There is growing evidence that decisions about macro- ments have not achieved significant emissions re-
economic policy, for example agricultural policy, mul- ductions beyond business as usual. However, some
tilateral development bank lending, insurance prac- recent agreements, in a few countries, have accel-
tices, electricity market reform, energy security and erated the application of best available technology
forest conservation, which are often treated separately and led to measurable emission reductions.
from climate policy, can reduce emissions significantly. Information (for example awareness campaigns)
Similarly, policies not directly linked to climate can af- may improve environmental quality by promoting
fect both the capacity to adapt and vulnerability. informed choices and possibly contributing to be-
havioural change, but the impact on emissions has
General findings about the performance of policies are: not been measured yet.
Integrating climate policies in broader devel- Research, development and demonstration
opment policies makes their implementation eas- (RD&D) can stimulate technological advances, re-
ier and helps to overcome barriers. duce costs and help progress toward the stabiliza-
Regulations and standards generally provide some tion of GHG concentrations.
certainty about emission levels. They may be prefera-
ble to other instruments when information or other bar- Examples of ways to integrate climate change into de-
riers prevent producers and consumers from respond- velopment policies to encourage mitigation include:
ing to price signals. However, they may not encourage changes to taxes and subsidies so as to promote
innovations and more advanced technologies. sustainable development;
Taxes and charges can set a price for carbon, but demand-side management programmes to reduce
cannot guarantee a particular level of emissions. electricity consumption as well as cutting transmis-
They can be an efficient way of internalizing the sion and distribution losses;
costs of GHG emissions. diversifying away from oil imports and reducing the
Tradable permits will establish a price for CO
2
. economy’s energy intensity;
The volume of allowed emissions determines their providing green incentives in the insurance of build-
environmental effectiveness, while the allocation of ings and transport; and
permits has distributional consequences. Fluctua- using the international finance system’s country and
tion in the price of CO
2
makes it difficult to estimate sector strategies and project lending in a way that
the total cost of complying with emission permits. reduces emissions (by favouring low energy-inten-
Financial incentives (subsidies and tax credits) are sity investments, for example).
frequently used by governments to stimulate the devel-
opment and diffusion of new technologies. While eco- Changes in lifestyle and behaviour patterns can con-
nomic costs are generally higher than for the options tribute widely to climate change mitigation. Manage-
above, they are often critical to overcoming barriers. ment practices can also have a positive role. Examples
Voluntary agreements between industry and gov- include changes in consumption patterns, education
ernments are politically attractive, raise awareness and training, changes in building occupant behaviour,
among stakeholders and have played a role in the transport demand management, and management
evolution of many national policies. Most agree- tools in industry.
Adaptation and mitigation
45
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