The transition to carbon neutrality: An unusual type of structural reform

We are not used to thinking of the green transformation as a structural reform. But in fact we should, because it is essentially triggered by policy actions and because the questions it raises, be it about the range of available policy instruments, about their relative effectiveness, or about the political economy of this transformation, are familiar ones when designing structural reforms. Seen in this light it is indeed, as Olivier Blanchard says in his chapter, the most radical worldwide structural reform in the history of mankind.