Professor Luca Taschini's Inaugural Lecture

Overview

Drawing on his research and contributions to the field, Luca Taschini's lecture explores the profound evolution of carbon pricing policies, highlighting the shift from basic regulatory frameworks to sophisticated, multi-dimensional policies that now grapple with issues of market responsiveness, interconnectedness, and political acceptability.

Since their inception in the 1980s, carbon pricing policies, notably carbon markets, have undergone a significant transformation. Initially characterised by simple design features, these policies aimed to regulate emissions from a limited set of sources, drawing on the environmental economics of that era, which focused primarily on local pollutants. However, the landscape of carbon pricing has since become vastly more complex. This complexity reflects an evolution in policy structures, influenced by varying economic cycles and political climates. Today's carbon pricing mechanisms are intricate, incorporating advanced objectives and strategies to address the global scale and multifaceted nature of carbon emissions and climate change.