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Climate change policy :gaps in economic analysis

This report by Adrian Macey from the Institute of Policy Studies at VUW highlights critical gaps in economic analysis regarding New Zealand's climate change policy, particularly concerning its carbon budget for 2013-2020. It discusses the necessity of framing policy more around transformation velocity rather than fair share, the implications of market mechanisms, and the various impacts on sectors like agriculture. Additionally, it explores the economics of global food production, the potential for carbon markets, and the need for comprehensive modeling to evaluate competitiveness and carbon leakage.

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Climate change policy :gaps in economic analysis

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  1. Climate change policy :gaps in economic analysis Adrian Macey, Institute of Policy Studies, VUW, March 2012

  2. Current policy needs • Target – NZ carbon budget 2013-2020? • NB framed more as “what pace should NZ transform its economy” and less as “what is our fair share” • Market mechanisms • ETS linking • New mechanisms • Carbon leakage and competitiveness. • Global food production

  3. How economics can contribute • Cost of NZ targets • On whole of economy • By sector • Include dynamic effects • Include counterfactuals • Competitiveness and carbon leakage effects on NZ- all sectors –under different scenarios • Agriculture • Metrics (under way) • Basket of gases? Separate treatment for methane? • Global food production and consumption modelling – economics of food production in NZ • Mitigation potential

  4. How economics can contribute(2) • Carbon markets • Effects of limiting supply (restrictions on carry-over, on CDM etc, or on percentage of obligations that can be met through the market) • Optimum carbon price • Design of new market mechanisms • A Stern review for New Zealand?

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