Carbon Markets: Past, Present, and Future

Richard Newell, William Pizer and Daniel Raimi

Annual Review of Resource Economics, 2014, vol. 6, issue 1, 191-215

Abstract: Carbon markets are substantial and expanding. There are many lessons from experience over the past 9 years: fewer free allowances, careful moderation of low and high prices, and a recognition that trading systems require adjustments that have consequences for market participants and market confidence. Moreover, the emerging international architecture features separate emissions trading systems serving distinct jurisdictions. These programs are complemented by a variety of other types of policies alongside the carbon markets. This architecture sits in sharp contrast to the integrated global trading architecture envisioned 15 years ago by the designers of the Kyoto Protocol and raises a suite of new questions. In this new architecture, jurisdictions with emissions trading have to decide how, whether, and when to link with one another, and policy makers must confront how to measure both the comparability of efforts among markets and the comparability between markets and a variety of other policy approaches.

Keywords: carbon market; tradable permit; allowance; climate change; greenhouse gas (search for similar items in EconPapers)
JEL-codes: D04 F53 Q52 Q54 Q58 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (12)

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Related works:
Working Paper: Carbon Markets: Past, Present, and Future (2012)
Working Paper: Carbon Markets: Past, Present, and Future (2012)
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