Transforming Energy Systems

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.