Publication

This paper argues that major countries must respond to the issue of climate change by considering the enormous uncertainties that are involved and focus on well designed systems and strong institutions. It discusses the key features of the climate change policy issue and outlines what is required in a policy framework that would allow an effective response to decreasing greenhouse gas emissions. It also argues whether there is an economic case for Australia to take the lead in the design and implementation of a market-based approach before a global system is implemented.