Over the past two decades, the international community has struggled to deal constructively with the problem of mitigating climate change. This is considered by many to be the preeminent public policy challenge of our time, but real progress has been disappointingly slow. This essay provides an...

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...

Over the past two decades, the international community has struggled to deal constructively with the problem of mitigating climate change. This is considered by many to be the preeminent public policy challenge of our time, but actual policy responses have been relatively modest. This essay...

Quantity-based regulation with banking allows regulated firms to shift obligations across time in response to periods of unexpectedly high or low marginal costs. Despite its wide prevalance in existing and proposed emission trading programs, banking has received limited attention in past welfare...

Compliance links between CO2 emission trading programs--where firms regulated under one region's tradable permit program can comply using permits from another region, and vice-versa--are beginning to arise as a vehicle to lower costs, increase liquidity, and strengthen institutions while...

In recent years, public sector funding, in general, and for the support of activities in developing countries, in particular, has become more and more “results” and “performance” oriented. There are different methods by which performance can be “indicated” (or even “measured”)....

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...

The comparability of domestic actions to mitigate global climate change has important implications for the stability, equity, and efficiency of international climate agreements. We examine a variety of metrics that could be used to evaluate countries' climate change mitigation effort and...

Global climate change poses a threat to the well-being of humans and other living things through impacts on ecosystem functioning, biodiversity, capital productivity, and human health. This paper briefly surveys recent research on the economics of climate change, including theoretical insights...