- The world's policy response to climate change has so far been fragmented, resulting in a mix of taxes, cap-and-trade programs, environmental legislation, incentives for renewable energy, and a host of other policies and measures at local and national level.
- The policy frameworks -- market-based or otherwise -- that are seen to work best over the next few years are likely to provide the blueprint for managing emissions for decades to come, raising implications for long-term investments in energy generation and industrial manufacturing.
- In Europe, the world's largest cap-and-trade market appears to be achieving its aim of limiting CO2 emissions at a comparatively low cost. However, the true cost to Europe's economy is unclear, given state subsidies for renewables and other incentives.
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