Carbon Markets Under the Kyoto Protocol
This working paper commissioned by the World Bank Carbon Markets and Innovation Practice (GCCMI) critically examines experience with carbon markets under the Kyoto protocol. The de facto end of the Kyoto Protocol and heralding of the Paris Agreement era has created the space for critical evaluation of trading carbon assets. The Kyoto Protocol and Paris Agreement diverge markedly in scope, centralization, and logic. As a result, the Article 6 carbon market mechanisms that emerge under Paris are likely to be very different to those that emerged under Kyoto. Nonetheless, experience with carbon markets under the Kyoto Protocol remains informative. This paper argues that there is still an economic and political rationale for trading carbon assets across borders. Trade in carbon assets can help reduce the costs of mitigation and facilitate emissions abatement at least-cost locations. When designed well, carbon market mechanisms can also facilitate learning, mobilize the private sector, and encourage transparency of mitigation efforts. Crucially, carbon markets could help support the operating logic of the Paris Agreement by binding signatories together and enhancing collective ambition. However, done badly, linking emissions systems could entail some risks to environmental integrity. In addition, given continued delays to the clarification of Article 6 and the need for strong action now, countries should not wait to implement effective domestic mitigation instruments such as carbon.
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| Format: | Working Paper biblioteca |
| Language: | English |
| Published: |
World Bank, Washington, DC
2018-12-19
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| Subjects: | CARBON POLICY, CARBON TRADING, CARBON MARKETS, KYOTO, PARIS AGREEMENT, CLIMATE CHANGE, GREENHOUSE GAS EMISSIONS, CLIMATE CHANGE MITIGATION, |
| Online Access: | http://documents.worldbank.org/curated/en/650081545377054720/Carbon-Markets-Under-the-Kyoto-Protocol-Lessons-Learned-for-Building-an-International-Carbon-Market-Under-the-Paris-Agreement https://hdl.handle.net/10986/31210 |
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dig-okr-10986312102024-08-07T19:14:16Z Carbon Markets Under the Kyoto Protocol Lessons Learned for Building an International Carbon Market Under the Paris Agreement World Bank CARBON POLICY CARBON TRADING CARBON MARKETS KYOTO PARIS AGREEMENT CLIMATE CHANGE GREENHOUSE GAS EMISSIONS CLIMATE CHANGE MITIGATION This working paper commissioned by the World Bank Carbon Markets and Innovation Practice (GCCMI) critically examines experience with carbon markets under the Kyoto protocol. The de facto end of the Kyoto Protocol and heralding of the Paris Agreement era has created the space for critical evaluation of trading carbon assets. The Kyoto Protocol and Paris Agreement diverge markedly in scope, centralization, and logic. As a result, the Article 6 carbon market mechanisms that emerge under Paris are likely to be very different to those that emerged under Kyoto. Nonetheless, experience with carbon markets under the Kyoto Protocol remains informative. This paper argues that there is still an economic and political rationale for trading carbon assets across borders. Trade in carbon assets can help reduce the costs of mitigation and facilitate emissions abatement at least-cost locations. When designed well, carbon market mechanisms can also facilitate learning, mobilize the private sector, and encourage transparency of mitigation efforts. Crucially, carbon markets could help support the operating logic of the Paris Agreement by binding signatories together and enhancing collective ambition. However, done badly, linking emissions systems could entail some risks to environmental integrity. In addition, given continued delays to the clarification of Article 6 and the need for strong action now, countries should not wait to implement effective domestic mitigation instruments such as carbon. 2019-02-04T18:29:25Z 2019-02-04T18:29:25Z 2018-12-19 Working Paper Document de travail Documento de trabajo http://documents.worldbank.org/curated/en/650081545377054720/Carbon-Markets-Under-the-Kyoto-Protocol-Lessons-Learned-for-Building-an-International-Carbon-Market-Under-the-Paris-Agreement https://hdl.handle.net/10986/31210 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank application/pdf text/plain World Bank, Washington, DC |
| institution |
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Estados Unidos |
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dig-okr |
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biblioteca |
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America del Norte |
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Biblioteca del Banco Mundial |
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CARBON POLICY CARBON TRADING CARBON MARKETS KYOTO PARIS AGREEMENT CLIMATE CHANGE GREENHOUSE GAS EMISSIONS CLIMATE CHANGE MITIGATION CARBON POLICY CARBON TRADING CARBON MARKETS KYOTO PARIS AGREEMENT CLIMATE CHANGE GREENHOUSE GAS EMISSIONS CLIMATE CHANGE MITIGATION |
| spellingShingle |
CARBON POLICY CARBON TRADING CARBON MARKETS KYOTO PARIS AGREEMENT CLIMATE CHANGE GREENHOUSE GAS EMISSIONS CLIMATE CHANGE MITIGATION CARBON POLICY CARBON TRADING CARBON MARKETS KYOTO PARIS AGREEMENT CLIMATE CHANGE GREENHOUSE GAS EMISSIONS CLIMATE CHANGE MITIGATION World Bank Carbon Markets Under the Kyoto Protocol |
| description |
This working paper commissioned by the
World Bank Carbon Markets and Innovation Practice (GCCMI)
critically examines experience with carbon markets under the
Kyoto protocol. The de facto end of the Kyoto Protocol and
heralding of the Paris Agreement era has created the space
for critical evaluation of trading carbon assets. The Kyoto
Protocol and Paris Agreement diverge markedly in scope,
centralization, and logic. As a result, the Article 6 carbon
market mechanisms that emerge under Paris are likely to be
very different to those that emerged under Kyoto.
Nonetheless, experience with carbon markets under the Kyoto
Protocol remains informative. This paper argues that there
is still an economic and political rationale for trading
carbon assets across borders. Trade in carbon assets can
help reduce the costs of mitigation and facilitate emissions
abatement at least-cost locations. When designed well,
carbon market mechanisms can also facilitate learning,
mobilize the private sector, and encourage transparency of
mitigation efforts. Crucially, carbon markets could help
support the operating logic of the Paris Agreement by
binding signatories together and enhancing collective
ambition. However, done badly, linking emissions systems
could entail some risks to environmental integrity. In
addition, given continued delays to the clarification of
Article 6 and the need for strong action now, countries
should not wait to implement effective domestic mitigation
instruments such as carbon. |
| format |
Working Paper |
| topic_facet |
CARBON POLICY CARBON TRADING CARBON MARKETS KYOTO PARIS AGREEMENT CLIMATE CHANGE GREENHOUSE GAS EMISSIONS CLIMATE CHANGE MITIGATION |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Carbon Markets Under the Kyoto Protocol |
| title_short |
Carbon Markets Under the Kyoto Protocol |
| title_full |
Carbon Markets Under the Kyoto Protocol |
| title_fullStr |
Carbon Markets Under the Kyoto Protocol |
| title_full_unstemmed |
Carbon Markets Under the Kyoto Protocol |
| title_sort |
carbon markets under the kyoto protocol |
| publisher |
World Bank, Washington, DC |
| publishDate |
2018-12-19 |
| url |
http://documents.worldbank.org/curated/en/650081545377054720/Carbon-Markets-Under-the-Kyoto-Protocol-Lessons-Learned-for-Building-an-International-Carbon-Market-Under-the-Paris-Agreement https://hdl.handle.net/10986/31210 |
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AT worldbank carbonmarketsunderthekyotoprotocol AT worldbank lessonslearnedforbuildinganinternationalcarbonmarketundertheparisagreement |
| _version_ |
1807156375424335872 |