Carbon markets: Past, present, and future
Abstract
© 2014 by Annual Reviews.Carbon markets are substantial and expanding. There are many
lessons from experience over the past 9 years: fewer free allowances, careful moderation
of low and high prices, and a recognition that trading systems require adjustments
that have consequences for market participants and market confidence. Moreover, the
emerging international architecture features separate emissions trading systems serving
distinct jurisdictions. These programs are complemented by a variety of other types
of policies alongside the carbon markets. This architecture sits in sharp contrast
to the integrated global trading architecture envisioned 15 years ago by the designers
of the Kyoto Protocol and raises a suite of new questions. In this new architecture,
jurisdictions with emissions trading have to decide how, whether, and when to link
with one another, and policy makers must confront how to measure both the comparability
of efforts among markets and the comparability between markets and a variety of other
policy approaches.
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Journal articlePermalink
https://hdl.handle.net/10161/10262Published Version (Please cite this version)
10.1146/annurev-resource-100913-012655Publication Info
Newell, RG; Pizer, WA; & Raimi, D (2014). Carbon markets: Past, present, and future. Annual Review of Resource Economics, 6(1). pp. 191-215. 10.1146/annurev-resource-100913-012655. Retrieved from https://hdl.handle.net/10161/10262.This is constructed from limited available data and may be imprecise. To cite this
article, please review & use the official citation provided by the journal.
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Richard G. Newell
Adjunct Professor
Dr. Richard G. Newell is the President and CEO of Resources for the Future (RFF),
an independent, nonprofit research institution that improves environmental, energy,
and natural resource decisions through impartial economic research and policy engagement.
From 2009 to 2011, he served as the administrator of the US Energy Information Administration,
the agency responsible for official US government energy statistics and analysis.
Dr. Newell is an adjunct professor at Duke University, where he
Billy Pizer
Research Professor in the Sanford School of Public Policy
Billy Pizer joined the faculty of the Sanford School of Public Policy at Duke University
in the fall of 2011. He also was appointed a faculty fellow in the Nicholas Institute
for Environmental Policy Solutions, a nonpartisan institute at Duke that focuses on
finding solutions to some of the nation's most pressing environmental challenges.
His current research examines how we value the future benefits of climate change mitigation,
how environmental regulation and climate policy can af
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