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Fragmentation of international climate policy: doom or boon for carbon markets?


Michaelowa, A (2011). Fragmentation of international climate policy: doom or boon for carbon markets? In: UNEP. Progressing towards post-2012 carbon markets. Roskilde: UNEP, 13-23.

Abstract

After Copenhagen and Cancun, fragmentation of carbon markets is in full swing, with the EU and Japan actively dismantling the role of the CDM as “gold standard” currency of the global carbon market. While some political cientists argue that fragmentation could be advantageous for the climate negotiations, economists see it negatively, as it drives mitigation costs upwards and leads to a hodgepodge of rules with high transaction costs. The voluntary market as a laboratory for fragmentation has shown that high-quality credits are restricted to a tiny share, prices vary by several orders of magnitude and registries as well as verification standards have proliferated. Thus fragmentation should be resisted as far as possible.

After Copenhagen and Cancun, fragmentation of carbon markets is in full swing, with the EU and Japan actively dismantling the role of the CDM as “gold standard” currency of the global carbon market. While some political cientists argue that fragmentation could be advantageous for the climate negotiations, economists see it negatively, as it drives mitigation costs upwards and leads to a hodgepodge of rules with high transaction costs. The voluntary market as a laboratory for fragmentation has shown that high-quality credits are restricted to a tiny share, prices vary by several orders of magnitude and registries as well as verification standards have proliferated. Thus fragmentation should be resisted as far as possible.

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Additional indexing

Item Type:Book Section, not refereed, original work
Communities & Collections:06 Faculty of Arts > Institute of Political Science
Dewey Decimal Classification:320 Political science
Language:English
Date:15 November 2011
Deposited On:05 Mar 2012 11:35
Last Modified:05 Apr 2016 15:32
Publisher:UNEP
Number:2011
ISBN:978-87-550-3944-5
Free access at:Official URL. An embargo period may apply.
Official URL:http://www.acp-cd4cdm.org/media/326892/post2012markets.pdf
Related URLs:http://www.acp-cd4cdm.org/publications.aspx (Publisher)
Permanent URL: http://doi.org/10.5167/uzh-57736

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