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11 - Post-2012 compliance and carbon markets

Published online by Cambridge University Press:  05 January 2012

Jutta Brunnée
Affiliation:
University of Toronto
Meinhard Doelle
Affiliation:
Dalhousie University, Nova Scotia
Lavanya Rajamani
Affiliation:
Centre for Policy Research, New Delhi
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Summary

Introduction

The Fourth Intergovernmental Panel on Climate Change (IPCC) Report made it very clear that current climate change trends have been human induced, and that serious efforts must be undertaken by the international community if we wish to avoid a global average temperature increase of more than 2°C from pre-industrial periods. This fact has now been acknowledged both in the Copenhagen Accord, and in the Cancun Agreements.

At this stage, what is needed goes beyond minor efforts from some key countries, but involves a drive from the entire international community towards a low carbon society. International emissions trading and offsets (the carbon market) have been identified by the Kyoto Protocol as part of this global effort and as key instruments to assist countries to comply with their quantified emission limitation and reduction objectives (QELROs). Against this background, this chapter addresses two core questions: (1) to what extent will a post-2012 agreement on climate change strengthen or weaken the linkage between compliance and the carbon market; and (2) to what extent can a post-2012 regime’s compliance mechanism secure improvements to the design of the carbon market?

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Publisher: Cambridge University Press
Print publication year: 2011

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References

2009
Werksman, J.The “Legitimate Expectations” of Investors and the CDM: Balancing Public Goods and Private Rights under the Climate Change RegimeCarbon and Climate Law Review 2.1 2008 95Google Scholar

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