The latter was an approach in which governments set a limit or "cap" on certain types of emissions and polluting companies could sell or "trade" the unused portion of their limits to companies that were struggling to comply.
The researchers examined important design elements of cap-and-trade systems. These included: how to bank and borrow emissions permits and how this process interacted with other markets, taxes and subsidies; and ways to keep the permit price from rising too high or falling too low. They also documented how carbon pricing policies had been implemented across the world so that countries could learn about what other jurisdictions were doing and become aware of good ideas and practices being tested elsewhere.
The research has influenced both the policy thinking as well as the design and substance of carbon pricing legislation in the UK and elsewhere in the world. In the UK Department for Energy and Climate Change DECC changed its guidance on the price of carbon for cost-benefit analysis, from using the social cost of carbon to using the marginal cost of cutting emissions, as the LSE research had proposed.
DECC's report cited Dietz, who had been one of six independent peer-reviewers of the interim guidance produced in The research has also had an impact on legislation to introduce new carbon pricing policies in Australia, China, Mexico and South Korea, all of which have adopted new measures or are in the process of doing so.
The United Nations has referred to the Grantham research as contributing to the prospects for an international agreement on climate change. This collected information is used to sort out the users based on demographics and geographical locations inorder to serve them with relevant online advertising. This cookie is used to track the visitors on multiple webiste to serve them with relevant ads. It is used to create a profile of the user's interest and to show relevant ads on their site.
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