| Publication |
2008.
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| Summary/Abstract |
Seven years after the United States rejected binding emissions limitations and George Bush declared the Kyoto Protocol dead, there are signs of change. There is growing interest in emissions trading at the regional, national and substate level, and in the prospect of linking schemes together. This article suggests that the rapid growth of emissions trading markets themselves may be helping to swing the cost-benefit analysis of participation in emissions reduction commitments for American actors and others. Most simply, the practical viability of international emissions trading has now been confirmed, largely by the European market, but there are two further elements to this development for which this article presents the early evidence. Firstly, unanticipated benefits appear to be accruing in the established compliance markets. Secondly, ownership of the emerging markets can bring new bargaining power to encourage others to adopt meaningful climate targets.
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