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State and Trends of the Carbon Market—2004

Author

Listed:
  • Franck Lecocq

Abstract

This study describes the status of the emerging carbon market, as of May 2004. The carbon market encompasses trades of greenhouse gas (GHG) emission allowances (under the European Union (EU) Emissions Trading Scheme), and project-based transactions, whereby a buyer participates in the financing of a project that reduces GHG emissions, compared with what would have happened otherwise, and gets emission reduction credits in exchange (for example, Clean Development Mechanism, or Joint Implementation projects under the Kyoto Protocol). The study finds that the carbon market is growing steadily. A total of 64 million metric tons of carbon dioxide equivalent (tCO2e) has been exchanged through projects from January to May 2004, nearly as much as during the whole year 2003 (78 million). Furthermore, the demand for emission reductions remains heavily concentrated, with a few EU governments, and Japanese firms the largest buyers. Finally, Asia is now the largest supplier of emission reductions, followed by Latin America, developed economies, and Eastern Europe. Prices of project-based emission reductions in early 2004 have remained essentially stable compared with 2003. In the absence of a standard contract, these prices strongly depend on the structure of the transaction, notably risk-sharing between buyers and sellers.

Suggested Citation

  • Franck Lecocq, 2005. "State and Trends of the Carbon Market—2004," World Bank Publications, The World Bank, number 7457.
  • Handle: RePEc:wbk:wbpubs:7457
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    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/7457/343880PAPER0Ca101OFFICIAL0USE0ONLY1.pdf?sequence=1
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    References listed on IDEAS

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    1. Francisco Pino & Solange Berstein & Guillermo Larraín, 2006. "Chilean Pension Reform: Coverage Facts and Policy Alternatives," ECONOMIA JOURNAL OF THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION, ECONOMIA JOURNAL OF THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION, vol. 0(Spring 20), pages 227-279, January.
    2. Sebastian Edwards, 1998. "The Chilean Pension Reform: A Pioneering Program," NBER Chapters,in: Privatizing Social Security, pages 33-62 National Bureau of Economic Research, Inc.
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    Citations

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    Cited by:

    1. -, 2007. "Renewable energy sources in Latin America and the Caribbean: two years after the Bonn Conference," Documentos de Proyectos 100, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    2. repec:zbw:hohpro:354 is not listed on IDEAS
    3. Hong, Jin & Guo, Xiumei & Marinova, Dora & Yang, Fengli & Yu, Wentao, 2013. "Clean development mechanism in China: Regional distribution and prospects," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 93(C), pages 151-163.
    4. Gernot Klepper & Sonja Peterson, 2006. "Emissions Trading, CDM, JI, and More: The Climate Strategy of the EU," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 1-26.
    5. Christoph Böhringer & Thomas F. Rutherford & Marco Springmann, 2013. "Clean-Development Investments: An Incentive-Compatible CGE Modelling Framework," ZenTra Working Papers in Transnational Studies 23 / 2013, ZenTra - Center for Transnational Studies, revised Dec 2013.
    6. Sonja Peterson, 2008. "Greenhouse gas mitigation in developing countries through technology transfer?: a survey of empirical evidence," Mitigation and Adaptation Strategies for Global Change, Springer, pages 283-305.
    7. Springmann, Marco & Böhringer, Christoph & Rutherford, Thomas F., 2013. "Clean-development investments: an incentive-compatible CGE modeling framework," Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79939, Verein für Socialpolitik / German Economic Association.
    8. Raffaelli, Roberta & Notaro, Sandra & Gios, Geremia, 2008. "Should carbon issues modify agri-environmental support to mountain grazing? A case study in the Italian Alps," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 44071, European Association of Agricultural Economists.
    9. repec:old:wpaper:354 is not listed on IDEAS
    10. Cacho, Oscar J., 2008. "Carbon markets, transaction costs and bioenergy," 2008 Conference (52nd), February 5-8, 2008, Canberra, Australia 6007, Australian Agricultural and Resource Economics Society.
    11. Bohringer, Christoph & Rutherford, Thomas F. & Springmannc, Marco, 2013. "Clean-development investments : an incentive-compatible CGE modeling framework," Policy Research Working Paper Series 6720, The World Bank.

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