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Linking tradable permit systems
Jaffe, Judson Ranson, Matthew Stavins, Robert N.
Jaffe, Judson
Ranson, Matthew
Stavins, Robert N.
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"This Article analyzes the role that linkage between emission trading systems could play in a future international climate policy architecture. Cap-and-trade systems, regional, national, and international in scope, are emerging as a preferred instrument for addressing global climate change throughout the industrialized world, and the Clean Development Mechanism— an emission-reduction-credit system—has also developed a significant constituency. Because links between tradable permit systems can reduce compliance costs and improve market liquidity, the possibility of linking capand- trade systems to each other and to emission-reduction-credit systems such as the Clean Development Mechanism has generated considerable interest. We consider whether linkage could pave the way for a future international agreement, play a role as part of a future agreement, or substitute for an agreement. We argue that linkage could promote the near-term goals of participation and cost-effectiveness, while helping to build the foundation for a more comprehensive future agreement to address global climate change." (p. 1-2)
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2009
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With permission of the license/copyright holder