carbon market Articles

  • Transnational aspects of a linked carbon market

    As greenhouse gas emissions trading systems emerge worldwide, the prospect of linking these systems has increasing economic appeal. However, there are a number of, practical and political considerations to take into account which may in many cases outweigh this theoretical attractiveness. There are also several legal instruments and approaches that can be used to link schemes ranging, from the ...

  • Lessons learned from the financial crisis: Designing carbon markets for environmental effectiveness and financial stability

    The spectacular market and regulatory failures we have witnessed in the current financial crisis provide a cautionary tale for any future carbon trading program. The crisis has highlighted the importance of preventing speculative bubbles and excessive risk-taking, how failures in one market can pose broader risks to the financial system, and the need for robust financial regulation. This article ...

  • Regulatory challenges for financial and carbon markets

    The controversy about how financial derivatives markets are to be regulated that has been opened up by the credit crunch is in many ways parallel to the widening debate over regulation of carbon markets. Both markets involve hitherto untried attempts at commodification: in the case of the financial markets, commodification of an unprecedented range of uncertainties, and in the case of the carbon ...

  • Establishing a global carbon market

    In its 2007 publication Policy Directions to 2050, the WBCSD proposes an outline for a post-2012 international framework. It features four key elements: The establishment of a quantifiable long-term (50-year) trajectory for the management of global greenhouse gas (GHG) emissions. Global cooperation to accelerate energy technology development and deployment and enable the rapid transfer of ...

  • Personal carbon trading and sustainable consumption: the art of the state

    Anticipating a new prominence for the carbon market and lifestyle change in post-2012 implementation of ambitious carbon mitigation targets in OECD countries, including the UK, this paper draws on Foucauldian scholarship to support an argument that personal carbon trading (PCT) may be consistent with New Labour's understanding of the role of the 'consumer citizen' in modern Britain, and that PCT ...


    By Inderscience Publishers

  • Securitising risk and the clean development mechanism

    Delivery risk is central to pricing carbon offsets, but has been the focus of limited attention in the carbon markets. At the same time, remote regions and promising technologies – desperate for investment – have been underserved by the carbon markets. This paper proposes that the current policy objectives and functions of the Clean Development Mechanism (CDM) be expanded to include arrangements ...

  • Understanding the voluntary carbon market

    The monitoring, reducing and offsetting of carbon emissions by corporations, organisations and individuals is rapidly moving from an ‘if’ and ‘why’ scenario to a ‘when’ and ‘how’ one. For the Kyoto Protocol signatory nations, this shift is one that combines elements of education, obligation and cooperation. For the few nations that have not signed on to the Kyoto Protocol, the change in ...

  • Converging Markets

    The crucible in this scenario for the international climate regime is the emergence of an effective and liquid international carbon market with participation of private entities. In order to make the carbon market effective a bilateral negotiation track will develop, operating in parallel with the multilateral track under the UNFCCC. The purpose of the bilateral track is to integrate the various ...


    By Springer-Verlag GmbH

  • 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 ...


    By Inderscience Publishers

  • Who picks up the remainder? Mitigation in developed and developing countries

    A fair, effective, flexible and inclusive climate regime beyond 2012 will need several political balances. Mitigation and funding will be at the heart of the agreement. The IPCC's Fourth Assessment Report indicates that absolute reductions will be needed in Annex I (AI) countries and substantial deviation from baseline in some non-Annex I (NAI) regions by 2020. Although the latter was not ...

  • The Carbon Market and the Post-2012 Climate Regime: Key Legal Scenarios

    Less then six months before Copenhagen, even the broad outline of the post-2012 legal framework remains undecided. The reasons for this are both political and procedural. Legal issues are politically highly sensitive – this is the main reason why they have not been clarified earlier. Procedurally, negotiations are proceeding on two separate “tracks,” one under the Kyoto Protocol and another one ...

  • How does carbon price change? Evidences from EU ETS

    By proposing the hypotheses for carbon price volatility, this paper uses variance ratio and Ensemble Empirical Mode Decomposition (EEMD) to analyse the carbon price. Results show that carbon market is temperature–sensitive, affected by seasonal changes, which presents a style of movement amplitude; carbon price is affected by the market mechanism at a high frequency, with the duration being less ...


    By Inderscience Publishers

  • Towards a comprehensive climate change agreement in Copenhagen

    The successful conclusion of the international climate change negotiations at Copenhagen at the end of 2009 is a key priority for the EU. Now that the Climate and Energy package has been adopted, the EU must step up its contacts with third Countries, both in the UN context and beyond. This Communication sets out concrete proposals to achieve this goal. It addresses three key challenges: targets ...

  • Estimating the 'value at risk' of EUA futures prices based on the extreme value theory

    This paper employs the Extreme Value Theory (EVT) to measure the 'Value at Risk' (VaR) of EUA futures prices. The results show that during the sample period: first, the EVT approach can be used to reliably measure the extreme risk of carbon futures markets of the European Union Emissions Trading Scheme, both for Phase I and Phase II. Second, the downside extreme risk of carbon futures market ...


    By Inderscience Publishers

  • Explaining the construction of global carbon markets: REDD+ as a test case?

    Market–based instruments increasingly shape international environmental governance. Against this background, this paper puts forward a conceptual framework on the development of regulated global carbon markets. Regarding the adoption of carbon trading as an instance of wider shifts in governance allows us to benefit from the rich literature on (international) institutional change. At the same ...


    By Inderscience Publishers

  • Suspension of Eligibility to Use of the Kyoto Flexible Mechanisms: A Review of Substantive Issues (Part 2)

    This article assesses a vital aspect of the flexible mechanisms of the Kyoto Protocol: the rules governing participation in the carbon market created by these mechanisms, and the effects of non-compliance with applicable legal provisions. Part one of this two-part article described the flexible mechanisms of the Kyoto Protocol with a view to rules on market access, participation and eligibility. ...

  • Achieving the benefits of carbon trading: It`s all in the design

    The global carbon market is real and growing rapidly. The World Bank reported that the market grew in 2006 to reach US$30 billion and that the value of carbon credits being bought and sold nearly tripled in 2006 from 2005 levels. For 2007, indications are that this rapid pace of growth has continued, driven by regulations at the national level under the Kyoto Protocol, at the corporate level ...

  • Market convergence through the back door: Inadvertent integration of the world’s carbon markets under NAFTA

    Canada has promised to set up a greenhouse gas trading program to facilitate its greenhouse gas emissions reductions and has expressed an interest in tying its program to the European Union Emission Trading Scheme. At the same time, the United States Congress is contemplating legislation that would set up the country’s own, domestically-scaled GHG trading program and attempt to insulate it from ...

  • Voluntary carbon market and its contributions to sustainable development: analysis of the Monte Pascoal-Pau Brazil ecological corridor

    This paper aims to analyse the co–benefits of reforestation projects developed in the voluntary carbon market based on the analysis of a single case study: the ecological corridor project Monte Pascoal-Pau Brazil, the first forest restoration project in Latin America to receive the seal climate community and biodiversity (CCB). To achieve this purpose, the research combined: i) primary ...


    By Inderscience Publishers

  • Improving the Clean Development Mechanism Post-2012: A Developing Country Perspective

    In this article, we assess the future prospects of the Clean Development Mechanism (CDM) from the perspective of a developing country, drawing on Vietnam as a case study. First, we review the performance of the CDM and describe the evolution of carbon markets on the path towards a post-2012 climate regime. Next, we place Vietnam in a post-2012 context, and assess potential project resources, ...

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