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Risks, lessons learned, and secondary markets for greenhouse gas reductions

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  • Larson, Donald F.
  • Parks, Paul

Abstract

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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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 2090.

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Date of creation: 31 Mar 1999
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Handle: RePEc:wbk:wbrwps:2090

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Keywords: Economic Theory&Research; Labor Policies; Payment Systems&Infrastructure; Environmental Economics&Policies; Health Economics&Finance; Health Economics&Finance; Environmental Economics&Policies; Carbon Policy and Trading; Energy and Environment; Economic Theory&Research;

References

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  1. Michael Ari Prager & Thomas H. Klier & Richard H. Mattoon, 1996. "A mixed bag: assessment of market performance and firm trading behavior in the NOx RECLAIM program," Working Paper Series, Regional Economic Issues WP-96-12, Federal Reserve Bank of Chicago.
  2. Goulder, Lawrence H. & Mathai, Koshy, 2000. "Optimal CO2 Abatement in the Presence of Induced Technological Change," Journal of Environmental Economics and Management, Elsevier, vol. 39(1), pages 1-38, January.
  3. Cason, T.N. & Gangadharan, L., 1997. "An Experimental Study of Electronic Bulletin Board Trading for Emission Permits," Department of Economics - Working Papers Series 592, The University of Melbourne.
  4. Scott Lee Johnson & David M. Pekelney, 1996. "Economic Assessment of the Regional Clean Air Incentives Market: A New Emissions Trading Program for Los Angeles," Land Economics, University of Wisconsin Press, vol. 72(3), pages 277-297.
  5. Varangis, Panos & Larson, Don, 1996. "Dealing with commodity price uncertainty," Policy Research Working Paper Series 1667, The World Bank.
  6. Jane V. Hall & Amy L. Walton, 1996. "A Case Study In Pollution Markets: Dismal Science Vs. Dismal Reality," Contemporary Economic Policy, Western Economic Association International, vol. 14(2), pages 67-78, 04.
  7. Larson, Donald Frederick & DEC, 1994. "Copper and the negative price of storage," Policy Research Working Paper Series 1282, The World Bank.
  8. Thomas H. Klier & Richard H. Mattoon & Michael A. Prager, 1997. "What can the Midwest learn from California about emissions trading?," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue Aug.
  9. Gangadharan, L., 1997. "Transactions Costs in Tradeable Emissions Markets: an Empirical Study of the Regional Clean Air Incentives MArket in Los Angeles," Department of Economics - Working Papers Series 591, The University of Melbourne.
  10. Hersh, Robert, 1996. "A Review of Integrated Pollution Control Efforts in Selected Countries," Discussion Papers dp-97-15, Resources For the Future.
  11. Cason, Timothy N. & Plott, Charles R., 1996. "EPA's New Emissions Trading Mechanism: A Laboratory Evaluation," Journal of Environmental Economics and Management, Elsevier, vol. 30(2), pages 133-160, March.
  12. Conrad, Klaus & Kohn, Robert E, 1996. "The US market for SO2 permits : Policy implications of the low price and trading volume," Energy Policy, Elsevier, vol. 24(12), pages 1051-1059, December.
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Cited by:
  1. Larson, Donald F., 2013. "Blue water and the consequences of alternative food security policies in the Middle East and North Africa for water security," Policy Research Working Paper Series 6464, The World Bank.

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