Volume 1
The New Energy-industrial Revolution and International Agreement on Climate Change
At the heart of the analysis of, and progress on, action on climate change, at both country and international levels, must be an understanding of three sets of issues. The first concerns scale: of the risks from unmanaged climate change; of the necessary response; and of the great economic and social opportunities from the new…
Editorial
Some Political Economy of Global Warming
After recent disillusions, international climate change negotiations need to be jumpstarted. This paper first argues that countries’ strategic positioning will increase the cost of delay beyond that associated with the classic free-riding problem. It then investigates the governance of an agreement and the design of negotiation and compensation, emphasizing political economy considerations. The paper concludes…
Rethinking Gas Markets–and Capacity
The “U.S. Model” of natural gas markets is based on long-term, point-to-point commercial capacity rights (MDQXY) that reflect the physical capacity of the pipeline and are traded frequently among system users (shippers) in markets independent of the transmission system operator (TSO). When physical capacity is complex and scarce and the gas market is dynamic there…