DHHܨMVQEBjÁo@iӿь͗Ş|+d ;n5I,'s,;؊PPJC ĩ9o1[=*fb@+C*mu]ԫMG>gD1+e_z YMA l)PK-![Content_Types].xmlPK-!Z,[ _rels/.relsPK-!Ϧdrs/downrev.xmlPK<H$ 0  j IDEA - Create a flexible system with long term concentration targets to tie down credibility but control the short term carbon price with flexibility as we learn about costs and benefits National POLICY - Create a Hybrid system of long term permit trading and short term carbon taxes similar to the monetary policy framework with long term carbon prices determined by a long term concentration target but short term carbon prices controlled by a central bank of carbon. Global REGIME  set the same price everywhere. Z, N <  ~Tg0e0e?Rectangle 5,   |4Alternative Philosophies (quantity vs price targets)5 55 H < 0޽h ? 33me___PPT10E.`gW+JD' Y= @B D' = @BA?%,( < +O%,( < +DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*<%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*<%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*<%(+8+0+<0 +" 0 B:@(  @/ @  x*0e0e?Rectangle 2,   cLessons from Kyoto Experience  c @  x0e0e?Rectangle 3"PK![Content_Types].xml|N0 HC+jS8 @:Q۸ ??\o<7p]V޷O(I'6E=, ){Ō4>I)q7UuDހǏ)}nL"Mᴸ&g0eSA)΄2';2 WYu7{ɯΒzŘqFrj9K*(]mOlPK!Z,[ _rels/.relslj0 ``t_Pƈ[>,dgzjǎ?I'f#®Pb-\/Ƿ0Z]nLnp__3.iJV KQBiDžrL,Vʌ/7р4`ANar+m;E/'3U Aںv83/PK!]drs/downrev.xmlDOk1GCX*[Z(}wn~{CqxNL>4H02U$Xh֐+zwS̕-wbIbB]y(k֑IhƘN_qB+B#style.visibility<*@a%(D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*@a%(D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*@=%(+"5 0 <4D(  D D ^A??Picture 2"@H D 0޽h ? 33___PPT10i.(+D=' Y= @B +" 0 H @ H(  HH H  x0e0e?Rectangle 2   |4Why there will not be a global carbon trading market5 55 P H  xĆ0e0e?Rectangle 3"PK![Content_Types].xml|N0 HC+jS8 @:Q۸ ??\o<7p]V޷O(I'6E=, ){Ō4>I)q7UuDހǏ)}nL"Mᴸ&g0eSA)΄2';2 WYu7{ɯΒzŘqFrj9K*(]mOlPK!Z,[ _rels/.relslj0 ``t_Pƈ[>,dgzjǎ?I'f#®Pb-\/Ƿ0Z]nLnp__3.iJV KQBiDžrL,Vʌ/7р4`ANar+m;E/'3U Aںv83/PK!ndrs/downrev.xmlDN@EM͘&[$R,F- C[6k)}ɹ9`Zѓ ƣV Dh5Β X.iw[w,!Cu]&e(k2F#ȧxfi}LBk*OoKìXnW_>7J 'ͩ_ջd+B#style.visibility<*H%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*H %(+8+0+H0 +"H 0 OGL(  L3 L  x0e0e?Rectangle 2,   g!Lessons from the Financial Crisis" "" l L  x 0e0e?Rectangle 3   &Expected costs and benefits of a policy should not rely on our ability to forecast Critical to get global and national governance and regulatory systems right Shocks will occur and some firewalls between national climate policy systems is critical to minimize volatility of the global systemHT Z Z ZT' H L 0޽h ? 33___PPT10i.8L+D=' Y= @B +" 0 Pl(  P> P  x 0e0e?Rectangle 2,   r*Principles of Climate Change Policy Design+ ++  P  x8 0e0e?Rectangle 3"PK![Content_Types].xml|N0 HC+jS8 @:Q۸ ??\o<7p]V޷O(I'6E=, ){Ō4>I)q7UuDހǏ)}nL"Mᴸ&g0eSA)΄2';2 WYu7{ɯΒzŘqFrj9K*(]mOlPK!Z,[ _rels/.relslj0 ``t_Pƈ[>,dgzjǎ?I'f#®Pb-\/Ƿ0Z]nLnp__3.iJV KQBiDžrL,Vʌ/7р4`ANar+m;E/'3U Aںv83/PK!Ndrs/downrev.xmlDQk0FpTkFps05II2~a\Ǚ/{ݲ 9X#`?|@#r1c!rE C }UF?Ni tK(-$#ؘPcG뚪÷e*ui;uz&_̀3:_Ջ-iMNۧk} ' ܈/~PK-![Content_Types].xmlPK-!Z,[ _rels/.relsPK-!Ndrs/downrev.xmlPK H$D 0  Need to enable households and firms in each country to manage the risks associated with climate change Should be credible, flexible and able to withstand future shocks "   (H P 0޽h ? 33___PPT10.`x+YD~' Y= @B D9' = @BA?%,( < +O%,( < +D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*Ph%(D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*Pi%(+" 0 (  T (  T> T  x0e0e?Rectangle 2`P   r*How to achieve credibility and flexibility+ ++ : T  x%0e0e?Rectangle 3"PK![Content_Types].xml|N0 HC+jS8 @:Q۸ ??\o<7p]V޷O(I'6E=, ){Ō4>I)q7UuDހǏ)}nL"Mᴸ&g0eSA)΄2';2 WYu7{ɯΒzŘqFrj9K*(]mOlPK!Z,[ _rels/.relslj0 ``t_Pƈ[>,dgzjǎ?I'f#®Pb-\/Ƿ0Z]nLnp__3.iJV KQBiDžrL,Vʌ/7р4`ANar+m;E/'3U Aںv83/PK!3drs/downrev.xmlDN0HHܨOIVUԄXmvYqjVift@>*% VNVQ>_M@Vc,)8QlvGCk2TgR!azv|ZjGN$ɽ4Z^hUCw7 4z{\'tyaŰ|iu^UjnOӻ[+@e rPK-![Content_Types].xmlPK-!Z,[ _rels/.relsPK-!3drs/downrev.xmlPK<H$D 0  XNeed long term property rights over carbon in the hands of private agents Need an independent national central bank of carbon to administer the policy with clear goals Need clear short term price control mechanism that enable costs to be smoothed Need to avoid reliance on foreign markets to smooth domestic prices  can also increase volatility Need fire walls around national systems  P H T 0޽h ? 33 ~ ___PPT10^ .PS+YD2 ' Y= @B D ' = @BA?%,( < +O%,( < +D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*TJ%(D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*TK%(D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*T%(D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*T^%(D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*T_%(+"" 0 )!0X(  XW X  xC0e0e?Rectangle 4  X CHow do you actually build a monetary style national climate policy?D DD " X  xO0e0e?Rectangle 5 `   X V   H X 0޽h ? 33___PPT10i.Pm+D=' Y= @B +": 0 nf@\(  \ \  xDX0e0e?Rectangle 3"PK![Content_Types].xml|N0 HC+jS8 @:Q۸ ??\o<7p]V޷O(I'6E=, ){Ō4>I)q7UuDހǏ)}nL"Mᴸ&g0eSA)΄2';2 WYu7{ɯΒzŘqFrj9K*(]mOlPK!Z,[ _rels/.relslj0 ``t_Pƈ[>,dgzjǎ?I'f#®Pb-\/Ƿ0Z]nLnp__3.iJV KQBiDžrL,Vʌ/7р4`ANar+m;E/'3U Aںv83/PK!!aX8drs/downrev.xmlDQO0M%M:fpdR L߯e{|'lћVs㬂(Atbs7YRp!|p3\i*!sTPRrYAl 1Jj7LAll|UM(z9ocR~"P\;+Q/Z$M CDhMAίPK-![Content_Types].xmlPK-!Z,[ _rels/.relsPK-!!aX8drs/downrev.xmlPKMC H$ 0  QAim Impose a long term carbon goal for the world and distribute across economies Generate a credible long term price for carbon in each country to guide energy related investment decisions Keep short term costs low Provide a way for corporation and households to manage climate risk Each country adopts nationally and cooperate globally* M MR 0 \  ~<]0e0e?Rectangle 5,   ^McKibbin Wilcoxen Hybrid  H \ 0޽h ? 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33___PPT10i.K I+D=' Y= @B +"n 0 umh(  h* h  xkW0e0e?Rectangle 2wj  W ^Why long term permits?   h  xoW0e0e?Rectangle 3TtW  W aLock in long term goal Provide financing on the balance sheets of industry and households Not provided by a tax or a permit auction (how do you pay for the technologies for abatement and adaptation? 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Act as a constraint on backsliding by governments by valuing the credibility of the policy where the assets are held by the voters<Z   Zb H h 0޽h ? 33___PPT10i.\5+D=' Y= @B +" 0   lr (  l. l  xJW0e0e?Rectangle 2,  W bComponents of the Policy - 2   l  xMW0e0e?Rectangle 3"PK![Content_Types].xml|N0 HC+jS8 @:Q۸ ??\o<7p]V޷O(I'6E=, ){Ō4>I)q7UuDހǏ)}nL"Mᴸ&g0eSA)΄2';2 WYu7{ɯΒzŘqFrj9K*(]mOlPK!Z,[ _rels/.relslj0 ``t_Pƈ[>,dgzjǎ?I'f#®Pb-\/Ƿ0Z]nLnp__3.iJV KQBiDžrL,Vʌ/7р4`ANar+m;E/'3U Aںv83/PK!{!drs/downrev.xmlDQO0M5M:EN.`eV|<9'7;vr`SZ՘ xF8dB{&T"Bˤe͚vlbNSUR9GnUHM5u\~o~4BѸ ;\U_i^}}q,P/ aSçkԚ|`m49PK-![Content_Types].xmlPK-!Z,[ _rels/.relsPK-!{!drs/downrev.xmlPKg H$@ 0 W "Annual permits Must be acquitted against carbon emissions in the year of issue Expire in year of issue Elastic supply from a central bank of carbon (CBC) or limited international trade Price fixed for five years and then reset given information available Act as a  safety valve to cap the cost each year but adjusted over time to hit the target> K 2 Z H l 0޽h ? 33R J ___PPT10* .u_Dp+ED ' Y= @B D ' = @BA?%,( < +O%,( < +D ' =%(D ' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*l%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*lO%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*lOg%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*lg%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*l%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*lZ%(+"/ 0 6.p(  p+ p  xW0e0e?Rectangle 2,  W _Short term Carbon price  [ p  xW0e0e?Rectangle 3  W GIn any year companies will use a mix of an annual coupon from the long term permit and annual permits printed by the CBC for a fixed price to satisfy their emissions The price of permits in any year will be fixed at the price of the annual permits (effectively a carbon tax) The long term carbon price is determined in a marketH ZHH H p 0޽h ? 33___PPT10i.I+D=' Y= @B +"> 0 E=t(  t3 t  xyW0e0e?Rectangle 2`pP  W g!Climate policy as monetary policy" "" ' t  x\W0e0e?Rectangle 3@  W [Monetary Policy Target is inflation over the cycle Short term target is the cash rate Key driver of economic activity is expected future interest rates (long term bond rates) Cooperate with other countries through international BIS/IMF *    (<)3 t  x̶W0e0e?Rectangle 4@  W gClimate Policy Target is concentrations of greenhouse gases Short term target is the carbon price Key driver of emissions is expected future carbon prices (price of long term carbon asset) Cooperate with other countries through the UNFCCC processes*    (<)H t 0޽h ? 33___PPT10i.׭W+D=' Y= @B +" 0 x(  x- x  xW0e0e?Rectangle 2  WX aA Hypothetical Illustration  " x  xTW0e0e?Rectangle 3 `   WX V   H x 0޽h ? 33___PPT10i.^7+D=' Y= @B +"5 0 <4|(  | | ^A??Picture 2"@9]#H | 0޽h ? 33___PPT10i.x@9+D=' Y= @B +" 0 "(  z  RA??Picture 29]#H  0޽h ? 33___PPT10i.x@9+D=' Y= @B +"5 0 <4(    ^A??Picture 2"@=H  0޽h ? 33___PPT10i.x@9+D=' Y= @B +"5 0 <4(    ^A??Picture 2"@?H  0޽h ? 33___PPT10i.PV&9+D=' Y= @B +"=  0 D <  L (  2   x>W0e0e?Rectangle 2,  W f Coordination of National Markets! !! [   xlW0e0e?Rectangle 3v W =Independent but coordinated via fixed annual carbon price (P) > Z=>   ZP?Rectangle 4"@p  oJapan$$ c    ZP?Rectangle 5"@  lUS$$ c    Z| P?Rectangle 6"@p  lEU$$ c     ZP?Rectangle 7"@#  c  s Australia$ $  c   2  JP%P?Oval 8"@ <  P@$ go    Z?AutoShape 9    \?AutoShape 10? C   @ \?AutoShape 11    \?AutoShape 12< C C # H  0޽h ?O     33___PPT10i.cu+D=' Y= @B +"9 0  w(  '   xP0e0e?Rectangle 2,  P [Key Issues Nationally     xK]0e0e?Rectangle 3"PK![Content_Types].xml|N0 HC+jS8 @:Q۸ ??\o<7p]V޷O(I'6E=, ){Ō4>I)q7UuDހǏ)}nL"Mᴸ&g0eSA)΄2';2 WYu7{ɯΒzŘqFrj9K*(]mOlPK!Z,[ _rels/.relslj0 ``t_Pƈ[>,dgzjǎ?I'f#®Pb-\/Ƿ0Z]nLnp__3.iJV KQBiDžrL,Vʌ/7р4`ANar+m;E/'3U Aںv83/PK!<drs/downrev.xmlDAO1F&fLI٬B#`B㸝.nM[a48yMnؙ0'VF 8o)0Hl!W0M1bt>Ţ T!羨HۖLduC<%ußkM\eEG h'u1Nen[ut~!D[ ԅgyJUelIFX~rܣ1 PK-![Content_Types].xmlPK-!Z,[ _rels/.relsPK-!<drs/downrev.xmlPK H$@ 0 P .Credible future price of carbon Hybrid pre committed target driving 100 year yield curve Short term price volatility (spikes) Hybrid complete control for 5 year periodsT 9 % +  9%+ H  0޽h ? 33___PPT10.+B#style.visibility<* %(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<* Y%(D' =%(Dh' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*Y~%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*~%(+"@ 0 >60(  '   xP]0e0e?Rectangle 2,  ] [Key Issues Nationally  g   x]0e0e?Rectangle 3"PK![Content_Types].xml|N0 HC+jS8 @:Q۸ ??\o<7p]V޷O(I'6E=, ){Ō4>I)q7UuDހǏ)}nL"Mᴸ&g0eSA)΄2';2 WYu7{ɯΒzŘqFrj9K*(]mOlPK!Z,[ _rels/.relslj0 ``t_Pƈ[>,dgzjǎ?I'f#®Pb-\/Ƿ0Z]nLnp__3.iJV KQBiDžrL,Vʌ/7р4`ANar+m;E/'3U Aںv83/PK!6drs/downrev.xmlDN0V:TnUP$6<o@lӦoYͧYۉ#:Vp9@N(xs!"k3X-ǣڝxG}lDp(Q/ !az[OIn;yebi`OC*:W]oboJ]LHC65WSK9÷z!WSn ?PK-![Content_Types].xmlPK-!Z,[ _rels/.relsPK-!6drs/downrev.xmlPK H$@ 0 ] Financing change Hybrid puts revenue in the hands of innovators in industry and households with any annual permit sale revenue to finance R&D Balance Sheets Hybrid preserves corporate and household balance sheets but changes the structure of balance sheetsT }  d }d H  0޽h ? 33  ___PPT10r .+B#style.visibility<*%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D4' =%(D' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(+" 0 @(     xc]0e0e?Rectangle 2,  ] Q Stability    5   xg]0e0e?Rectangle 3  ] iPermits are like money Credibility of government is critical Firewalls are important to shield domestic policy from foreign outcomes Domestic constituencies important Who benefits from regime withdrawal? j & j %  &j% H  0޽h ? 33___PPT10i.O@+D=' Y= @B +" 0 Px(  %   xd]0e0e?Rectangle 2,  ] YKey Issues Globally     x]0e0e?Rectangle 3  ] GIncentives to negotiate The allocation of global targets is an allocation of domestic revenue created by the carbon constraint WITHIN economies between the private sector and government. It is NOT a transfer of revenue across countries*   H  0޽h ? 33___PPT10i.I)q7UuDހǏ)}nL"Mᴸ&g0eSA)΄2';2 WYu7{ɯΒzŘqFrj9K*(]mOlPK!Z,[ _rels/.relslj0 ``t_Pƈ[>,dgzjǎ?I'f#®Pb-\/Ƿ0Z]nLnp__3.iJV KQBiDžrL,Vʌ/7р4`ANar+m;E/'3U Aںv83/PK!sGdrs/downrev.xmlDj@F }e _-4}ivLbawp>|9Nֲ(A\Yr|AL .acwtڇZD 4!􅔾jȠٞ8uC<]-sNN$[ n}}Scn ?PK-![Content_Types].xmlPK-!Z,[ _rels/.relsPK-!sGdrs/downrev.xmlPK Z H$ 0 ] Negotiate a long term permit allocation that is larger than current emissions Price of annual emission permits (or economic cost) is zero in the short run because more permits than needed   (H  0޽h ? 33  ___PPT10l .+2D ' ]= @B D ' = @BA?%,( < +O%,( < +D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*N%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*ND' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*ND{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*O%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*OD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*O+8+0+0 +"5 0 <4(    ^A??Picture 2"@;H  0޽h ? 33___PPT10i.z@O+D=' = @B +"5 0 <4(    ^A??Picture 2"@=H  0޽h ? 33___PPT10i.z@O+D=' = @B +" 0 <(  (   xt5]0e0e?Rectangle 2,  ] \Trading Across Borders     x8]0e0e?Rectangle 3  ] Developing country permits can enter into the MWH national system but as annual permits on a bilateral basis Cap on the amount determined until all annual permits are used and CBC has no revenue  H  0޽h ? 33___PPT10i.U=Q+D=' = @B +"E  0 (  %   x8]0e0e?Rectangle 2,  ] YKey Issues Globally  -   x{]0e0e?Rectangle 3"PK![Content_Types].xml|N0 HC+jS8 @:Q۸ ??\o<7p]V޷O(I'6E=, ){Ō4>I)q7UuDހǏ)}nL"Mᴸ&g0eSA)΄2';2 WYu7{ɯΒzŘqFrj9K*(]mOlPK!Z,[ _rels/.relslj0 ``t_Pƈ[>,dgzjǎ?I'f#®Pb-\/Ƿ0Z]nLnp__3.iJV KQBiDžrL,Vʌ/7р4`ANar+m;E/'3U Aںv83/PK!pdrs/downrev.xmlD[K1FC7ե֦TZn}7I$}p>tޛVɇYV Dh5Β3Ϯiw[:b%XbC LPd0 \GYȧxbiCB-k*ߞI]}ؼ+u{/AD8|?z2LGI \?}"yȹA.PK-![Content_Types].xmlPK-!Z,[ _rels/.relsPK-!pdrs/downrev.xmlPK H$D 0 ] KTransfers to Developing Countries Partly through bilateral trade of annual permits Need to create a technology transfer policy and development policies outside the carbon markets so as to not complicate carbon pricing with other objectives*"  " H  0޽h ? 33___PPT10.+B#style.visibility<*%(+8+0+0 +" 0 91(     x]0e0e?Rectangle 2,  ] S Conclusions    j   x]0e0e?Rectangle 3"PK![Content_Types].xml|N0 HC+jS8 @:Q۸ ??\o<7p]V޷O(I'6E=, ){Ō4>I)q7UuDހǏ)}nL"Mᴸ&g0eSA)΄2';2 WYu7{ɯΒzŘqFrj9K*(]mOlPK!Z,[ _rels/.relslj0 ``t_Pƈ[>,dgzjǎ?I'f#®Pb-\/Ƿ0Z]nLnp__3.iJV KQBiDžrL,Vʌ/7р4`ANar+m;E/'3U Aںv83/PK!mdrs/downrev.xmlDQK0Co.u2S16E7AغpmjsSuzx8Mđ|hke +gZ5˧D;ǤLˋ)ƝxK]Ep(PCc_H,SwpbLx<%8ŖC=->w_VC6bm5WHCO++Q/FRX8<}k"y /&SPK-![Content_Types].xmlPK-!Z,[ _rels/.relsPK-!mdrs/downrev.xmlPK H$ 0 ] $ For any policy to survive it is critical to get the balance between long run environmental benefits and short run economic costs right. Flexibility, credibility and sustainability of the policy framework are key Targets and timetables do not handle uncertainty as well as price based systems$ $ %% (H  0޽h ? 33me___PPT10E.~f+[W_D' = @B D' = @BA?%,( < +O%,( < +DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(DA' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%%(+8+0+0 +" 0 >(    R]?Text Box 2"@7  vwww.sensiblepolicy.comC0  H  0޽h ? 33___PPT10i.N}e+D=' = @B +" 0 um(    NX?Rectangle 7_   j*      r0e0e?Rectangle 2      x0e0e?Rectangle 3 0   R   H  0޽h ? 3380___PPT10.Ƀ@ 0 umP(    NW?Rectangle 7_   j*      r0e0e?Rectangle 2      x`W0e0e?Rectangle 3 @   R   H  0޽h ? 33r0Ebq9= &+@DXt&P o%;J@GKMO-RjT`q8;$Wѩ~˺J31Oh+'0p `h $ D P \hGiblin LEctureWarwick McKibbindMacintosh HD:Applications:Microsoft Office 2004:Templates:Presentations:Designs:Blank PresentationWSPC64Microsoft PowerPoint@?֒@N@3>՜.+,0     On-screen ShowANUw. 2TimesArialVerdanaBlank6The Monetary Policy Approach to Climate Policy Design Overview Bathtubs Climate ScienceClimate ScienceClimate Science#Economics of Climate Change PolicyWhat is NeededThe Role of a Price on carbonHow to build a global system?1Alternative Philosophies (top down vs bottom up)5Alternative Philosophies (quantity vs price targets)5Alternative Philosophies (quantity vs price targets)5Alternative Philosophies (quantity vs price targets)Lessons from Kyoto Experience Slide 165Why there will not be a global carbon trading market"Lessons from the Financial Crisis+Principles of Climate Change Policy Design+How to achieve credibility and flexibilityDHow do you actually build a monetary style national climate policy?McKibbin Wilcoxen HybridComponents of the Policy - 1 Slide 24Why long term permits?Components of the Policy - 2Short term Carbon price"Climate policy as monetary policyA Hypothetical Illustration Slide 30 Slide 31 Slide 32 Slide 33!Coordination of National MarketsKey Issues NationallyKey Issues Nationally StabilityKey Issues Globally(How to Bring in Developing Countries ?Developing Countries Slide 41 Slide 42Trading Across BordersKey Issues Globally Conclusions Slide 46  Fonts UsedDesign Template Slide Titles._"WSPCWSPC  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root EntrydO)Pictures;Current UserSummaryInformation(PowerPoint Document(QFDocumentSummaryInformation8