Fascinating discussion this morning organised by the IEA, Growth Commission and Competere, looking at trade, the EU-style Carbon Leakage Mechanism and Growth options, including useful observations on the importance of innovation and investment underpinned by Intellectual Property. We also heard how a stronger economy can deliver the support needed to enable environmental improvements.
We heard from: Shanker Singham (Chairman, Growth Commission and CEO, Competere), Lord Hannan of Kingsclere (President, Institute for Free Trade and former MEP) and Rod Richardson (President, Grace Richardson Fund and Co-Founder of the Climate & Freedom International Coalition Meeting).
The big take away is that regulatory reform is necessary for growth. We also need to understand the consequences of the Carbon Border Tax Adjustment (CBAM) as to how it will impact costs and what it may mean for broader economic growth. For me the most impressive part of the discussion was the recognition that the economy needs property right protections (including intellectual property) to ensure there is investment and innovation. So intellectual property matters to economic growth! Indeed the spread of technology can reduce costs, use of resources, and be better for the environment. I wish I heard this kind of thinking more often from economists!
