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Perspectives and Regulation of the Russian Market for Project-based Transactions under the Kyoto Protocol




Project-based transactions (PBTs) are a market mechanism of attracting foreign investments in order to abate greenhouse gas emissions and increase energy efficiency of the country’s enterprises. The article provides a classification and analyzes advantages and drawbacks of PBTs from the point of view of a host country. The main trends and factors determining the dynamics of the PBT market are described. Given that Russia currently lags behind the leaders of the PBT market, an incorporation of a state carbon fund is put forward with an aim of channelling PBTs through it. This paper proposes a form of PBT market regulation by incorporating an option mechanism into the contract structure of a transaction. A comparison of the new form of regulation with the tools that are currently in use in Russia and other countries demonstrates its greater economic efficiency under uncertainty.

Suggested Citation

  • K. Zavodov., 2008. "Perspectives and Regulation of the Russian Market for Project-based Transactions under the Kyoto Protocol," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 10.
  • Handle: RePEc:nos:voprec:2008-10-7

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    References listed on IDEAS

    1. Pryor, Frederic L., 2005. "Market economic systems," Journal of Comparative Economics, Elsevier, vol. 33(1), pages 25-46, March.
    2. Timur Kuran, 2004. "Why the Middle East is Economically Underdeveloped: Historical Mechanisms of Institutional Stagnation," Journal of Economic Perspectives, American Economic Association, vol. 18(3), pages 71-90, Summer.
    3. Frederic L Pryor, 2006. "Economic Systems of Developing Nations," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 48(1), pages 77-99, March.
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