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Global Emissions Trading
Key Issues for Industrialized Countries. New Horizons in Environmental Economics Series
Issues surrounding Annex I trading - the trading of greenhouse gas emissions among industrialized countries under the Kyoto Protocol to the Framework Convention on Climate Change - comprise the central theme of this collection, which offers an integrated discussion of the practical, economic and political issues involved in its implementation. Topics explored include compliance of the Protocol as a whole and compliance issues arising from trading; the design of a system for tracking the trade of permits; fair competition, market power and Annex B trading; and the development of guidelines for joint implementation. Global Emissions Trading has grown out of direct work with Annex I delegates and representatives of the business community. Thus, it reflects and responds to their concerns and their assessment of the political and practical feasibility of different options. Several authors have contributed to this volume, but the papers were developed together and the result is a unified and cohesive text, which aims to provide a focus for future debate on issues where there are real conflicts of interest and genuine uncertainties about appropriate design.
Further, the book should stimulate debate on the solutions proposed and encourage research in areas where recommendations are ambiguous. Economists, policymakers, students and readers concerned about environmental issues and climate change will find this collection essential reading.
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What Reviewers Are Saying
'This book is part of the significant international effort to think through how an international emissions trading system might work in practice and it does an excellent job of analyzing the principal issues ... Economists who want to find a succinct, competent, and informed discussion of emissions trading in an international context will want to add Global Emissions Trading to their library. A more important audience are those, economists or not, who should consider carefully whether a global policy to limit greenhouse gas emissions can do with out international emissions trading.' -- A. Denny Ellerman, Journal of Economic Literature 'Kerr provides an accessible book to this complex topic. The volume defines all the major issues surrounding emissions trading in an easy and comprehensible format for the layman. The topics explored include the compliance tracking systems, Annex B trading, and the development of joint-implementation guidelines. The study provides a current and practical guide to understanding the debate on these evolving environmental issues, particularly the issues of grandfathering and voluntary emissions standards that have been the basis of US environmental policy. The work has grown out of the research and work conducted with the business community and primary players in the climate change debate. Logically presented and well edited, it is a worthy primer to the climate change debate and provides guidance in its resolution on this fast moving and confusing topic. The book is highly recommended by this reviewer and is a helpful contribution to the field of energy economics.' -- Peter Fusaro, The Journal of Energy and Development 'The book can be strongly recommended as a detailed and up-to-date analysis of Annex I flexibility under the Kyoto Protocol. It allows fluent reading, is well structured and includes all relevant references. While some of the issues have naturally been superseded by events at the Hague and the Bonn Agreement it remains a valuable guide to the intricacies of Kyoto Mechanisms apart from the CDM.' -- A. Michaelowa, Climate Policy 'Global Emissions Trading, edited by Suzi Kerr, takes many steps toward developing global emissions trading institutions that can successfully combat climate change... Global Emissions Trading offers extensive analysis of the institutions needed to successfully operate in an international emissions trading system for GHG. It also provides significant insights into a number of issues that arise in constructing an international trading system... The analysis offered by this text of the issues faced in constructing and operating a trading system will greatly contribute to the development of institutions needed to successfully operate this system.' -- Dale B. Thompson, Natural Resources Journal 'This is an especially accessible and technically responsible overview of the various complex design issues associated with the emissions trading programs authorized by the Kyoto Protocol. Rich with institutional detail on such traditionally neglected subjects as appropriate tracking and compliance systems and pragmatic ways of dealing with underlying uncertainties, this book weaves together some very useful original insights with insights derived from the vast economics and political science literature's.' -- Tom Tietenberg, Colby College, US 'Suzi Kerr's Global Emissions Trading provides the most comprehensive and detailed compilation to date of rigorous thinking about international tradable permit programs to address the threat of global climate change. Kerr is one of the leading researchers focusing on these issues, and in this important