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Carbon trading: a review of the Kyoto mechanisms

Hepburn, Cameron (2007) Carbon trading: a review of the Kyoto mechanisms. Annual Review of Environment and Resources, 32. pp. 375-393. ISSN 1545-2050

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Identification Number: 10.1146/


The three Kyoto flexible mechanisms—emissions trading, the clean development mechanism (CDM), and Joint Implementation (JI)—have always been controversial. Proponents saw the mechanisms as clever tools to ensure environmental outcomes were achieved at least cost. Reducing the costs of compliance, they argued, would make tighter environmental targets possible, and certainly more politically feasible. Detractors have argued that the flexible mechanisms commoditize Earth's atmosphere in a manner that will allow dubious projects and the exchange of “hot air” to substitute for serious engagement on climate change. This chapter reviews the Kyoto flexible mechanisms, which will become fully operative during the period 2008 to 2012. The review assesses their progress and success to date, examines the problems that have emerged, and considers suggestions for future developments in climate policy.

Item Type: Article
Official URL:
Additional Information: © 2007 Annual Reviews
Divisions: Grantham Research Institute
Subjects: G Geography. Anthropology. Recreation > GE Environmental Sciences
H Social Sciences > HB Economic Theory
Date Deposited: 01 Mar 2011 12:26
Last Modified: 03 Jun 2024 05:33

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