A strategy for better climate change regulation: towards a public interest orientated regulatory regime

Abstract

The theory and analysis of regulation provides an understanding of climate change regulation and its limitations leading to the identification of political strategies to improve such regulation by orientating it more towards public interest objectives. Public interest and private interest theories of regulation are considered together with regime theory, which understands regulatory regimes as dynamic interactions of a variety of forces that can be altered by external pressure. One possible pressure is governmental action to increase regime transparency. UK and EU climate change regulation is used to consider whether increased transparency, in particular focused around a carbon price-based instrument with quantified emissions reductions, can shift the climate regime towards meeting the public interest. This runs up against difficulties of sociocultural plurality and the one-dimensional nature of the price mechanism. More successful strategy requires a price-based instrument coupled to transparent complementary policies and regulations that address sociocultural pluralities.

Keywords:

• climate change regulation
• regulatory regimes
• transparency
• climate policy