For decades, the world's governments have struggled to move from talk to action on climate. Many now hope that growing public concern will lead to greater policy ambition, but the most widely promoted strategy to address the climate crisis - the use of market-based programs - hasn't been working and isn't ready to scale. Danny Cullenward and David Victor show how the politics of creating and maintaining market-based policies render them ineffective nearly everywhere they have been applied. Reforms can help around the margins, but markets' problems are structural and won't disappear with increasing demand for climate solutions. Facing that reality requires relying more heavily on smart regulation and industrial policy - government-led strategies - to catalyze the transformation that markets promise, but rarely deliver.
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"Cullenward and Victor provide a refreshingly honest and pragmatic perspective on this complex field. This book is essential reading for anyone interested in climate policy and carbon pricing."
David Wright, University of Calgary
"This is a must-read for policymakers, especially the climate intelligentsia who believe that market-based policies are a panacea for the existential threat of climate change. Cullenward and Victor shatter that myth and chart a better course based on proven models that achieve tangible results."
Kevin de León, California Senate President Emeritus
"I have spent my career trying to answer the question posed by Cullenward and Victor - how to make climate policy work. This book provides a compelling answer: the deep decarbonization the world needs will only be achieved when governments commit to a vision of transformation that all actors can work towards."
Laurence Tubiana, CEO of the European Climate Foundation, Founder of IDDRI
David Wright, University of Calgary
"This is a must-read for policymakers, especially the climate intelligentsia who believe that market-based policies are a panacea for the existential threat of climate change. Cullenward and Victor shatter that myth and chart a better course based on proven models that achieve tangible results."
Kevin de León, California Senate President Emeritus
"I have spent my career trying to answer the question posed by Cullenward and Victor - how to make climate policy work. This book provides a compelling answer: the deep decarbonization the world needs will only be achieved when governments commit to a vision of transformation that all actors can work towards."
Laurence Tubiana, CEO of the European Climate Foundation, Founder of IDDRI