Climate Policy Monitor launched
As countries meet at COP29 in Baku to discuss the future of global climate policy, it is key that policymakers and other stakeholders have a good understanding about the implementation of climate policy around the world – what works, what does not. Oxford’s newly launched Climate Policy Monitor, developed through pro-bono partnerships with 48 leading law firms around the world, provides the most detailed view yet of how key economic rules are aligning – or not – to climate goals.
The Monitor will be a regularly updated public resource evaluating the ambition, comprehensiveness, and stringency of climate-related regulations against 250+ data points. The Monitor’s rich data shows specific areas where regulators can strengthen and align economic rules to create a level playing field and enabling environment for achieving net zero. It will be expanded to further domains and jurisdictions next year.
The project is co-led by Thom Wetzer, Associate Professor of Law and Finance at the Faculty of Law and Founding Director of the Oxford Sustainable Law Programme, and Thomas Hale, Professor of Global Public Policy at the Blavatnik School of Government.
The findings come at a critical moment as the world confronts a persistent “implementation gap” between climate targets and results. While countries, companies, and other actors continue to set net zero targets – including a 23 percent rise in company net zero targets over the last year – global emissions also continue to rise. This highlights, in part, the commitment problems of companies to their net zero goals. As countries look to submit new pledges under the Paris Agreement next year, it is vital they underpin top-level targets with concrete regulations and policies to ensure implementation.
“At the same time”, says Thom Wetzer, “a second Trump Administration has promised to roll back climate policies in the US, meaning companies may face a fragmented regulatory landscape, and that policies and regulations introduced at state level and by the rest of the world are all the more vital for achieving net zero globally.”
“Implementation of climate policy persistently lags ambition, so we need to better understand how we can effectively turn ambition into action”, says Wetzer. “We should be able to learn from experiences across the world, so that we can articulate best practices and build capacity. Our open-access Climate Policy Monitor will allow everyone to evaluate the ambition, comprehensiveness, and stringency of climate regulations as they evolve over time. We hope this will be a valuable public good for all stakeholders aiming to improve climate regulation and policy.”
“Nations and companies have made ambitious pledges, but pledges alone won’t prevent catastrophic climate change”, says Thomas Hale. “We need legally enforced rules – imposed by governments on themselves and on companies operating in their jurisdictions. The good news is there’s been huge recent growth in such rules. Next, we need to close gaps.”
Wetzer: “We want to thank everyone who made this first iteration of the Climate Policy Monitor possible. Notably, many first-rate lawyers and law firms from all around the world are willing to commit their time and expertise to this project and joined our Law Firm Network. These are special partnerships, resulting in meaningful learning for all parties involved. As we continue to deepen and expand our work, we welcome new partnerships.”
He continued "The first use-cases of the Monitor, not least the UN Taskforce on Net Zero Policy, highlight the value of the data we have collected and the opportunity we have to make a major contribution in this space."
Helena Viñes Fiestas, Commissioner of the Spanish Financial Markets Authority and co-chair of the UN Taskforce on Net Zero Policy, said: “The urgent need for a meaningful and systemic response to climate change has never been more evident. Clear and ambitious net zero rules are essential to unlock the investments required for the transition and help regulators reduce risk. While early progress is encouraging, it is insufficient to limit global warming to 1.5 degrees. We must act decisively and swiftly to capitalise on economic opportunities, mitigate risks, and drive the world toward a net zero future.”