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The design and implementation of an international greenhouse gas emissions trading scheme

Author

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  • Zhang, ZhongXiang

Abstract

The inclusion of emissions trading in the Kyoto Protocol reflects an important decision to address climate change issues through flexible market mechanisms. In this paper, we address a number of policy issues that must be considered in designing and implementing an international greenhouse gas (GHG) emissions trading scheme. These include how much of a Party’s assigned amount of GHG emissions can be traded internationally; emissions trading models; competitiveness concerns in the allocation of emissions permits; banking and borrowing; the issue of liability for non-compliance; enlarging emissions trading system; and bubbles. Although our focus is exclusively on emissions trading, we discuss its relationship with the clean development mechanism, joint implementation and bubbles wherever necessary. By providing some new insights, the paper aims to contribute to the design and operationlization of an international emissions trading scheme.

Suggested Citation

  • Zhang, ZhongXiang, 1999. "The design and implementation of an international greenhouse gas emissions trading scheme," MPRA Paper 13046, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:13046
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    File URL: https://mpra.ub.uni-muenchen.de/13046/1/MPRA_paper_13046.pdf
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    File URL: https://mpra.ub.uni-muenchen.de/13676/1/MPRA_paper_13676.pdf
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    References listed on IDEAS

    as
    1. ZhongXiang Zhang, 1998. "The Economics of Energy Policy in China," Books, Edward Elgar Publishing, number 1291, April.
    2. Cramton, Peter & Kerr, Suzi, 2002. "Tradeable carbon permit auctions: How and why to auction not grandfather," Energy Policy, Elsevier, vol. 30(4), pages 333-345, March.
    3. William R. Cline, 1992. "Economics of Global Warming, The," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 39.
    4. Fischer, Carolyn & Kerr, Suzi & Toman, Michael, 1998. "Using Emissions Trading to Regulate U.S. Greenhouse Gas Emissions: An Overview of Policy Design and Implementation Issues," National Tax Journal, National Tax Association;National Tax Journal, vol. 51(3), pages 453-464, September.
    5. Mitchell, Ronald B., 1994. "Regime design matters: intentional oil pollution and treaty compliance," International Organization, Cambridge University Press, vol. 48(03), pages 425-458, June.
    6. Parry, Ian W. H. & Williams, Roberton III & Goulder, Lawrence H., 1999. "When Can Carbon Abatement Policies Increase Welfare? The Fundamental Role of Distorted Factor Markets," Journal of Environmental Economics and Management, Elsevier, vol. 37(1), pages 52-84, January.
    7. Lawrence Goulder, 1995. "Environmental taxation and the double dividend: A reader's guide," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 2(2), pages 157-183, August.
    8. Zhang, ZhongXiang, 1998. "Greenhouse gas emissions trading and the world trading system," MPRA Paper 12971, University Library of Munich, Germany.
    9. Robert N. Stavins, 1998. "What Can We Learn from the Grand Policy Experiment? Lessons from SO2 Allowance Trading," Journal of Economic Perspectives, American Economic Association, vol. 12(3), pages 69-88, Summer.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Zhang, Zhong Xiang, 2001. "Why has the energy intensity fallen in China's industrial sector in the 1990s?: the relative importance of structural change and intensity change," CDS Research Reports 200111, University of Groningen, Centre for Development Studies (CDS).
    2. Adam Rose & Zhong Zhang, 2004. "Interregional burden-sharing of greenhouse gas mitigation in the United States," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 9(4), pages 477-500, October.
    3. Zhang, ZhongXiang, 2000. "Using emissions trading to regulate global greenhouse gas emissions," MPRA Paper 13226, University Library of Munich, Germany.
    4. Zhang, ZhongXiang, 2001. "The liability rules under international GHG emissions trading," Energy Policy, Elsevier, vol. 29(7), pages 501-508, June.

    More about this item

    Keywords

    Bubbles; carbon tax; clean development mechanism; emissions trading; greenhouse gases; international competitiveness; joint implementation; Kyoto Protocol;

    JEL classification:

    • K32 - Law and Economics - - Other Substantive Areas of Law - - - Energy, Environmental, Health, and Safety Law
    • Q52 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Pollution Control Adoption and Costs; Distributional Effects; Employment Effects
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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