Carbon Markets: Past, Present, and Future

Richard Newell, William Pizer and Daniel Raimi

RFF Working Paper Series from Resources for the Future

Abstract: Carbon markets are substantial and they are expanding. There are many lessons from experiences over the past eight years -- fewer free allowances, better management of market-sensitive information, 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 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 policymakers overseeing carbon markets must confront how to measure the comparability of efforts among markets and relative to 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: 2012-12-07
New Economics Papers: this item is included in nep-ene, nep-env and nep-res
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

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Related works:
Journal Article: Carbon Markets: Past, Present, and Future (2014)
Working Paper: Carbon Markets: Past, Present, and Future (2012)
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