Tuesday, November 10, 2009

What's More Important in Climate Policy, Targets or Institutions?

I put this question to the panelists on the Social Cost of Carbon (SCC) - Richard Tol, Simon Dietz, and Gary Yohe. Tol and Dietz strongly agreed that getting the climate mitigation institutions "right" was substantially more important than either determining the SCC or setting emissions reduction targets (although Dietz argued that determining the SCC helps along the political process towards implementing mitigation institutions). Made my day.

I may write more about more in a subsequent post about why I think economists, lawyers, and policy makers should be more concerned with getting the institutions right than with setting either the SCC or the proper level of carbon in the atmosphere.

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