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The strategies of subversion in the interpretation of the French School of Economic War

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The Brent Spar Case

On February 16, 1995, the British government granted the Shell-UK company authority to sink an oil platform (the Brent Spar) no longer being used off the coast of Scotland. Taking preparation times into account, the sinking was scheduled for the month of June. Several weeks prior to the scheduled date, the international environmentalist organization Greenpeace protested the risk that such sinking posed, affirming that the platform contained 5,000 tons of oil – a dangerous quantity for the marine ecosystem. The English company immediately denied such accusation, in this way dismissing also the idea of an attack against the environment: nearly all the oil contained in the platform had already been transferred to a tanker when the platform was decommissioned in 1991. In reality, only 130 tons of oil remained inside the platform, with uncertain consequences to the ecosystem. Various scientists favorable to the sinking of the platform were then engaged by the British government for the purpose of legitimizing the logic advanced by the Shell Group. Prime Minister John Major announced his position in favor of sinking, claiming that this would be the safest and most economical solution.

Greenpeace launched its media attack beginning with its claims that the scientists engaged by the government were hardly impartial, in light of the absence of any guarantees for the protection of the marine environment and the subjectivity of their opinions. In the meantime, the environmentalist organization had mobilized its German office in Hamburg and Herald Zindler, the head of its action service, who would organize the assault and boarding of the platform together with around 20 militants. The filming of the event was shown around the world. Greenpeace announced its intent to stay aboard the platform until Shell and the British government gave in to its demands. The environmentalist organization also demanded that the platform – and all other platforms destined for dismantling – be brought to land and disassembled for the recycling of composite materials.

During the same period, Greenpeace published a report prepared by a number of independent scientists entitled ”No grounds for dumping: the decommissioning and abandonment of offshore oil and gas platforms” that demonstrated the risks posed by the sinking of the Brent Spar platform due to the fact that “the platform still contained 100 tons of toxic sludge (composed of bio-accumulative chemical products including arsenic, cadmium, PCB, and lead) in addition to 30 tons of radioactive deposits derived from drilling and storage operations in oilfields.”. This report applied the above-mentioned measures to a total of another 416 platforms installed in the North Sea, in such way assessing the pollution in this area at 67,000 tons of stainless steel, 700 tons of lead, 8 tons of PCB, and 1,200 tons of radioactive waste…

Coverage of the conflict in the mass media was intensified by an appeal for European nations to boycott Shell service stations. Protests rapidly reached an unexpected dimension and their success was greatest in Germany, where all the socio-economic categories supported the call, and precisely: the obstetricians’ association, the Kunert company (a leader in the production of hosiery), trade unions, and Protestant churches. By mid-June, Shell’s German subsidiary reported losses to the order of 35 million French francs daily. The fourth-largest subsidiary of the Anglo-Dutch petroleum products group controlled 12% of the German service station market and accounted for no less than 10% of the group’s total sales and therefore 10% of its profit. Obliged to negotiate, with the greatest of discretion, the Shell German subsidiary’s General Manager Peter Duncan organized a meeting with Greenpeace Germany Director Thilo Bode. The environmentalist movement capitalized on Europe’s contradictions stemming from England’s particular position in the European Community and the way it was perceived by other nations. The amplitude of reactions in Germany was such that Chancellor Helmut Kohl asked John Major to refrain from sinking the platform during the G7 Summit in Halifax (Canada). On June 20, 1995, the Anglo-Dutch company officially announced that it had abandoned the idea of sinking the Brent Spar platform, which was towed to Norway and moored in a fjord. Shell was required to disburse 230 million francs for the operation. Greenpeace had won.

1.2

On the strength of this victory against the world’s second largest industrial group at the time, Greenpeace felt invincible and announced to the entire world that its next campaign would by the Moruroa Atoll following news of the President of the French Republic’s intention to conduct a series of nuclear tests there. Applying the principle of monitoring media activity without definitively achieving success, Greenpeace continued its information work. After so many shields had been raised in defense of the environment, Shell’s lawyers engaged the Norwegian Det Norske Veritas Foundation to verify all the scientific data on the Brent Spar platform. Thirty-three specialists were asked to submit their individual reports on October 18. All were unanimous in stating that sinking the platform posed no risk. The association learned of the opinions of the specialists engaged by Shell (and in particular its initial conclusions and probable form of disclosure) and realized that it would soon be placed with its back against the wall by the irrefutable logic advanced in the Foundation’s report. Fearing the strong media attention that could be turned against it, the environmental organization based in the Netherlands decided to stage a pre-emptive counter-attack, a technique that consists in applying a principle developed by Sun Tzu: cut the grass beneath your adversary’s feet. In the case at hand, this meant countering the arguments of the Veritas Foundation before such arguments could be used. The public disclosure of the report would have certainly worked as a media bomb with great detrimental effect to Greenpeace at a moment in which its credibility was at stake in the more important action regarding French nuclear tests.

Contrary to the allegations made, the Brent Spar did not contain toxic sludge or radioactive waste in its central duct. The platform had been effectively nearly empty since it was decommissioned in 1991. By taking the initiative, Greenpeace defused the bomb and successfully dodged the accusations of manipulation, disinformation, intellectual dishonesty, and scientific incompetence, and in this way damage to its image was only slight. The procedure is simple and effective: the Greenpeace-UK Director Lord Peter Melchett sent Shell General Manager Christopher Fay a letter of confession in which he admitted having erred in assessing the risk: “I am very sorry. Our calculations were inexact […]. Please accept my apologies for this mistake. [The samples were taken] in the piping that led to the platform’s tanks and not in the tanks themselves…”.

The international press, irked at having been manipulated in this way, inveighed against the environmentalist organization without result, which was in the eyes of the press guilty of having mystified public opinion by using perfectly orchestrated disinformation. Yves Lenoir, a former member of the French committee, denounced the methods used: “This is a typical example of Greenpeace methods that completely invent a scandal without any facts at all.”

2.1

Mobile warfare is the fulcrum of Greenpeace strategy. In his military writings, Mao Zedong defined the “strategic problems of revolutionary war”. One of the most important strategic problems that must be solved regards the relationship between the positional warfare and the mobile warfare. The former must “fight against fixed operation lines and the positional warfare using mobile operation lines and mobile warfare”, the latter must be compatible with the following principle: “battle against the strategy that aims to strike with two fists in two directions at the same time and instead favor the strategy that aims to strike with just one fist in only one direction at any given moment.”

Knowing how to manage transparency: utilizing this register, on that occasion Greenpeace neutralized the logic of dishonest obstinacy and presented itself as an untarnished hero motivated solely by its constructive objectivity. The principle of transparency is one of counter-information’s essential components.

Turning communication into an offensive weapon: the apology letter addressed to Christopher Fay was publically disclosed. This maneuver of no little interest served the objective of publicizing the environmentalist organization’s behavior to public opinion, in particular, to its sympathizers and donators. Greenpeace received involuntary assistance in this from Shell, whose main objective was to amplify the environmentalist association’s failure. The principle of this publicity initiative applied by Greenpeace permitted its message to be oriented in the desired direction and to limit the margins for the adversary’s criticism. For this reason, despite the communication offensive against Greenpeace launched by Shell-UK, Shell-France, and John Major, the perception of its failure in the eyes of public opinion was mitigated by the perception of its sincerity.

Capitalizing on your adversary’s contradictions: acceptance of one’s errors can be immediately placed in better perspective by bringing theirs to light. Parallel to its confession “Greenpeace recalled that some scientists had asked themselves about shortcomings in the information disclosed by Shell”, while also noting the fact that whereas some scientists believed sinking the platform to be more ecological than dismantling it, others were less convinced. Highlighting these contradictions in the scientists’ reasoning made the possibility of making an error in good faith more believable, in this way legitimizing the error made by Greenpeace.

On one hand, every mistake offers the chance for a new learning experience. The mistake made by Greenpeace allowed Shell to raise a related problem: the management of oil and gas platforms no longer utilizable. The attack that was so detrimental to British interests provided the occasion for a constructive contribution to the scientific debate. On the other hand, this war of information between Greenpeace and Shell brought the latter to a contradiction: continuing to harshly attack Greenpeace and exploit the defeat of its science would appear an unjustified exaggeration, especially in light of the latter’s confession. Crushing the environmentalist organization made it impossible for Shell to regain its previous media status. The environmentalist organization’s media skills suggested that it would be better for Shell to have it as an ally than an enemy, and for this reason Shell officially invited Greenpeace to take active part in its “Offshore Europe 1995” conference dedicated to environmental protection.

In order to ensure adequate media coverage for its Brent Spar operation, Greenpeace spent 350,000 pounds sterling to rent satellite communication lines – twice the amount the BBC paid to cover the event. Its days of being a dilettante were long over.

2.2

By adopting a decidedly defensive strategy that continuously confirmed the complete reliability of the sinking operation, Shell expended great energy and obtained only mediocre results, and was never really able to counter the attack of which it was a victim. This fatal outcome for the oil company originated in the falsification of its perception of the theaters of action. Whereas Shell communicated on the basis of tangible, objective reasoning and scientific facts, Greenpeace based its fight on subjective, subversive, pseudoscientific terrain and the enlargement of contradictions. This forced Shell to add arguments of more self-justificatory nature based on objectivity. If the Anglo-Dutch group had mastered the art of polemic and the offensive techniques of information warfare, the final verdict would have undoubtedly been different.

“These new forms of warfare are no less radical than the previous ones, and oblige those under attack  the economic world, the protagonists of civil society to adopt new strategies. In particular, it is fundamentally important to prevent accusatory actions whose effects are irremediable because they are media effects: the pathetic apologies made by Greenpeace will not remedy the injury done to Shell in any way.”.

For most organizations, traditional crisis management and institutional communication models have shown their limits when faced with radicalization and the massive use of new communication technologies. A number of elements of precise and effective response can be derived from the concept of counter-information, which may be defined as the combination of communication actions that thanks to pertinent and verifiable information permits to attenuate, invalidate or turn back an information attack against the attacker. Counter-information differs from the disinformation employed by special services but responds to constraints and requires the same quality as the original information attack, and precisely: preliminary intelligence, mastery of psychological and psycho-sociological mechanisms, skillfulness in the management of communication techniques and principles (including advertising), and close contacts with the mass media, etc.  Hence every prevention of an insidious open information attack requires knowledge and mastery of the offensive techniques of information warfare. The criteria of effectiveness of counter-information are as follows:

–              in order to be credible, counter-information must make an effort to channel open and well-argued information, verifiable and not manipulated information;

–              where, when, how, and to which extent must information be employed? Counter-information is a question of information strategy and management;

–              the adversary’s contradictions and weaknesses must be systematically attacked;

–              the argument in support of attack is all the more incisive when the evidence of the facts presented can be ascertained;

–              communication is linked to the exemplarity of demonstration and the skillful use of spontaneous resonance elements.

The media defeat suffered by Shell Group demonstrates, above all, the limits of a discourse and logic based exclusively on a technical validation of the issues at hand, while also suggesting that counter-information is the only response that permits the mitigation or even the reversal of an embarrassing and untenable situation.

Hostage to its own certainties, Shell Group attempted to wage the battle on apparently favorable ground. Remaining in a strong/weak relationship without taking the initiative, the Anglo-Dutch company was forced to develop a defensive strategy. The oil company’s reaction based on mechanisms of direct conflict provided inadequate response to the powers of persuasion of the environmental protection organization that had acquired mastery in the art of dialectics and rhetoric in the meantime. Despite its initially restricted margin of maneuver, Greenpeace was able to construct global reasoning that publicized the issue with the use of subversive techniques. Its sensational victory is exemplary from various points of view. First and foremost, it demonstrates that no international company may deem itself safe from the risk of substantial destabilization by even an organization with limited means. Many structures today are capable of conducting effective communication campaigns and selecting the resonance amplifiers most appropriate for the exertion of pressure on political institutions. No multinational appears to be dedicating enough attention to these new risks, and some have been victims of similar experiences, such as the French oil company ELF, which was obliged to pull out of an important business project in Chad.

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Reforms Key to Romania’s Resilient Recovery

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Over the past decade, Romania has achieved a remarkable track record of high economic growth, sustained poverty reduction, and rising household incomes. An EU member since 2007, the country’s economic growth was one of the highest in the EU during the period 2010-2020.

Like the rest of the world, however, Romania has been profoundly impacted by the COVID-19 pandemic. In 2020, the economy contracted by 3.9 percent and the unemployment rate reached 5.5 percent in July before dropping slightly to 5.3 percent in December. Trade and services decreased by 4.7 percent, while sectors such as tourism and hospitality were severely affected. Hard won gains in poverty reduction were temporarily reversed and social and economic inequality increased.

The Romanian government acted swiftly in response to the crisis, providing a fiscal stimulus of 4.4 percent of GDP in 2020 to help keep the economy moving. Economic activity was also supported by a resilient private sector. Today, Romania’s economy is showing good signs of recovery and is projected to grow at around 7 percent in 2021, making it one of the few EU economies expected to reach pre-pandemic growth levels this year. This is very promising.

Yet the road ahead remains highly uncertain, and Romania faces several important challenges.

The pandemic has exposed the vulnerability of Romania’s institutions to adverse shocks, exacerbated existing fiscal pressures, and widened gaps in healthcare, education, employment, and social protection.

Poverty increased significantly among the population in 2020, especially among vulnerable communities such as the Roma, and remains elevated in 2021 due to the triple-hit of the ongoing pandemic, poor agricultural yields, and declining remittance incomes.

Frontline workers, low-skilled and temporary workers, the self-employed, women, youth, and small businesses have all been disproportionately impacted by the crisis, including through lost salaries, jobs, and opportunities.

The pandemic has also highlighted deep-rooted inequalities. Jobs in the informal sector and critical income via remittances from abroad have been severely limited for communities that depend on them most, especially the Roma, the country’s most vulnerable group.

How can Romania address these challenges and ensure a green, resilient, and inclusive recovery for all?

Reforms in several key areas can pave the way forward.

First, tax policy and administration require further progress. If Romania is to spend more on pensions, education, or health, it must boost revenue collection. Currently, Romania collects less than 27 percent of GDP in budget revenue, which is the second lowest share in the EU. Measures to increase revenues and efficiency could include improving tax revenue collection, including through digitalization of tax administration and removal of tax exemptions, for example.

Second, public expenditure priorities require adjustment. With the third lowest public spending per GDP among EU countries, Romania already has limited space to cut expenditures, but could focus on making them more efficient, while addressing pressures stemming from its large public sector wage bill. Public employment and wages, for instance, would benefit from a review of wage structures and linking pay with performance.

Third, ensuring sustainability of the country’s pension fund is a high priority. The deficit of the pension fund is currently around 2 percent of GDP, which is subsidized from the state budget. The fund would therefore benefit from closer examination of the pension indexation formula, the number of years of contribution, and the role of special pensions.

Fourth is reform and restructuring of State-Owned Enterprises, which play a significant role in Romania’s economy. SOEs account for about 4.5 percent of employment and are dominant in vital sectors such as transport and energy. Immediate steps could include improving corporate governance of SOEs and careful analysis of the selection and reward of SOE executives and non-executive bodies, which must be done objectively to ensure that management acts in the best interest of companies.

Finally, enhancing social protection must be central to the government’s efforts to boost effectiveness of the public sector and deliver better services for citizens. Better targeted social assistance will be more effective in reaching and supporting vulnerable households and individuals. Strategic investments in infrastructure, people’s skills development, and public services can also help close the large gaps that exist across regions.

None of this will be possible without sustained commitment and dedicated resources. Fortunately, Romania will be able to access significant EU funds through its National Recovery and Resilience Plan, which will enable greater investment in large and important sectors such as transportation, infrastructure to support greater deployment of renewable energy, education, and healthcare.

Achieving a resilient post-pandemic recovery will also mean advancing in critical areas like green transition and digital transformation – major new opportunities to generate substantial returns on investment for Romania’s economy.

I recently returned from my first official trip to Romania where I met with country and government leaders, civil society representatives, academia, and members of the local community. We discussed a wide range of topics including reforms, fiscal consolidation, social inclusion, renewably energy, and disaster risk management. I was highly impressed by their determination to see Romania emerge even stronger from the pandemic. I believe it is possible. To this end, I reiterated the World Bank’s continued support to all Romanians for a safe, bright, and prosperous future.

First appeared in Romanian language in Digi24.ro, via World Bank

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US Economic Turmoil: The Paradox of Recovery and Inflation

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The US economy has been a rollercoaster since the pandemic cinched the world last year. As lockdowns turned into routine and the buzz of a bustling life came to a sudden halt, a problem manifested itself to the US regime. The problem of sustaining economic activity while simultaneously fighting the virus. It was the intent of ‘The American Rescue Plan’ to provide aid to the US citizens, expand healthcare, and help buoy the population as the recession was all but imminent. Now as the global economy starts to rebound in apparent post-pandemic reality, the US regime faces a dilemma. Either tighten the screws on the overheating economy and risk putting an early break on recovery or let the economy expand and face a prospect of unrelenting inflation for years to follow.

The Consumer Price Index, the core measure of inflation, has been off the radar over the past few months. The CPI remained largely over the 4% mark in the second quarter, clocking a colossal figure of 5.4% last month. While the inflation is deemed transitionary, heated by supply bottlenecks coinciding with swelling demand, the pandemic-related causes only explain a partial reality of the blooming clout of prices. Bloomberg data shows that transitory factors pushing the prices haywire account for hotel fares, airline costs, and rentals. Industries facing an offshoot surge in prices include the automobile industry and the Real estate market. However, the main factors driving the prices are shortages of core raw materials like computer chips and timber (essential to the efficient supply functions of the respective industries). Despite accounting for the temporal effect of certain factors, however, the inflation seems hardly controlled; perverse to the position opined by Fed Chair Jerome Powell.

The Fed already insinuated earlier that the economy recovered sooner than originally expected, making it worthwhile to ponder over pulling the plug on the doveish leverage that allowed the economy to persevere through the pandemic. The main cause was the rampant inflation – way off the 2% targetted inflation level. However, the alluded remarks were deftly handled to avoid a panic in an already fragile road to recovery. The economic figures shed some light on the true nature of the US economy which baffled the Fed. The consumer expectations, as per Bloomberg’s data, show that prices are to inflate further by 4.8% over the course of the following 12 months. Moreover, the data shows that the investor sentiment gauged from the bond market rally is also up to 2.5% expected inflation over the corresponding period. Furthermore, a survey from the National Federation of Independent Business (NFIB) suggested that net 47 companies have raised their average prices since May by seven percentage points; the largest surge in four decades. It is all too much to overwhelm any reader that the data shows the economy is reeling with inflation – and the Fed is not clear whether it is transitionary or would outlast the pandemic itself.

Economists, however, have shown faith in the tools and nerves of the Federal Reserve. Even the IMF commended the Fed’s response and tactical strategies implemented to trestle the battered economy. However, much averse to the celebration of a win over the pandemic, the fight is still not through the trough. As the Delta variant continues to amass cases in the United States, the championed vaccinations are being questioned. While it is explicable that the surge is almost distinctly in the unvaccinated or low-vaccinated states, the threat is all that is enough to drive fear and speculation throughout the country. The effects are showing as, despite a lucrative economic rebound, over 9 million positions lay vacant for employment. The prices are billowing yet the growth is stagnating as supply is still lukewarm and people are still wary of returning to work. The job market casts a recession-like scenario while the demand is strong which in turn is driving the wages into the competitive territory. This wage-price spiral would fuel inflation, presumably for years as embedded expectations of employees would be hard to nudge lower. Remember prices and wages are always sticky downwards!

Now the paradox stands. As Congress is allegedly embarking on signing a $4 trillion economic plan, presented by president Joe Bidden, the matters are to turn all the more complex and difficult to follow. While the infrastructure bill would not be a hard press on short-term inflation, the iteration of tax credits and social spending programs would most likely fuel the inflation further. It is true that if the virus resurges, there won’t be any other option to keep the economy afloat. However, a bustling inflationary environment would eventually push the Fed to put the brakes on by either raising the interest rates or by gradually ceasing its Asset Purchase Program. Both the tools, however, would risk a premature contraction which could pull the United States into an economic spiral quite similar to that of the deflating Japanese economy. It is, therefore, a tough stance to take whether a whiff of stagflation today is merely provisional or are these some insidious early signs to be heeded in a deliberate fashion and rectified immediately.

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Carbon Market Could Drive Climate Action

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Authors: Martin Raiser, Sebastian Eckardt, Giovanni Ruta*

Trading commenced on China’s national emissions trading system (ETS) on Friday. With a trading volume of about 4 billion tons of carbon dioxide or roughly 12 percent of the total global CO2 emissions, the ETS is now the world’s largest carbon market.

While the traded emission volume is large, the first trading day opened, as expected, with a relatively modest price of 48 yuan ($7.4) per ton of CO2. Though this is higher than the global average, which is about $2 per ton, it is much lower than carbon prices in the European Union market where the cost per ton of CO2 recently exceeded $50.

Large volume but low price

The ETS has the potential to play an important role in achieving, and accelerating China’s long-term climate goals — of peaking emissions before 2030 and achieving carbon neutrality before 2060. Under the plan, about 2,200 of China’s largest coal and gas-fired power plants have been allocated free emission rights based on their historical emissions, power output and carbon intensity.

Facilities that cut emissions quickly will be able to sell excess allowances for a profit, while those that exceed their initial allowance will have to pay to purchase additional emission rights or pay a fine. Putting a price tag on CO2 emissions will promote investment in low-carbon technologies and equipment, while carbon trading will ensure emissions are first cut where it is least costly, minimizing abatement costs. This sounds plain and simple, but it will take time for the market to develop and meaningfully contribute to emission reductions.
The initial phase of market development is focused on building credible emissions disclosure and verification systems — the basic infrastructure of any functioning carbon market — encouraging facilities to accurately monitor and report their emissions rather than constraining them. Consequently, allocations given to power companies have been relatively generous, and are tied to power output rather than being set at absolute levels.

Also, the requirements of each individual facility to obtain additional emission rights are capped at 20 percent above the initial allowance and fines for non-compliance are relatively low. This means carbon prices initially are likely to remain relatively low, mitigating the immediate financial impact on power producers and giving them time to adjust.

For carbon trading to develop into a significant policy tool, total emissions and individual allowances will need to tighten over time. Estimates by Tsinghua University suggest that carbon prices will need to be raised to $300-$350 per ton by 2060 to achieve carbon neutrality. And our research at the World Bank suggest a broadly applied carbon price of $50 could help reduce China’s CO2 emissions by almost 25 percent compared with business as usual over the coming decade, while also significantly contributing to reduced air pollution.

Communicating a predictable path for annual emission cap reductions will allow power producers to factor future carbon price increases into their investment decisions today. In addition, experience from the longest-established EU market shows that there are benefits to smoothing out cyclical fluctuations in demand.

For example, carbon emissions naturally decline during periods of lower economic activity. In order to prevent this from affecting carbon prices, the EU introduced a stability reserve mechanism in 2019 to reduce the surplus of allowances and stabilize prices in the market.

Besides, to facilitate the energy transition away from coal, allowances would eventually need to be set at an absolute, mass-based level, which is applied uniformly to all types of power plants — as is done in the EU and other carbon markets.

The current carbon-intensity based allocation mechanism encourages improving efficiency in existing coal power plants and is intended to safeguard reliable energy supply, but it creates few incentives for power producers to divest away from coal.

The effectiveness of the ETS in creating appropriate price incentives would be further enhanced if combined with deeper structural reforms in power markets to allow competitive renewable energy to gain market share.

As the market develops, carbon pricing should become an economy-wide instrument. The power sector accounts for about 30 percent of carbon emissions, but to meet China’s climate goals, mitigation actions are needed in all sectors of the economy. Indeed, the authorities plan to expand the ETS to petro-chemicals, steel and other heavy industries over time.

In other carbon intensive sectors, such as transport, agriculture and construction, emissions trading will be technically challenging because monitoring and verification of emissions is difficult. Faced with similar challenges, several EU member states have introduced complementary carbon taxes applied to sectors not covered by an ETS. Such carbon excise taxes are a relatively simple and efficient instrument, charged in proportion to the carbon content of fuel and a set carbon price.

Finally, while free allowances are still given to some sectors in the EU and other more mature national carbon markets, the majority of initial annual emission rights are auctioned off. This not only ensures consistent market-based price signals, but generates public revenue that can be recycled back into the economy to subsidize abatement costs, offset negative social impacts or rebalance the tax mix by cutting taxes on labor, general consumption or profits.

So far, China’s carbon reduction efforts have relied largely on regulations and administrative targets. Friday’s launch of the national ETS has laid the foundation for a more market-based policy approach. If deployed effectively, China’s carbon market will create powerful incentives to stimulate investment and innovation, accelerate the retirement of less-efficient coal-fired plants, drive down the cost of emission reduction, while generating resources to finance the transition to a low-carbon economy.

(Martin Raiser is the World Bank country director for China, Sebastian Eckardt is the World Bank’s lead economist for China, and Giovanni Ruta is a lead environmental economist of the World Bank.)

(first published on China Daily via World Bank)

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