In this essay, we describe some important themes in energy and environmental policy. There are two main reasons for our interest in these policies. First, such policies will likely be important in the coming decades as issues related to climate change and energy security come to the fore....

The three Kyoto flexible mechanisms emissions trading, the clean development mechanism (CDM), and Joint Implementation (JI) have always been controversial. Proponents saw the mechanisms as clever tools to ensure environmental outcomes were achieved at least cost. Reducing the costs of...