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"[This book] analyzes the practice of freely allocating permits in emissions trading schemes (ETSs) and demonstrates how many heavy polluters participating in ETSs are not yet paying the full price of carbon. This...book provides a framework to assist policymakers in the design of transitional assistance measures that are both legally robust and will support the effectiveness of the ETSs whilst limiting negative impacts on international trade. Within the realm of international and comparative law, this book closes the gap between the legal frameworks of ETSs in practice, the economic research data and the doctrinal analysis of WTO law. These interesting insights and fresh ideas explore the connection between ETSs, the problems with free allocation of emission permits and the analysis of complex legal instruments."--
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Climate change is one of the biggest challenges of the 21st century. Countries around the globe are developing emissions markets as a response to it. This work examines the cultures of these markets, arguing policy makers must include more flexibility in climate policy to allow emissions markets to be translated and transferred across regions.
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Important mitigation outcomes and other co-benefits could be at reach if rural communities and policy makers in low- and middle-income economies overcame the obstacle of access to finance in the livestock sector. The traditional sources of financing have long been difficult to access for livestock smallholders who often do not hold collateral except for their animals and have little experience of working with financial institutions. Traditional lenders see the livestock sector as overly risky, with little potential for significant profits, leaving them largely uninterested. Expanding financial inclusion would improve livelihoods, increase resilience, and help reduce GHG emissions. Innovative approaches to financing for the livestock sector are needed. In a sector that plays an essential economic role for some 60% of rural households, including 1.7 billion people and contributes up to half of agricultural GDP, reducing carbon emissions while maintaining livelihoods and reducing poverty is essential. This report identifies investment opportunities for increasing climate finance in the sector and drive its sustainable transformation.
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Developing countries-both importers and exporters-could in fact benefit from carbon dioxide emissions trading to achieve tagets mandated by the Kyoto Protocol. The trading of rights to emit carbon dioxide has not officially been sanctioned by the United Nations Framework Convention on Climate Change, but it is of interest to investigate the consequences, both for industrial (Annex B) and developing countries, of allowing such trades. Ellerman, Jacoby, and Decaux examine the trading of caps assigned to Annex B countries under the Kyoto Protocol and compare the outcome with a world in which Annex B countries meet their Kyoto targets without trading. Under the trading scenario the former Soviet Union is the main seller of carbon dioxide permits and Japan, the European Union, and the United States are the main buyers. Permit trading is estimated to reduce the aggregate cost of meeting the Kyoto targets by about 50 percent, compared with no trading. Developing countries, though they do not trade, are nonetheless affected by trading. For example, the price of oil and the demand for other developing country exports are higher with trading than without. The authors also consider what might happen if developing countries were to voluntarily accept caps equal to Business as Usual Emissions and were allowed to sell emission reductions below these caps to Annex B countries. The gains from emissions trading could be big enough to give buyers and sellers incentive to support the system. Indeed, a global market for rights to emit carbon dioxide could reduce the cost of meeting the Kyoto targets by almost 90 percent, if the market were to operate competitively. The division of trading gains, however, may make a competitive outcome unlikely: Under perfect competition, the vast majority of trading gains go to buyers of permits rather than to sellers. Even markets in which the supply of permits is restricted can, however, substantially reduce the cost to Annex B countries of meeting their Kyoto targets, while yielding profits to developing countries that elect to sell permits. This paper-a product of Infrastructure and Environment, Development Research Group-is part of a larger effort in the group to examine the impact on developing countries of programs to correct global environmental problems. Denny Ellerman may be contacted at dellerman@mit.edu.
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