Carbon markets: Past, present, and future


Journal Article

© 2014 by Annual Reviews. Carbon markets are substantial and expanding. There are many lessons from experience over the past 9 years: fewer free allowances, careful moderation of low and high prices, and a recognition that trading systems require adjustments that have consequences for market participants and market confidence. Moreover, the emerging international architecture features separate emissions trading systems serving distinct jurisdictions. These programs are complemented by a variety of other types of policies alongside the carbon markets. This architecture sits in sharp contrast to the integrated global trading architecture envisioned 15 years ago by the designers of the Kyoto Protocol and raises a suite of new questions. In this new architecture, jurisdictions with emissions trading have to decide how, whether, and when to link with one another, and policy makers must confront how to measure both the comparability of efforts among markets and the comparability between markets and a variety of other policy approaches.

Full Text

Duke Authors

Cited Authors

  • Newell, RG; Pizer, WA; Raimi, D

Published Date

  • January 1, 2014

Published In

Volume / Issue

  • 6 / 1

Start / End Page

  • 191 - 215

Electronic International Standard Serial Number (EISSN)

  • 1941-1359

International Standard Serial Number (ISSN)

  • 1941-1340

Digital Object Identifier (DOI)

  • 10.1146/annurev-resource-100913-012655

Citation Source

  • Scopus