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Carbon Trading: A Study of Trends and Evolution

MANTHAN: Journal of Commerce and Management

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Title Carbon Trading: A Study of Trends and Evolution
 
Creator Murthy, K. V. Bhanu; Professor, Department of Commerce, Delhi School of Economics, University of Delhi.
Gambhir, Sakshi; Assistant Professor, Hansraj College, University of Delhi.
 
Subject Carbon trading, Greenhouse gases, Kyoto Protocol.
 
Description The global energy landscape is rapidly changing as a result of economic shifts and technological breakthroughs. There has been an increased focus on climate change through the phenomenon of global warming, which is caused by accumulation of green house gases (GHG) in the atmosphere. Efforts have been underway at the international as well as national level for abatement of GHG emissions through cost-effective and sustainable solutions. The UNFCCC with its mandate of a safer future launched the Kyoto Protocol in 1997, to firm-up ongoing efforts for stabilizing the ecosystems. The Protocol commits its Parties through internationally binding emission reduction commitments. The idea was to create an international unified carbon market, which would render a check on the worldwide emission levels. However, actual experience with the markets has revealed that the dream of a global top-down market is far from being realised. Against this backdrop, this paper attempts to review the evolution of carbon markets, through the mechanism of International Emissions Trading. It also highlights some trends and developments that have characterised these markets over the past few years. Overall, the literature seems to signify the emergence of a decentralised bottom-up design of the market. There is a multitude of regional, national and subnational markets in operation, with EU ETS as the frontrunner. Moreover, these systems are starting to link with one another to facilitate the evolution of an international carbon market, in the wake of an unpromising future outlook for Kyoto credits.
 
Publisher Journal Press India
 
Date 2015-11-20
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://www.myresearchjournals.com/index.php/MANTHAN/article/view/5670
10.17492/manthan.v2i1.6438
 
Source MANTHAN: Journal of Commerce and Management; Vol 2, No 1 (2015)
2347-4440
 
Language eng
 
Relation http://www.myresearchjournals.com/index.php/MANTHAN/article/view/5670/5203