Danny Cullenward

David G. Victor

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 progress depends on sound strategy. Yet the most widely promoted climate policy—the use of market-based programs to reduce climate pollution—hasn’t been working and isn’t ready to scale. Danny Cullenward and David Victor show why the elegant theory of markets has failed to have much impact in practice. The reasons, they argue, are deeply rooted in the politics of creating and maintaining effective markets—forces that have caused low prices and led to few climate benefits in nearly every program to date. These problems are structural and won’t disappear with increasing demand for climate solutions. Confronting them requires counterintuitive reforms, but even reformed markets are unlikely to drive the scale of change needed to stabilize the climate. Facing that reality, Cullenward and Victor argue, requires relying more heavily on regulation and industrial policy—strategies that ultimately turn on strengthened government capacities to deliver the benefits markets promise, but rarely deliver.

Making Climate Policy Work

Charles F. Sabel

Solving the global climate crisis through local partnerships and experimentation Global climate diplomacy—from the Kyoto Protocol to the Paris Agreement—is not working. Despite decades of sustained negotiations by world leaders, the climate crisis continues to worsen. The solution is within our grasp—but we will not achieve it through top-down global treaties or grand bargains among nations. Charles Sabel and David Victor explain why the profound transformations needed for deep cuts in emissions must arise locally, with government and business working together to experiment with new technologies, quickly learn the best solutions, and spread that information globally. Sabel and Victor show how some of the most iconic successes in environmental policy were products of this experimentalist approach to problem solving, such as the Montreal Protocol on the ozone layer, the rise of electric vehicles, and Europe’s success in controlling water pollution. They argue that the Paris Agreement is at best an umbrella under which local experimentation can push the technological frontier and help societies around the world learn how to deploy the technologies and policies needed to tackle this daunting global problem. A visionary book that fundamentally reorients our thinking about the climate crisis, Fixing the Climate is a road map to institutional design that can finally lead to self-sustaining reductions in emissions that years of global diplomacy have failed to deliver.

Strategies for an Uncertain World

Fixing the Climate

David R. Hults

Mark C. Thurber

National Oil Companies (NOCs) play an important role in the world economy. They produce most of the world's oil and bankroll governments across the globe. Although NOCs superficially resemble private-sector companies, they often behave in very different ways. Oil and Governance explains the variation in performance and strategy for NOCs and provides fresh insights into the future of the oil industry as well as the politics of the oil-rich countries where NOCs dominate. It comprises fifteen case studies, each following a common research design, of NOCs based in the Middle East, Africa, Asia, Latin America and Europe. The book also includes cross-cutting pieces on the industrial structure of the oil industry and the politics and administration of NOCs. This book is the largest and most systematic analysis of NOCs to date and is suitable for audiences from industry and academia, as well as policy makers.

State-Owned Enterprises and the World Energy Supply

Oil and Governance

Amy M. Jaffe

Mark H. Hayes

By most estimates, global consumption of natural gas - a cleaner-burning alternative to coal and oil - will double by 2030. However, in North America, Europe, China, and South and East Asia, which are the areas of highest-expected demand, the projected consumption of gas is expected to far outstrip indigenous supplies. Delivering gas from the world's major reserves to the future demand centres will require a major expansion of inter-regional, cross-border gas transport infrastructures. This book investigates the implications of this shift, utilizing historical case studies as well as advanced economic modelling to examine the interplay between economic and political factors in the development of natural gas resources. The contributors aim to shed light on the political challenges which may accompany a shift to a gas-fed world.

From 1970 to 2040

Natural Gas and Geopolitics

Global warming is one of today's greatest challenges. The science of climate change leaves no doubt that policies to cut emissions are overdue. Yet, after twenty years of international talks and treaties, the world is now in gridlock about how best to do this. David Victor argues that such gridlock has arisen because international talks have drifted away from the reality of what countries are willing and able to implement at home. Most of the lessons that policy makers have drawn from the history of other international environmental problems won't actually work on the problem of global warming. Victor argues that a radical rethinking of global warming policy is required and shows how to make international law on global warming more effective. This book provides a roadmap to a lower carbon future based on encouraging bottom-up initiatives at national, regional and global levels, leveraging national self-interest rather than wishful thinking.

Creating More Effective Strategies for Protecting the Planet

Global Warming Gridlock

Benn Steil

Richard R. Nelson

Information technology accounts for over one-third of recent U.S. GDP growth and nearly two-thirds of corporate capital investment. ''The New Economy'' appears omnipresent, but little is actually known about its workings. This seminal volume brings together the research and critical thinking of many of the world's top macro and micro economists to provide a unique, multifaceted perspective. Through the use of detailed, up-to-date country and industry studies, this book provides the most authoritative and detailed analysis ever assembled into the causes of technological innovation and its relationship to economic performance. The country studies cover the United States, Japan, Germany, France, the United Kingdom, and the Nordic states. Nine industry studies examine the Internet, computers and semiconductors, banking, securities trading, venture capital, energy, agricultural biotechnology, pharmaceutical biotechnology, and automobiles. Commissioned and brought together for the research project by the world-renowned Council on Foreign Relations, the authors have produced one of the most important compendia in applied economics to be published in recent times. The contributors are Charles Calomiris, Ian Domowitz, Robert Evenson, Charles Fine, Robert Gordon, Richard Langlois, Josh Lerner, Markku Malkamäki, Patrick Messerlin, Joel Mokyr, David Mowery, Richard R. Nelson, Stephen Nickell, Gary Pisano, Adam Posen, Daniel Raff, Horst Siebert, Timothy Simcoe, Benn Steil, Michael Stolpe, John Van Reenen, David Victor, and Matti Virén.

David G. Victor

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