The Rise of the Emission Markets

Marc Chesney, Jonathan Gheyssens and Luca Taschini
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Marc Chesney: University of Zurich
Jonathan Gheyssens: University of Zurich

Chapter 3 in Environmental Finance and Investments, 2013, pp 17-57 from Springer

Abstract: Abstract The chapter gives the historical and institutional background behind climate markets, giving details on the important climate institutions, the type of players and the markets they operate in and the type of products at their disposal. It starts with a presentation of the institutions and political processes behind the creation of the United Nation Framework Convention on Climate Change (UNFCCC) and the enactment of the Kyoto Protocol. It details the different key institutions and instruments at the core of its system, from the Conference of Parties (COP) and the subsidiary bodies to the different registries. After a thorough description of the largest cap-and- trade scheme in the world, the European Union Emissions Trading Scheme (EU ETS) and its relations with the Kyoto Protocol, the chapter detail the various of Kyoto’s flexible trading mechanisms and conclude with the current institutional and market landscape.

Keywords: European Union; Kyoto Protocol; Trading Period; European Union Emission Trading Scheme; Green Climate Fund (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-642-36623-9_3

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DOI: 10.1007/978-3-642-36623-9_3

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