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Linkage of Tradable Permit Systems in International Climate Policy Architecture

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  • Jaffe, Judson

    (Analysis Group)

  • Stavins, Robert

    (Harvard U)

Abstract

Cap-and-trade systems have emerged as the preferred national and regional instrument for reducing emissions of greenhouse gases throughout the industrialized world, and the Clean Development Mechanism--an international emission-reduction-credit system--has developed a substantial constituency, despite some concerns about its performance. Because linkage between tradable permit systems can reduce compliance costs and improve market liquidity, there is great interest in linking cap-and-trade systems to each other, as well as to the CDM and other credit systems. We examine the benefits and concerns associated with various types of linkages, and analyze the near-term and long-term role that linkage may play in a future international climate policy architecture. In particular, we evaluate linkage in three potential roles: as an independent bottom-up architecture, as a step in the evolution of a top-down architecture, and as an ongoing element of a larger climate policy agreement. We also assess how the policy elements of climate negotiations can facilitate or impede linkages. Our analysis throughout is both positive and normative.

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Bibliographic Info

Paper provided by Harvard University, John F. Kennedy School of Government in its series Working Paper Series with number rwp08-053.

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Date of creation: Oct 2008
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Handle: RePEc:ecl:harjfk:rwp08-053

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  1. Michaelowa, Axel & Jotzo, Frank, 2005. "Transaction costs, institutional rigidities and the size of the clean development mechanism," Energy Policy, Elsevier, Elsevier, vol. 33(4), pages 511-523, March.
  2. Helm, Carsten, 2003. "International emissions trading with endogenous allowance choices," Journal of Public Economics, Elsevier, Elsevier, vol. 87(12), pages 2737-2747, December.
  3. Robert N. Stavins, 2008. "A Meaningful U.S. Cap-and-Trade System to Address Climate Change," Working Papers, Fondazione Eni Enrico Mattei 2008.82, Fondazione Eni Enrico Mattei.
  4. Revesz, Richard L. & Stavins, Robert N., 2007. "Environmental Law," Handbook of Law and Economics, Elsevier, Elsevier.
  5. Kruger, Joseph & Oates, Wallace E. & Pizer, William A., 2007. "Decentralization in the EU Emissions Trading Scheme and Lessons for Global Policy," Discussion Papers, Resources For the Future dp-07-02, Resources For the Future.
  6. Bjart J. Holtsmark & Dag Einar Sommervoll, 2008. "International emissions trading in a non-cooperative equilibrium," Discussion Papers, Research Department of Statistics Norway 542, Research Department of Statistics Norway.
  7. Hahn, Robert W., 1982. "Market Power and Transferable Property Rights," Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences 402, California Institute of Technology, Division of the Humanities and Social Sciences.
  8. Tatsutani, Marika & Pizer, William A., 2008. "Managing Costs in a U.S. Greenhouse Gas Trading Program: A Workshop Summary," Discussion Papers, Resources For the Future dp-08-23, Resources For the Future.
  9. repec:reg:rpubli:60 is not listed on IDEAS
  10. Stavins Robert N., 1995. "Transaction Costs and Tradeable Permits," Journal of Environmental Economics and Management, Elsevier, vol. 29(2), pages 133-148, September.
  11. repec:reg:wpaper:60 is not listed on IDEAS
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Cited by:
  1. Sheila M. Olmstead & Robert N. Stavins, 2012. "Three Key Elements of a Post-2012 International Climate Policy Architecture," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 6(1), pages 65-85.
  2. Stavins, Robert Norman & Olmstead, Sheila M., 2009. "An Expanded Three-Part Architecture for Post-2012 International Climate Policy," Scholarly Articles 4449104, Harvard Kennedy School of Government.
  3. Flachsland, Christian & Marschinski, Robert & Edenhofer, Ottmar, 2009. "Global trading versus linking: Architectures for international emissions trading," Energy Policy, Elsevier, Elsevier, vol. 37(5), pages 1637-1647, May.
  4. Jobst Heitzig, 2013. "Bottom-Up Strategic Linking of Carbon Markets: Which Climate Coalitions Would Farsighted Players Form?," Working Papers, Fondazione Eni Enrico Mattei 2013.48, Fondazione Eni Enrico Mattei.

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