The development of an effective policy framework to tackle climate change is the most pressing of tasks for today’s leaders. It is also an extraordinarily complex challenge. A successful framework will need to span all sectors of the economy, influence decisions by businesses, individuals and others and be compatible with emerging European and international policy.

Now is the critical time: by March 2009 we should have a new agenda for EU action, and the UK government will publish its response to the groundbreaking climate change bill. The true test of the government’s commitment to this issue will be whether it produces a credible plan that drives low-carbon investment and emissions reductions across the economy.

The 2007 Stern review on the economics of climate change emphasised the role of a coordinated policy package in tackling climate change. This should contain three main elements: a carbon price; policies to support innovation and the deployment of low carbon technologies; and action to help individuals respond to climate change. The neglect of any one of any of these will lead to failure or, at the very least, an increase in the cost of meeting our climate objectives.

Although Green Alliance is a strong supporter of emissions trading, and believes the EU emissions trading scheme is arguably the world’s most important policy instrument for tackling climate change, its limits need to be understood. We believe, as argued by Paul Ekins and Tom Burke and others in our recent pamphlet Is there more to life than trading? that other elements of Stern have been underplayed.

Trading does not give sufficient confidence in the price of carbon over the period of many investment decisions. This confidence will only be built over time, through clarity and predictability about the future shapes of schemes. In the interim period, it is critical that we apply additional measures to avoid locking ourselves into a high-carbon infrastructure.

Well-designed carbon taxes (and tax rebates), as supported in shadow chancellor George Osborne’s recent speech to Green Alliance, will need to help deliver this steady carbon price. There is also a strong case for using regulatory levers more frequently. They could be particularly effective in electricity generation, products, existing housing and for stimulating the car market.

The successful deployment of innovative technologies will be critical to maintaining our quality of life in a world with constrained emissions. Carbon pricing will not deliver sufficient investment in innovation, nor bring early-stage technologies to market. The government must use additional public expenditure, public procurement and policies to support these technologies becoming commercial. Again, regulation is vital. It levels the playing field so that companies that are innovative prosper, and encourages research and development by the big players.

Current policies do not provide individuals and communities with the incentives they need to ‘go green’. Only government can enable a dramatic shift in behaviour. We need a citizen’s manifesto for action – a comprehensive policy framework designed for the individual. This should use all the tools at our disposal: choice-editing through regulation, incentivising through the tax system, supporting uptake of low carbon technologies and leading by example.

The consensus for a more comprehensive approach to climate change is growing. We cannot wait for the price of carbon to be stable enough to drive investment. Our energy framework requires a vision that uses all the tools in our policy arsenal. This vision needs to be appropriate for the current economic climate: sufficiently sharp to deliver in the short-term while robust enough to withstand longer-term storms. It needs to provide incentives to individuals and businesses that have wide political support. The climate change bill and the prospect of carbon budgets together provide a fantastic opportunity to establish this.

We hope that both the government and opposition parties will take the opportunity to step back, review the current framework, and set out a longer-term approach that goes beyond trading – and can deliver.