If the world economy fails to decarbonise, it will not be because of the cost
Save time by listening to our audio articles as you multitaskThe challenge of getting to net zero, therefore, is not primarily budgetary but structural: how do you design politically viable policies to ensure the transition actually happens? That is the question Eric Lonergan, an economist and fund manager, and Corinne Sawers, a climate consultant, take on in their new book “Supercharge Me: Net Zero Faster”.
Carbon prices do not alter people’s choices much when there are too few substitutes for dirty goods, or when those substitutes are too expensive. High fuel taxes, for example, tend to provoke a political backlash against environmentalism—think of France’s—but do not much alter transport emissions. Britain has had one of the highest levels of fuel duty in the rich world in recent decades, note Mr Lonergan and Ms Sawers, but drivers’ take-up of electric vehicles has been unremarkable.
Their assault on carbon pricing is not entirely without merit. The theoretical attraction of the policy is that it leads the market to discover the cheapest ways to cut emissions, where behaviour is easily changed, while allowing other parts of the economy to choose to pay the toll.
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