Transforming Energy Systems: Economics, Policies and Change

Recognizing the urgent need to transform energy systems to low-carbon alternatives, this timely book offers evidenced and credible ways to accelerate actions towards meeting the Paris Agreement goals and achieving net zero emissions. Steven Fries analyses through the lens of government, business and household actions—their policies and investments—the systemic changes needed to eliminate net carbon dioxide emissions from energy. Fries explores how advancing low-carbon alternatives could maintain current economic activities while halting climate impacts. But his analysis of accumulating evidence on transforming energy shows how multiple market imperfections hold back alternatives. To overcome these barriers, the book develops heterodox energy reform strategies and ways to coordinate actions across countries, recognizing differences in their specializations and renewable resources. Going beyond orthodox economics, it sets out the role for supporting deployment of low-carbon alternatives in initial markets, calibrating emissions pricing to net zero emission goals, and adapting institutions and infrastructures to low-carbon alternatives. It also signposts policy sequencing and differentiation across sectors and countries. Providing comprehensive energy policy assessments and sound reform strategies, this book will be essential reading for government policymakers and business investors. Its rigorous approach to systemic change also makes it a valuable reference for energy economics and environmental economics scholars.

Table of Contents:
Contents: Preface Introduction to Transforming Energy Systems PART I MODERNITY, THE CLIMATE AND NET ZERO EMISSIONS 1. Energy capture and modernity 2. Useful energy and the climate 3. Net zero emissions and low-carbon alternatives PART II ADVANCING AND GUIDING LOW-CARBON ALTERNATIVES 4. Supporting innovation and early deployment of low-carbon alternatives 5. Calibrating emissions pricing 6. Adapting energy-market designs and infrastructures 7. Making better use of energy and materials PART III ENERGY-REFORM INTERESTS AND STRATEGIES 8. Interests in low-carbon technologies and renewable resources 9. Accelerating change References Index

About the Author :
Steven Fries, Senior Associate Fellow, Institute for New Economic Thinking, University of Oxford and Nonresident Senior Fellow, Peterson Institute for International Economics, UK. Previously Chief Economist at Shell and the UK Department of Energy and Climate Change

Review :
‘The world economy must transform fundamentally in the next three decades if we are to avoid the most dangerous impacts of climate change; we must go to net zero emissions. Radical change in the energy systems will be at the core. This book examines what is involved in, and required, for such unprecedented transformation. It brings great wisdom, knowledge, judgement and analytical strength to a complicated but vital problem. It is based on experience at the highest levels in government, business and finance. It marshals an understanding of systems, policies and markets, with all their imperfections and power, in a very effective and illuminating way. This is a deep, thoughtful and important book; an outstanding contribution.' ‘Reaching net zero requires transformational change, fast. Steven Fries, who has fought on the front line of climate and energy issues for decades, argues for a “heterodox policy mix”, with governments stepping up their industrial policy. This book offers valuable insight into the changes necessary to get to net zero.’