By Elmar Altvater, Achim Brunnengräber
The international is dealing with numerous critical demanding situations on the shut of the fossil and nuclear strength regime: the constrained assets of inexpensive traditional oil can merely be surmounted by means of tapping unconventional oil reserves, e.g. deep sea oil. The explosion of the oil platform Deepwater Horizon in 2010 and the next oil spill prompted huge, immense harm, which even a 12 months later can't be totally predicted. one other much more vital hazard emanating from the fossil and nuclear power regime has been delivered to our cognizance by means of the Fukushima catastrophe. final yet now not least, the matter of weather switch because of a rise in greenhouse fuel emissions is looming, even though the foreign neighborhood has agreed on a substantial aid of those emissions. is that this bad results of the Kyoto Protocol and the failure of successive weather meetings the final result of a choice for using market-based tools? the vast majority of weather scientists, economists, and politicians think within the potency of “cap-and-trade” rules. They even conceive them as a constituent element of a “Green New Deal” or “Global eco-friendly Recovery”. The contributions during this quantity supply a severe exam of the theoretical foundations, the political implications, and the empirical studies of the appliance of marketplace mechanisms and fiscal tools to weather coverage.
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Extra resources for After Cancún: Climate Governance or Climate Conflicts
The high transaction costs serve as a deterrent to many potential (and actual) market participants. Yet value is also extracted by actors benefitting from asymmetries of information to capture and add value. As Bridge argues (2008) ,carbon finance is part of a more general process of expanding value by circulating capitaI in its money form, rather than in the produc- 34 Peter Newell / Matthew Paterson tion of material commodities: as a financialisation of nature', through what Marx called ,fictitious capital' (Marx 1967).
Nicholas Stern, not particuiarly an expert in climate politics until then, is today "the global authority on climate change" (Tbe Guardian). e question arises, however, what caused this massive resonance, as Stern and bis team do by no means present an entirely new perspective. Rather, they reflect and reinforce a changing understanding of the climate change problem. hat was widely taken up in the public and heatedly discussed in expert cireles, and the particuiar approach to climate politics the report establishes.
Reyes, O. (2009): Carbon Trading: how it works and why it fails, Critieal eorrents no. 7, November. Uppsala Dag Harnmarskjöld Foundation. ; Law, D. (1988): The Global Politieal Eeonomy. John Hopkins University Press. ; Sehnaiberg, A. (2008): The Treadmill of Prodoction: Injustiee & Unsustainability in tbe Global Economy. Boulder, CO: Paradigrn Publishers. Harvey, D. (2005): A BriefHistory ofNeoliberalism. Oxford: OUP. Helleiner, E. (1994): States aod tbe Reemergenee of Global Finanee: From Bretton Wooda 10 tbe 1990s.
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