IDEAS home Printed from https://ideas.repec.org/a/taf/tcpoxx/v15y2015i5p647-669.html
   My bibliography  Save this article

The global carbon market-mechanism landscape: pre and post 2020 perspectives

Author

Listed:
  • Luke Redmond
  • Frank Convery

Abstract

With market-mechanisms likely to achieve emission reductions at lower cost than alternative approaches, there is a presumption that they will be embraced by those who are serious about achieving ambitious reductions. Two broad messages exist; there is already considerable activity and some ambition in many parts of the world - a fragmented but embryonic 'global' trading landscape is emerging - and there are efforts at UN level to provide a unifying framework for these bottom-up developments. The topography of interest and response varies considerably across groups of countries, and there have been delays in making progress on a unifying framework. This article analyses the current carbon market landscape in terms of market dynamics and market-mechanism developments whilst undertaking an examination of how climate change negotiations under the United Nations Framework Convention on Climate Change (UNFCCC) is shaping the future carbon market landscape. This work shows that the combination of existing, emerging, and potential carbon market-mechanisms can be regarded as an emerging pre-2020 fragmented 'global' carbon market landscape based on differing bottom-up market based approaches. One outcome of a 2015 Climate Agreement could be a post-2020 global carbon market which would include new domestic and international market initiatives such as the Framework for Various Approaches and New Market Mechanism, together with reformed Kyoto mechanisms. Policy relevance With the 2015 Agreement under the United Nations Framework Convention on Climate Change (UNFCCC) expected to see Parties commit to ambitious mitigation commitments, post-2020 could see significant Party (& industry) investment in market-mechanisms and associated emissions units in an effort to achieve some of the abatement cost minimization offered by market approaches. This article is written for those who have an interest in understanding what is happening - and what is not happening - as regards the emergence of market-related approaches to GHG mitigation globally in the run up to the 21st Conference of the Parties (COP) of the UNFCCC which meets in Paris in December 2015, and what could be the shape of things to come post-2020.

Suggested Citation

  • Luke Redmond & Frank Convery, 2015. "The global carbon market-mechanism landscape: pre and post 2020 perspectives," Climate Policy, Taylor & Francis Journals, vol. 15(5), pages 647-669, September.
    • Handle: RePEc:taf:tcpoxx:v:15:y:2015:i:5:p:647-669
    DOI: 10.1080/14693062.2014.965126
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/14693062.2014.965126
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/14693062.2014.965126?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Alexandre Kossoy & Klaus Oppermann & Rama Chandra Reddy & Martina Bosi & Sandrine Boukerche & Niklas Höhne & Noémie Klein & Alyssa Gilbert & Martina Jung & Bram Borkent & Long Lam & Frauke Röser & Nad, "undated". "Mapping Carbon Pricing Initiatives : Developments and Prospects 2013," World Bank Publications - Reports 15771, The World Bank Group.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Qingjian Zhao & Zuomin Wen & Anne Toppinen, 2018. "Constructing the Embodied Carbon Flows and Emissions Landscape from the Perspective of Supply Chain," Sustainability, MDPI, vol. 10(11), pages 1-17, October.
    2. Lei Su & Wenjiao Yu & Zhongxuan Zhou, 2023. "Global Trends of Carbon Finance: A Bibliometric Analysis," Sustainability, MDPI, vol. 15(8), pages 1-21, April.
    3. Yolanda Fernández Fernández & María Angeles Fernández López & David González Hernández & Blanca Olmedillas Blanco, 2018. "Institutional Change and Environment: Lessons from the European Emission Trading System," Energies, MDPI, vol. 11(4), pages 1-16, March.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Finon, Dominique, 2019. "Carbon policy in developing countries: Giving priority to non-price instruments," Energy Policy, Elsevier, vol. 132(C), pages 38-43.
    2. Campiglio, Emanuele, 2016. "Beyond carbon pricing: The role of banking and monetary policy in financing the transition to a low-carbon economy," Ecological Economics, Elsevier, vol. 121(C), pages 220-230.
    3. Matthew Ranson & Robert N. Stavins, 2016. "Linkage of greenhouse gas emissions trading systems: learning from experience," Climate Policy, Taylor & Francis Journals, vol. 16(3), pages 284-300, April.
    4. Christoph Böhringer & Thomas Rutherford & Marco Springmann, 2015. "Clean-Development Investments: An Incentive-Compatible CGE Modelling Framework," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 60(4), pages 633-651, April.
    5. Jessika Richter & Luis Mundaca, 2015. "Achieving and maintaining institutional feasibility in emissions trading: the case of New Zealand," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 20(8), pages 1487-1509, December.
    6. Michel Damian, 2014. "La politique climatique change enfin de paradigme," Post-Print halshs-00969308, HAL.
    7. Paul Ekins & Stefan Speck, 2014. "The fiscal implications of climate change and policy responses," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 19(3), pages 355-374, March.
    8. Tatiana G. Zárate Barrera & Jorge Higinio Maldonado, 2014. "El valor económico del Blue Carbon en Colombia: Beneficios de la captura y almacenamiento de carbono provistos por las Áreas Marinas Protegidas," Documentos CEDE 11003, Universidad de los Andes, Facultad de Economía, CEDE.
    9. Mark Purdon, 2015. "Advancing Comparative Climate Change Politics: Theory and Method," Global Environmental Politics, MIT Press, vol. 15(3), pages 1-26, August.
    10. Mutsuyoshi Nishimura, 2015. "A new market‐based climate change solution achieving 2°C and equity," Wiley Interdisciplinary Reviews: Energy and Environment, Wiley Blackwell, vol. 4(1), pages 133-138, January.
    11. David Belis & Bart Kerremans, 2016. "The socialization potential of the CDM in EU–Vietnam climate relations," Climate Policy, Taylor & Francis Journals, vol. 16(8), pages 1048-1064, November.
    12. Frédéric Branger, Philippe Quirion, Julien Chevallier, 2017. "Carbon Leakage and Competitiveness of Cement and Steel Industries Under the EU ETS: Much Ado About Nothing," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3).
    13. Hans-Jürgen Nantke & Alfred Endres & Frederik Schaff & Till Requate & Susanne Dröge, 2013. "Failure of the Emission Trading: Is Europe Losing its Pioneering Role in Climate Policy?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 66(12), pages 03-15, June.
    14. Zárate, Tatiana & Maldona, Jorge Higinio, 2014. "El valor económico del Blue Carbon en Colombia: Beneficios de la captura y almacenamiento de carbono provistos por las Áreas Marinas Protegidas," Documentos CEDE Series 209365, Universidad de Los Andes, Economics Department.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:tcpoxx:v:15:y:2015:i:5:p:647-669. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/tcpo20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.