The role of international law and economics in renewable power

• By Stuart Bruce, University College London and Mike Pottenger, University of Melbourne • The UN has set out its ambition for an international policy on sustainable energy. But is the UN’s lead enough? What will it take to make nations follow? Creating and harnessing incentives to participate in (and comply with) international regulation is vital if the UN plan to reduce global energy-based carbon emissions is to be achieved. And economic theory can help law-makers focus on what is most needed in order to do it. Renewable energy targets provide clear goals The UN’s Sustainable Energy for All (SE4ALL) initiative has proposed a global renewable energy target of 30% by 2030 (doubling the current proportion of roughly 15%). It has emphasised the importance of the initiative by declaring 2014–2024 as the Decade of Sustainable Energy for All. In theory, this SE4ALL goal will be achieved primarily through domestic action, which has already begun. Australia is one of 118 countries with domestic renewable energy targets. Recently, the Australian Climate Change Authority recommended maintaining the current Renewable Energy Targets. This will provide a degree of market certainty and bolster incentives for ongoing investments in renewable energy. However, not all 118 renewable energy targets are equal. The effectiveness, stringency, degree of compliance and domestic enforcement will vary between countries. As a result, their collective effectiveness at reducing greenhouse gas emissions, in line with urgently needed global energy “decarbonisation”, is likely to be sub-optimal and may not achieve the SE4ALL renewable energy goal. Achieving the SE4ALL renewable energy goal will require unprecedented political, financial and technological cooperation and coordination at the international, regional and national levels, by government, business and civil society ...Zum vollständigen Artikel

Cookies helfen bei der Bereitstellung unserer Dienste. Durch die Nutzung erklären Sie sich mit der Cookie-Setzung einverstanden. Mehr OK