TY  - JOUR
AU  - Newell,Richard G.
AU  - Pizer,William A.
AU  - Raimi,Daniel
TI  - Carbon Markets: Past, Present, and Future
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 18504
PY  - 2012
Y2  - November 2012
UR  - http://www.nber.org/papers/w18504
L1  - http://www.nber.org/papers/w18504.pdf
N1  - Author contact info:
Richard G. Newell
Nicholas School of the Environment
Duke University
Box 90227
Durham, NC 27708
Tel: 919/681-8663
Fax: 919/684-5833
E-Mail: richard.newell@duke.edu

William A. Pizer
Sanford School of Public Policy
Duke University
Box 90312
Durham, NC 27708
Tel: 919/613-9286
Fax: 877/240-9880
E-Mail: billy.pizer@duke.edu

Daniel Raimi
101 Gross Hall
140 Science Dr., Box 90467
Durham, NC 27708
E-Mail: daniel.raimi@duke.edu
AB  - Carbon markets are substantial and they are expanding. There are many lessons from experiences over the past eight years: fewer free allowances, better management of market-sensitive information, 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 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 policymakers overseeing carbon markets must confront how to measure the comparability of efforts among markets and relative to a variety of other policy approaches.
ER  -