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Beyond The Carbon EconomyEnergy Law in Transition$
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Don Zillman, Catherine Redgwell, Yinka Omorogbe, and Lila K. Barrera-Hernández

Print publication date: 2008

Print ISBN-13: 9780199532698

Published to Oxford Scholarship Online: March 2012

DOI: 10.1093/acprof:oso/9780199532698.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 17 June 2021

The Use of Market-Based Instruments in the Transition from a Carbon-Based Economy  

The Use of Market-Based Instruments in the Transition from a Carbon-Based Economy  

(p.207) 10 The Use of Market-Based Instruments in the Transition from a Carbon-Based Economy 
Beyond The Carbon Economy

Catherine Banet

Oxford University Press

Moving beyond the carbon economy requires, on the one hand, greater reliance on renewable energy sources combined with the reduction of greenhouse gas emissions, and, on the other hand, a reduction in energy consumption by promoting energy efficiency and eco-technologies. This chapter explores how law can act on market forces in transitioning beyond the carbon economy in order to reach a sustainable energy model. New legal instruments based on market regulation are increasingly being used to that purpose and are intended to stimulate the required change of habits. New in their approach, often perceived as complex, even unknown to the individual consumer, marked-based instruments (MBIs) have become popular tools. In examining the role of MBIs in transitioning to a lower-carbon future, the experience of the European Union is discussed, and comparisons are drawn with the pioneer of MBIs, the United States. This chapter also looks at the rationales for the use of MBIs and analyses the underlying similarities and differences among MBIs, in particular green, white, and brown certificates.

Keywords:   European Union, United States, carbon economy, market-based instruments, green certificates, white certificates, brown certificates, energy efficiency, renewable energy sources, sustainable energy

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