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Edited by Mona Hymel, Larry Kreiser, Janet E. Milne and Hope Ashiabor

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Edited by Mona Hymel, Larry Kreiser, Janet E. Milne and Hope Ashiabor

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Edited by Mona Hymel, Larry Kreiser, Janet E. Milne and Hope Ashiabor

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Edited by Mona Hymel, Larry Kreiser, Janet E. Milne and Hope Ashiabor

Although the world faces many environmental challenges, climate change continues to demand attention. This timely book explores ways in which market-based instruments and complementary policies can help countries meet their climate change goals. The chapters explore carbon pricing and other tax and non-tax measures, offering useful market-based perspectives that can help inform the many climate policy decisions that lie ahead.
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Edited by Mona Hymel, Larry Kreiser, Janet E. Milne and Hope Ashiabor

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David Leary

A wide range of policy options, including a range of market-based mechanisms are available to governments to support the development of renewable energy. These options include provision of investment incentives such as grant programmes, tax measures such as investment and production tax credits, government procurement policies, and guaranteed price systems such as feed-in tariffs. More common mechanisms include various market-based schemes built around obligations to purchase renewable energy, including portfolio standard or quota systems, and a binding renewable energy target. All of these options are present in some form or other in various government responses to climate change and in efforts to promote the development of renewable energy across Australia. By far the most important of these mechanisms has been the Mandatory Renewable Energy Target (MRET) scheme established under the Renewable Energy (Electricity) Act 2000 (Cth). This scheme was originally established to spur investment in renewable energy generation in Australia. This chapter argues that this core policy objective has been undermined by a constant stream of government-sponsored inquiries, reviews and legislative amendments that have created uncertainty and undermined investor confidence in the renewable energy industry. This chapter argues that the Australian experience demonstrates a fundamental lesson that the best way to destroy, or at a minimum undermine, the effectiveness of a market-based mechanism is to create a continual climate of uncertainty through inquiries and reviews and numerous amendments to the scheme.

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Evgeny Guglyuvatyy and Natalie P. Stoianoff

Australia had actively participated in the 1992 Earth Summit in Rio de Janeiro, endorsing the Summit goals that were formed by the desire for sustainable development. Australia also joined the United Nations Framework Convention on Climate Change and much later signed the Kyoto Protocol, enthusiastically supporting greenhouse gas reduction. A range of measures aimed at reducing Australia’s greenhouse gas emissions have been on the agenda at the federal and state level for the last two decades. Until recently, successive Australian governments have been committed to the introduction of a carbon tax or an emissions trading scheme designed to mitigate climate change. This chapter examines the historical progress of Australian climate change policy including the implementation of the present Australian government’s Direct Action Plan. The chapter in particularobserves several interesting and significant aspects of Australian climate law, highlighting governmental approaches and processes leading to the introduction of those laws.The historical perspective is necessary to identify most common features of the climate law implementation procedures and to identify what political factors influence these processes in Australia. Examination of the Australian climate change regime indicates how different actors influence policy proposals to achieve their own goals, rather than to cooperate in a process of generating the best overall legal option. This chapter concludes that the development of climate law in Australia required some innovative and responsive law initiatives. However, the practical implementation of various climate change laws had been constantly impacted by various economic and political factors.