2024, Volume 27, Paper 3
ISSN: 2209-6612
Policies Adopted in Different Countries to Reduce Greenhouse Gas Emissions and Implications for Australian Agriculture
Margot Abi Rached – School of Agriculture, Food and Ecosystem Sciences, University of Melbourne
Bill Malcolm – School of Agriculture, Food and Ecosystem Sciences, University of Melbourne
Garry Griffith – School of Agriculture, Food and Ecosystem Sciences, University of Melbourne
Abstract
Greenhouse gas emissions are a primary universal concern, with many countries worldwide making serious efforts to mitigate their contribution to global warming. Different countries have implemented various initiatives to reduce emissions, especially following the signing of the Paris Climate Agreement. Countries have adopted different approaches to reach the goal they have committed to, with some relying mainly on legislation and regulation, some using market-based policies and others using a combination of approaches to reduce emissions and meet their environmental commitments. This paper examines and explains different legislations, taxes, return revenue taxes, cap-and-trade, incentives, subsidies, and other direct and indirect approaches adopted in the European Union, the United States, Finland, Sweden, Japan, New Zealand and China. The impacts of these approaches on markets and their contributions to correcting pollution externalities are outlined.
In contrast, few policies and plans have been implemented in Australia to tackle carbon emissions, even though Australia is among the largest twenty emitter countries of carbon dioxide equivalents. What has been done in Australia is reviewed and compared to international best practices. Looking at some of the cost-efficient policies in use elsewhere in the world could help inform the climate policy debate in Australia and help put Australia on track to meet the emission reduction target agreed to under the Paris Climate Agreement. A conclusion is that more research is required regarding Australian climate policies specific to each sector to implement cost-efficient regulations that could reduce emissions while maintaining satisfactory economic growth
Key words: emissions, climate policies, social cost, negative externality
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