Abstract
Globally, concerns continue to mount over the accelerating increase in worldwide levels of carbon dioxide (CO2) and other greenhouse gas (GHG) emissions, and over the consequent rise in temperatures and associated adverse effects. Regulatory efforts and market incentive mechanisms to develop and deploy mitigation (GHG emission reducing) measures—from carbon taxes and emission-trading schemes to research and development and production-tax subsidies and intellectual property rights—have so far proven inadequate to control and reduce emissions. Humans are resistant to behavioral changes, and research and development and deployment (with deployment also including demonstration) of emission-reducing technologies is costly, time-consuming, and may strand valuable assets. Even with the dramatic contraction of economic activity and associated reductions of GHG emissions following lockdowns to address the COVID-19 pandemic, “no one should think that the climate crisis is therefore over—far from it” (UN Environment Programme, 2020).
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