SmarterMarkets™ Summer Playlist 2025 Episode 2 | Michael Greenstone, Director, Energy Policy Institute at the University of Chicago (EPIC)
Jul 5, 2025
Michael Greenstone, Director of the Energy Policy Institute at the University of Chicago, discusses groundbreaking policies to combat climate change. He shares insights on establishing cap-and-trade systems for air pollution in India, emphasizing the importance of engaging local stakeholders. Greenstone highlights the challenges of translating academic research into real-world solutions while promoting sustainable economic growth. His reflections on historical cooperation offer a thought-provoking lens on today's climate crises and the need for collaborative action.
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Embed Experts to Solve Challenges
- Embed dedicated, young experts within regulators to tackle daily challenges and engage with industry.
- Use clear enforcement rules and creative monitoring techniques to ensure system reliability.
Two-Way Academic-Regulator Flow
- Creating a two-way knowledge flow between academia and regulators builds capacity and improves policy design.
- Meeting stakeholders where they are and addressing their immediate problems increases buy-in for policy innovation.
Compliance Drives Pollution Reduction
- Improved compliance, not just stricter standards, drove significant pollution reductions in the market.
- Bidding data revealed firms' true costs and efficiency of pollution abatement investments.