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Risks, lessons learned, and secondary markets for greenhouse gas reductions, Volume 1
 
Author:Larson, Donald F.; Parks, Paul; Collection Title:Policy, Research working paper ; no. WPS 2090
Country:New Zealand; Date Stored:1999/06/03
Document Date:1999/03/31Document Type:Policy Research Working Paper
SubTopics:Environmental Economics & Policies; Carbon Policy and Trading; Economic Theory & Research; Payment Systems & Infrastructure; Energy and Environment; Labor Policies; Health Economics & FinanceLanguage:English
Major Sector:(Historic)EnvironmentRegion:East Asia and Pacific
Report Number:WPS2090Sub Sectors:Pollution Control / Waste Management
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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