Will there be value for Kyoto units in a post-Kyoto regime?

Pablo Del R�o

Climate Policy, 2008, vol. 8, issue 1, 75-90

Abstract: To what extent can Kyoto units issued pre- and post-2012 be used, and thus have a market value, under a range of post-Kyoto regimes/scenarios? Although the market value of these Kyoto units can be more easily recognized in certain scenarios than in others, this article shows that most post-Kyoto regime scenarios are compatible with such recognition. This depends not only on the particular design elements of the post-Kyoto regime implemented, but also on political decisions taken by national governments. There are incentives and disincentives for national governments to recognize such value in the absence of an international climate policy regime.

Date: 2008
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DOI: 10.3763/cpol.2007.0338

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