My dear colleague @JochenMarkard & friends publish a compelling piece in @PNASNews arguing "Why #carbon pricing is not sufficient to mitigate #climate change"

They review 5 dimensions where a #sustainability transition policy is needed (mini-thread)/1

https://doi.org/10.1073/pnas.2004093117

#1 - carbon pricing proponents frame #climate change as "merely" a market failure problem

This view "fails to appreciate the broad scope of the climate challenge and the sweep of system elements that must undergo change."

Think lock-in into ICE cars. /2

#2 - Carbon pricing is often considered the most efficient tool to cut #CO2

But should efficiency be an overriding priority of #climate policy?

"Efficiency considerations must be tempered by an immediate need to realize carbon neutrality through whatever means actually work"/3

#3 - "in practice, carbon pricing strategies tend to promote the optimization of established business models and technologies"

But "incremental change alone is insufficient to pursue low-carbon pathways at the required pace"

Lock-ins need to be broken up! /4

#4 - Carbon pricing tends to be predicated on the notion that, eventually, all emissions are covered so no economic decision would escape it

Don't hold your breath for that...

Instead, "policies need to be tailored to local and/or sectoral contexts"/5

#5 - Finally, proponents of carbon pricing often "fail to acknowledge the substantial contestation around #climate policy and the political nature of markets"

"Carbon pricing strategies are not politically neutral"

#climate policy needs a nuanced approach to its politics /6

The article finishes with a quick overview of how #sustainable transition policies can be helpful to overcome these 5 weaknesses of carbon pricing as a lone tool to #climate policy. Many of you are already familiar with them, if not, go and read it! /7 https://doi.org/10.1073/pnas.2004093117

While I generally agree with all the points in the piece, I think the argument is really very simple: carbon pricing is but *one of many* tools needed for #climate policy. With its merits and its shortcomings. Those seeing it as a panacea, do need to check the article. /fin

Coincidentally, a very related paper also in @PNASNews, published just a few days before by @pol_economist & @MichaelAklin, shows that carbon pricing is indeed working - even if #CO2 prices are low! /bonus

https://doi.org/10.1073/pnas.1918128117