The inclusion of emissions trading in the Kyoto Protocol reflects an important decision to address climate change issues through flexible market mechanisms. This Article addresses a number of policy issues that must be considered in designing and implementing an international greenhouse gases...

China is considering a national emissions trading scheme, to follow several pilot schemes, as part of the suite of policies to reduce the growth of greenhouse gas emissions. A carbon tax or tax-like scheme could be an alternative. However there are special challenges in a fast-growing economy...

The inaugural Australia Carbon Pricing Survey elicits expectations about the future of carbon pricing from experts working for Australia's largest greenhouse gas emitting companies, the carbon finance and investment industry and selected other experts. The survey indicates pervasive uncertainty...

This article critically examines the EU ETS intertemporal market during its Phase I (2005-2007). We test the Hotelling rule as a key element of a competitive equilibrium to validate whether allowance prices rise at the same rate as the interest rate. Including readily observable characteristics...

There is an increasing demand for putting a shadow price on the environment to guide public policy and incentivize private behaviour. In practice, setting that price can be extremely difficult as uncertainties abound. There is often uncertainty not just about individual parameters but about the...

In this paper we empirically compare the transaction costs from monitoring, reporting and verification (MRV) of two environmental regulations directed to cost-efficiently reduce greenhouse gas emissions: a carbon dioxide (CO2) tax and a tradable emissions system. We do this in the case of...

Computable general equilibrium modelling in Australia is oriented towards providing inputs to the policy-formation process, a process that requires detail. We explain how the necessary level of detail can be provided using analysis of the potential economic impacts of a carbon price on the...