Stern Review Tea Meeting - 10 Nov.2006
Held at the Judge Business School, Cambridge, 16:20 - 18:30
We are very grateful to TTP Ltd. for supporting the meeting and for providing the refreshments.
A press release was issued describing the meeting:
this is online at Cambridge Network
A full report on the meeting, the presentations and discussion afterwards, inlcuding the impact of a $85/t carbon tax in the UK, and how the European Trading Scheme can be fixed, can be downloaded here.
"At the level of the individual household this implies price increases of 11p on every litre
of petrol, 0.9p per Kwh of heat from gas, 1.5p per Kwh for electricity from gas, and 3.5p
per Kwh from coal. Whilst these price increases are substantial compared to today’s
levels, more so for gas and coal than petrol which is already taxed heavily, but they are
not too onerous..."
suggested that the EU governments move to carbon auctioning as soon as
possible, for all the 10% of allowances permitted under the 2008-2012 trading period.
Additionally the governments can establish a price floor on these credits, thus helping
establish a price floor in the trading market, assisting with the establishment of a long
term carbon price. This in turn will give confidence to investors that wish to finance low
This was an open discussion of the 680 page Stern Review and its supporting papers.
“The next 10 to 20 years will be a period of transition, from a world where
carbon-pricing schemes are in their infancy, to one where carbon pricing is
universal and is automatically factored into decision making. In this
transitional period, while the credibility of policy is still being established and
the international framework is taking shape, it is critical that governments
consider how to avoid the risks of locking into a high-carbon infrastructure,
including considering whether any additional measures may be justified to
reduce the risks.”
There is full information about the Stern Review online including downloadable copies of comments by professional economists, details of conferences and presentations made during the preapration of the report, responses to the "Call for Evidence", other presentations by Sir Nicholas Stern. The submissions to the review are available, inlcuding those from 4CMR, Chris Hope, David Newbery, Michael Grubb and others.
"Energy and the environment may need to occupy the political,
economic and cultural position in the 21st century that labour occupied in the 150
years that preceded it.", from one of the Cambridge submissions to the review.
Bound paper copies will be available from CUP in January 2007; until then you will have to read it online or print it yourself.
future "energy related" meetings in Cambridge are posted at The
Cambridge Network's events calendar.
Cambridge Energy Forum holds regular speaker
meetings; we use a 2-part, disputation format.