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After Copenhagen: the impossibility of carbon trading

Campbell, David, Klaes, Matthias and Bignell, Christopher (2010) After Copenhagen: the impossibility of carbon trading. LSE law, society and economy working papers, 22-2010. Department of Law, London School of Economics and Political Science, London, UK.

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Abstract

The attempt to develop international cap and trade markets for anthropogenic greenhouse gas emissions, ultimately aiming to determine a global price for carbon, is the most extensive attempt ever made to use market-mimicking mechanisms to deal with an environmental externality. Addressed to the problem of climate change, it is an exercise in the adjustment of the social welfare function on a global scale, and it envisages expenditures which will run into trillions of dollars. Focusing on the operation of the Clean Development Mechanism, the most important of the three flexible mechanisms for carbon trade established under the Kyoto Protocol, it will be argued that carbon trading which will reduce emissions in line with any of the targets set for avoiding dangerous anthropological interference is impossible. Climate change negotiations have completely failed to place a cap on global emissions; indeed, they have given a legal permission to increase them. Reflecting the fatal shortcomings of the Kyoto Protocol, the operation of the CDM so far has not merely failed to secure reductions, but in all likelihood has actually increased the absolute level of emissions.

Item Type: Monograph (Working Paper)
Official URL: http://www.lse.ac.uk/collections/law/wps/index.htm
Additional Information: © 2010 The Authors
Library of Congress subject classification: J Political Science > JX International law
K Law > K Law (General)
Sets: Departments > Law
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Identification Number: 22-2010
Date Deposited: 02 Mar 2011 10:33
URL: http://eprints.lse.ac.uk/32841/

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