The Supply Side of Climate Policies: Keeping Unburnable Fossil Fuels in the Ground

Abstract

As the urgency of responding to climate change and the insufficiency of current demand-side policies to mitigate greenhouse gas emissions become clearer, supply-side initiatives are beginning to gain prominence and acceptance globally. Policies such as moratoria and compensation for leaving fossil fuels unextracted in exchange for financial compensation of rights owners are likely to be effective and complementary to existing policies. A number of unknowns remain regarding the operationalization of supply-side policies, such as how to establish a binding international agreement and how to raise and allocate financial compensation for nonextraction. Nevertheless, the need for supply-side policies only emphasizes the importance of imaginative and bold initiatives within the current conjuncture of global environmental politics.