Using evidence from the acceleration of change over the past two decades, Transforming Energy Systems: Economics, Policies and Change (Elgar 2021) examines the market developments and policies that advance and guide innovation and deployment of low-carbon alternatives to present fossil fuel use.
It makes a compelling case for heterodox energy reform strategies—including market-creating industrial policies sequenced with emissions pricing differentiated by sector—to address key market imperfections that can hold back the advance of low-carbon alternatives. These imperfections include knowledge spillovers from innovation and cost/profit spillovers from early deployment, as well distributional impacts and risk of time-inconsistent policies. The book also examines the infrastructure, institutional and regulatory reforms needed to accelerate change and bring within reach societal net-zero-emission goals to stabilize the climate.
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Senior Associate Fellow, INET Oxford
Steven Fries is an economist with expertise in energy, climate change and finance. He was Group Chief Economist at Shell and Director of Analysis and Chief Economist at the UK Department of Energy and Climate Change. He also previously served in various roles at the European Bank for Reconstruction and Development, including Acting Chief Economist, Deputy Chief Economist and Director of Research. He began his career in economics at the International Monetary Fund.
His current research focuses on the economics of transforming energy systems, energy reforms to accelerate change and sustainable finance for long-run investments in low-carbon alternatives to present fossil fuel use. He is author of Transforming Energy Systems: Economics, Policies and Change (Elgar 2021). He also led economic analysis that underpinned pioneering UK energy and climate reforms and helped orient Shell’s strategy pivot towards low-carbon alternatives. He has also published widely on enterprise and financial reforms in Eastern Europe’s post-communist transition.
He has a DPhil in Economics from the University of Oxford and a BSc in Economics and Finance from the University of Pennsylvania’s Wharton School.