Carbon Markets Under the Kyoto Protocol : Lessons Learned for Building an International Carbon Market Under the Paris Agreement

[摘要] This working paper commissioned by theWorld Bank Carbon Markets and Innovation Practice (GCCMI)critically examines experience with carbon markets under theKyoto protocol. The de facto end of the Kyoto Protocol andheralding of the Paris Agreement era has created the spacefor critical evaluation of trading carbon assets. The KyotoProtocol and Paris Agreement diverge markedly in scope,centralization, and logic. As a result, the Article 6 carbonmarket mechanisms that emerge under Paris are likely to bevery different to those that emerged under Kyoto.Nonetheless, experience with carbon markets under the KyotoProtocol remains informative. This paper argues that thereis still an economic and political rationale for tradingcarbon assets across borders. Trade in carbon assets canhelp reduce the costs of mitigation and facilitate emissionsabatement at least-cost locations. When designed well,carbon market mechanisms can also facilitate learning,mobilize the private sector, and encourage transparency ofmitigation efforts. Crucially, carbon markets could helpsupport the operating logic of the Paris Agreement bybinding signatories together and enhancing collectiveambition. However, done badly, linking emissions systemscould entail some risks to environmental integrity. Inaddition, given continued delays to the clarification ofArticle 6 and the need for strong action now, countriesshould not wait to implement effective domestic mitigationinstruments such as carbon.

[发布日期] 2018-12-19 [发布机构] World Bank, Washington, DC

[学科分类] 社会科学、人文和艺术（综合）

[关键词] CARBON POLICY;CARBON TRADING;CARBON MARKETS;KYOTO;PARIS AGREEMENT