Economic approaches to promotion of clean energy

Rosencranz, Armin, Bansal, Kshitij, Vora, Aditya and Gupta, Shreyangshi (2017) Economic approaches to promotion of clean energy. NUJS Law Review, 10 (4). pp. 848-860. ISSN 0975 - 0207

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The uncontrolled exploitation of Earth’s resources has resulted in irreversible changes in the environment generally and the climate in particular. Therefore, a global and immediate policy response is urgently required to reduce greenhouse gas emissions and mitigate climate change. There is compelling evidence that climate change is the greatest and widest-ranging market failure ever seen. To combat the resultant market failure and externalities, there is a need to tackle climate change through economics. The paper aims at portraying the certainty associated with the economic approaches, rather than the policy approaches for combating climate change. A carbon tax seems to be a potent mitigation policy, other policies being cap and trade, renewable portfolio standards, feeding tariffs, production tax credits. If these policies are implemented exclusive of each other, irrespective weaknesses may cause hurdles, however, if harmonised internationally, they can be effective in promoting clean energy and thereby helping combat climate change. We compare these policies in different countries with a view to comprehensively analysing their respective roles in combating climate change.

Item Type: Article
Keywords: Environmental law and policy | Climate change | Carbon tax | Clean energy
Subjects: Social Sciences and humanities > Social Sciences > Social Sciences (General)
Social Sciences and humanities > Social Sciences > Law and Legal Studies
JGU School/Centre: Jindal Global Law School
Depositing User: Subhajit Bhattacharjee
Date Deposited: 05 May 2022 12:21
Last Modified: 05 May 2022 12:21
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