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...

Lemoine and Rudik (2017) argue that it is efficient to delay reducing carbon emissions, because there is substantial inertia in the climate system. However, this conclusion rests upon misunderstanding the relevant climate physics: there is no substantial lag between CO2 emissions and warming,...

Research into the social cost of carbon emissions - the marginal social damage from a tonne of emitted carbon - has tended to focus on "best guess" scenarios. Such scenarios generally ignore the potential for low-probability, high-damage events, which are critically important to determining...