Transitioning to Long-Run Effective and Efficient Climate Policies

A combination of factors pose significant barriers to developing effective and efficient sets of policies to achieve long-run climate policy objectives. Political opposition to particular types of policy mechanisms (for example, GHG pricing) and the global, stock-pollutant nature of the climate problem are among the major factors posing practical policy challenges. Effective and efficient climate policy is needed in the long run to meaningfully address the climate problem, making the design of transitions to such long-run policies from the current portfolio of policies an important task for policymakers.