The Royal Economic Society has awarded the 2025 Prize to Grischa Perino, Robert Ritz, and Arthur van Benthem for their significant contribution in understanding climate policy interactions.

The Royal Economic Society (RES) has announced that the 2025 Royal Economic Society Prize will be awarded to Grischa Perino, Robert Ritz, and Arthur van Benthem for their article titled ‘Overlapping Climate Policies’, published in the October 2025 issue of The Economic Journal.

The award recognizes the authors’ framework, which examines how unilateral jurisdictional policies, such as coal phase-outs or renewable energy supports, interact with broader multi-jurisdictional systems like the EU Emissions Trading System (ETS). The committee emphasized the analysis’s relevance to current climate policy debates, highlighting its potential as a tool for policymakers to measure climate effectiveness.

In their joint statement, the winners expressed their hopes that their research will serve as an essential resource as global policymakers develop effective climate portfolios. They stated, “Our paper offers a unified framework to study the interaction between several climate policies targeted on the same emitters. Seemingly minor details can make all the difference for whether the policy mix is effective at cutting emissions.” They further expressed their gratitude for receiving the RES Prize.

Grischa Perino is professor for environmental economics at the University of Hamburg and the managing director of the Earth & Society Research Hub (ESRAH). His research interests include several areas in environmental, climate and applied micro-economics. He is an expert on carbon market design – in particular the Market Stability Reserve in the EU Emissions Trading Scheme (ETS) – and has advised the European Commission, the German Ministry for Economic Affairs, and the German Environment Agency. Find out more on his faculty webpage or his personal site.

Robert Ritz is a fellow and lecturer at Peterhouse College, University of Cambridge. He specialises in the interface between climate policy, industrial organisation and energy economics. He has worked as an advisor to the UK’s energy regulator (OFCOM) and the UK’s antitrust body, the Competition & Markets Authority. He was previously a research fellow at the University of Oxford, where he also received his PhD. You can find out more on his faculty profile or on his personal website.

Arthur van Benthem is a Professor of Business Economics and Public Policy at Wharton, University of Pennsylvania, where he is co-director of the Wharton Climate Center. His research specialises in environmental and energy economics. He studied at the University of Amsterdam and at Stanford, where he gained his PhD. You can find out more about Dr. van Benthem on his faculty page or his personal site.

The Prize will be awarded at the gala dinner of the annual Royal Economic Society Conference, set to take place in July 2026 at Newcastle University.