Japan, a relatively energy-efficient country, has been active in combating climate change. Under the Kyoto Protocol, Japan is committed to reducing greenhouse gas emissions by 6% relative to 1990 over the period 2008-12. As of 2007, however, its emissions were up by 9%. Japan has relied...

Germany committed itself to challenging greenhouse gas (GHG) emission reduction targets to 2020 and beyond. It has implemented a composite mix of policy measures to achieve its climate change mitigation goals, including a range of market-based instruments. These measures have helped reduce...

In this paper, we aim to examine how voluntary carbon markets can provide a valuable contribution to strengthening domestic and international climate policies. Voluntary markets are defined as small and unregulated segments of an established carbon market that are driven by voluntary offsetting...

In recent years, businesses, local governments and individuals have set goals for reducing their emissions of greenhouse gases. In addition to directly reducing their own emissions, many of these entities have purchased carbon offsets to help achieve their mitigation goals. Yet establishing...

Emissions trading systems (ETS) can play a major role in a cost-effective climate policy framework. Both direct linking of ETSs and indirect linking through a common crediting mechanism can reduce costs of action. We use a global recursive-dynamic computable general equilibrium model to assess...