Institution(s): HK Institute of Economics and Business Strategy

Date: Apr 16, 2010 (Friday)

Time: 05:45 pm - 07:00 pm

Venue: Lecture Theatre T6, Meng Wah Complex, The University of Hong Kong, Pokfulam Road, Hong Kong

Admission: Free of charge

Registration: Email your name and contact information to info@hiebs.hku.hk

Abstract:

The Kyoto Protocol was the outcome of many years of multilateral negotiation and political compromise. Predictably, most of the countries that ratified the Kyoto Protocol have not taken effective action to curb greenhouse gas emissions. With the first commitment period of 2008 to 2012 quickly passing, many Kyoto countries do not look like they are reaching their targets. The outcome of the Copenhagen meetings in December 2009 demonstrated that there is also a lack of enthusiasm from most countries, particularly major developing countries, to take on the binding targets that form the basis of the Kyoto Protocol Approach without knowing the costs. This has raised serious doubts about the viability of the Kyoto style policy. Countries are beginning to look for more sustainable alternatives for the period beyond 2012. This lecture will outline the key features that are needed in a new climate change framework beyond Kyoto. It will propose a way to solve the climate impasse by moving away from equal emission reduction targets towards national policies designed around the principle of comparable and verifiable effort. The approach draws substantially from the design of frameworks and institutions for implementing monetary policy.

 

Warwick McKibbin is Professor and Director of the ANU Research School of Economics and the Centre for Applied Macroeconomic Analysis in the ANU College of Business and Economics. He recently served as a member of the Australian Prime Ministers Science, Engineering and Innovation Council and on the Australian Prime Minister's Taskforce on Uranium Mining Processing and Nuclear Energy in Australia. Professor McKibbin received his PhD from Harvard University. He is a Fellow of the Australian Academy of Social Sciences and was awarded the Centenary Medal in 2003. Professor McKibbin is internationally renowned for his contributions to global economic modeling. Professor McKibbin has published more than 200 academic papers as well as being a regular commentator in the popular press. He has been a consultant for many international agencies and governments on issues of macroeconomic policy, international trade and finance, greenhouse policy issues, global demographic change and the economic cost of pandemics.