A collection of twelve superbly written contributions by leading researchers and scientists on greenhouse gas emissions trading by members of the European Union, as well as alternatives and new developments in this specialized area of global warming and reduction related commercial exchange. . . a seminal and strongly recommended work of particular relevance and value for both academic and governmental reference library collections on international environmental studies. Midwest Book Review This timely book focuses on the EU-wide greenhouse gas emissions trading scheme for major sources. It combines legal and economic approaches and reviews the major revision of this scheme. A distinguished range of authors assess the experiences thus far and also consider future development from both theoretical and practical perspectives. They also discuss many design options, including auctioning, credit and trade, the inclusion of aviation emissions, and linking possibilities. Moreover, attention is paid to the role of legal principles, the role of case law, and to aspects of democratic accountability within an emissions trading scheme. Ways to avoid carbon leakage and the role of national climate policies are also discussed. This book makes clear that the economic efficiency and effectiveness of an emissions trading scheme depend to a large extent on the specific legislative choices, and hence the legislative design of such a scheme deserves meticulous attention. Discussing legal and economic aspects of emissions trading, this book offers new insights to academics and policy makers both in the public and private sector. Those insights are not only relevant for understanding the past, but moreover for guiding the future design of emissions trading for greenhouse gases.

The 1997 Kyoto Conference introduced emissions trading as a policy instrument for climate protection. Bringing together scholars in the fields of economics, political science and law, this book, which was originally published in 2005, provides a description, analysis and evaluation of different aspects of emissions trading as an instrument to control greenhouse gases. The authors analyse theoretical aspects of regulatory instruments for climate policy, provide an overview of US experience with market-based instruments, draw lessons from trading schemes for the control of greenhouse gases, and discuss options for emissions trading in climate policy. They also highlight the background of climate policy and instrument choice in the US and Europe and the foundation of systems in Europe, particularly the EU's directive for a CO2 emissions trading system.

This text analyses the functioning of the European Emissions Trading Scheme and assesses the extent to which relevant legislation has affected its capacity to promote cost-effective reduction of European carbon emissions.

The promise of harnessing market forces to combat climate change has been unsettled by low carbon prices, financial losses, and ongoing controversies in global carbon markets. And yet governments around the world remain committed to market-based solutions to bring down greenhouse gas emissions. This book discusses what went wrong with the marketisation of climate change and what this means for the future of action on climate change. The book explores the co-production of capitalism and climate change by developing new understandings of relationships between the appropriation, commodification and capitalisation of nature. The book reveals contradictions in carbon markets for addressing climate change as a socio-ecological, economic and political crisis, and points towards more targeted and democratic policies to combat climate change. This book will appeal to students, researchers, policy makers and campaigners who are interested in climate change and climate policy, and the political economy of capitalism and the environment.

'. . . this excellent edited collection assembled by Peeters and Deketelaere on the achievements of EU climate change policy is a very timely publication. They have brought together nineteen distinguished, mostly European scholars, on climate law and policy to provide an informative account of the flurry of initiatives.' - Benjamin J. Richardson, Maastricht Journal of European and Comparative Law

Climate change is an environmental problem of unprecedented complexity, not just in terms of its physical, social, economic and political impacts, but particularly in terms of the range of policy instruments being designed by countries to reduce greenhouse gas emissions. Climate Change and Carbon Markets aims to provide an accessible and practical guide to cutting edge market-based mechanisms which will reduce greenhouse gas emissions. This book is a guide for national and international policy-makers and industry professionals, who need to understand the carbon markets established pursuant to the Kyoto Protocol, one of the most complex agreements ever negotiated. The book sets out how carbon markets will function by explaining the rules, institutions and procedures of the Kyoto mechanisms, including: emissions trading, joint implementation (JI) and the Clean Development Mechanism (CDM). It also provides an in-depth explanation of the EU Emissions Allowance Trading Scheme, emerging mechanisms in the US and developing countries, and how these will link up. For policy-makers, researchers and scholars; industry practitioners, companies, market service providers, technical and legal consultants, NGOs and all stakeholder organizations engaged in the Kyoto markets, this is the authoritative and comprehensive practical guide to this rapidly evolving area. Contains the full text of the key European Union documents setting up the EU Emissions Allowance Trading Scheme and the Linking Directive.

The first detailed description and analysis of the European Union Emissions Trading Scheme.