What are the most effective policies for promoting greenhouse gas mitigation?

1 Carbon pricing

One of the most widely recommended policies for greenhouse gas mitigation is carbon pricing, which involves putting a monetary value on the GHG emissions from different sources and sectors. Carbon pricing can take the form of a carbon tax, which is a fixed charge per unit of emissions, or a cap-and-trade system, which sets a limit on the total emissions and allows trading of emission permits. Carbon pricing provides an incentive for emitters to reduce their emissions or switch to cleaner technologies, and generates revenue that can be used for environmental or social purposes.

2 Renewable energy subsidies

Another policy that can promote greenhouse gas mitigation is renewable energy subsidies, which are financial incentives for the production or consumption of energy from renewable sources, such as solar, wind, hydro, or biomass. Renewable energy subsidies can be direct payments, tax credits, feed-in tariffs, or loan guarantees, among others. Renewable energy subsidies can help overcome the barriers of high upfront costs, market failures, and externalities that hinder the development and deployment of renewable energy technologies, and reduce the dependence on fossil fuels.

3 Energy efficiency standards

A third policy that can promote greenhouse gas mitigation is energy efficiency standards, which are regulations that set minimum requirements for the performance or consumption of energy-using products, services, or processes. Energy efficiency standards can apply to appliances, buildings, vehicles, industries, or utilities, among others. Energy efficiency standards can help reduce the energy demand and the associated GHG emissions, and save costs for consumers and producers. Energy efficiency standards can also stimulate innovation and competitiveness in the energy sector.

4 Forest conservation and restoration

A fourth policy that can promote greenhouse gas mitigation is forest conservation and restoration, which are actions that aim to protect, enhance, or restore the forest cover and its carbon storage capacity. Forest conservation and restoration can involve legal protection, financial incentives, community management, or ecological restoration, among others. Forest conservation and restoration can help reduce the emissions from deforestation and degradation, and increase the removals of CO2 from the atmosphere by photosynthesis. Forest conservation and restoration can also provide multiple co-benefits for biodiversity, water, soil, and livelihoods.

5 Behavioral change interventions

A fifth policy that can promote greenhouse gas mitigation is behavioral change interventions, which are strategies that aim to influence the attitudes, norms, or habits of individuals or groups regarding their GHG-related actions. Behavioral change interventions can include information, education, feedback, nudges, incentives, or social marketing, among others. Behavioral change interventions can help reduce the GHG emissions from various activities, such as transportation, consumption, waste, or diet, and foster a culture of sustainability and responsibility.