Keywords: GCG, global climate governance, carbon markets, climate change, post–Kyoto, literature review, developing countries, environmental regulations, low carbon economy
Carbon market and global climate governance: limitations and challenges
Climate change has been a challenge to international diplomacy and to global climate governance (GCG) involving governments, companies and civil society. This paper discusses the limitations and challenges of the global carbon market as a mechanism of GCG and its role in the post–Kyoto period. This study is part of an interdisciplinary and multi–institutional research about GCG and carbon market and it is based on a deep literature review of national and international academic publications, as well as institutional documents from the United Nations international panel on climate changes (IPCC) and UN framework convention on climate change (UNFCCC). The findings reveal the limitations and challenges of the carbon market as a GCG mechanism to face the climate change. It defends the necessity of developing countries to strengthen their national and sub–national regulations in direction to a low carbon economy.