Why CO2-pricing must be central to any successful climate change policy

The limits of energy efficiency

By Jonathan Sample, Shell Upstream International 

Many commentators and policymakers seem to believe that energy efficiency alone can address much of the CO2 problem - and that it can do so at very low cost (or even negative cost), at least compared to a 'do nothing case'¹. In fact, however, any successful policy toward mitigation of CO2 emissions must centre on CO2 pricing. Energy efficiency can only be a contributory factor and, in some circumstances, can even have a negative long-term impact if the centrality of CO2 pricing is not recognised.

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