Debut book wins accolade for Oxford climate policy researchers
10 February 2011
Oxford University researchers have been inspired to update their first book after its recognition as one of last year’s top academic titles.
Carbon Markets: An International Business Guide highlights the potential of carbon markets to cut global greenhouse gas emissions. It has been named one of the top 25 books in the economics category of the 2010 Outstanding Academic Titles list, compiled by Choice, the publication of the American Library Association.
The book was published in 2009 but reviewed by Choice last year when the journal described it as a well-written volume comprehensively covering the financial aspects of carbon trading and providing an ‘excellent background on the evolving area of carbon markets.’
Choice also highlighted the book’s value to students with little knowledge of the natural sciences. Winners of the award are chosen from around 7,000 titles reviewed annually by the journal. Criteria include excellence in presentation and scholarship, originality and value to undergraduates.
Co author Nicholas Howarth, from Oxford University’s School of Geography and the Environment, said: ‘We are listed alongside landmark books by world leading authors including Nobel Laureates. The recognition was a bit of a shock but a good shock. We are delighted!’
Nicholas Howarth and colleagues Dr Nick Eyre of the ECI and Arnaud Brohé, who in 2009 was a visiting doctoral student at the Institute, predicted in the book that the volume of carbon trading would treble by 2012 due to new and expanding carbon markets.
Since publication, the financial crisis and fierce opposition to carbon trading in some countries has altered international priorities.
Mr Howarth said, however, that disappointment at the outcome of 2009 climate talks in Copenhagen and individual government concerns about national level schemes did not mean countries were turning their backs on carbon markets.
‘International and national climate headlines often overshadow developments at less visible levels,’ he said. ‘Ironically, those holding back climate legislation now may actually be creating opportunities for stronger laws at regional and state levels.’
In the US, one scheme, the Regional Greenhouse Gas Initiative, was covering 10 states, capping emissions at 10% below 2009 levels by 2018. And recent legislation in California will in 2012 create the world’s second largest cap-and-trade scheme in the world – behind the EU’s Emissions Trading System - limiting emissions to 1990 levels by 2020, a 15% reduction from current levels.
‘The amazing thing is that once consumers and businesses see the potential value of carbon accounting and trade, the market will begin to release this value, with or without official support,’ Mr Howarth said.
‘Governments that recognise this early can position their economies at the front of clean-tech industry. Good examples here include the regulatory competition between US states to encourage green jobs, and the export-driven German economy where the diffusion of clean-tech is among the highest in the world.’
The award has prompted the authors to plan a second edition of their book this year. ‘It is selling a lot of copies and we have received some really good feedback. The field is moving very fast and we don’t want to squander this opportunity; there are important lessons to be learned from ongoing research in this area.
‘We will look to use the momentum generated by this first book to develop ties with other institutions and researchers in order to get broader geographical coverage and deeper insights.’Mr Howarth attributed the accolade to the complex and diverse nature of carbon trading, making it a subject that some authors were reluctant to tackle. Other winners in the economics section include Joseph Stiglitz, Muhammad Yunus and David Bornstein.
For more information contact Nicholas Howarth at nicholas.howarth@chch.ox.ac.uk or call 07894 231269.