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Risks, lessons learned, and secondary markets for greenhouse gas reductions, Volume 1
Author:Larson, Donald F.; Parks, Paul; Country:New Zealand;
Date Stored:1999/06/03Document Date:1999/03/31
Document Type:Policy Research Working PaperSubTopics:Environmental Economics & Policies; Carbon Policy and Trading; Economic Theory & Research; Payment Systems & Infrastructure; Energy and Environment; Labor Policies; Health Economics & Finance
Language:EnglishMajor Sector:(Historic)Environment
Region:East Asia and PacificReport Number:WPS2090
Sub Sectors:Pollution Control / Waste ManagementCollection Title:Policy, Research working paper ; no. WPS 2090
Volume No:1  

Summary: Collectively or individually, countries are likely to implement policies designed to limit greenhouse gas emissions. Experience from tradable quota schemes suggests that emissions trading could significantly reduce the costs of emission limits. The Kyoto Protocol provides the framework for a common trading mechanism for all countries - including countries that would not face immediate emission limits. Significantly, the Protocol places the responsibility for meeting emission limits with national governments. How policymakers choose to implement emission limits will significantly shape the incentives that drive evolving secondary markets for greenhouse-gas-based instruments. Potential market participants who were surveyed rate policy-related risk as higher than business-related risks. Domestic polices designed to reduce fragmentation in secondary markets, establish clear baselines and procedures, and strengthen host-country institutions can all help reduce the risks and costs of emission limits.

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