Compartmentalization of the carbon market

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Chapter 3 in Effective Global Carbon Markets, 2020, pp 32-51 from Edward Elgar Publishing

Abstract: The carbon market that developed under the Kyoto Protocol is both an environmental policy measure for mitigating greenhouse gas emissions, and a financial market, operating at an international level. This duality of functions underpins analysis in this chapter at a macroscopic level that tries to explain the failure of the carbon market to achieve better outcomes. Borrowing a technique from the field of study of fragmentation of international law, the theory posited is that compartmentalization in the climate regime inhibited potentially beneficial outcomes that might otherwise have been achieved.

Keywords: Economics and Finance; Environment; Law - Academic (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (3)

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