Carbon Market Clubs and the New Paris Regime
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World Bank, Washington, DC
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The objective of this paper is to
examine the possible relationships between climate clubs and
systems and services developed to enable the smooth
functioning of Emissions Trading Schemes (ETSs), linked
pairs of ETSs and networks of ETSs coming together in
various formations that can be described as Carbon Markets
Clubs (CMCs). The paper examines the compatibility of CMC
systems with different forms of climate clubs or club-like
arrangements, and considers how climate clubs using CMC
services could contribute to the development of carbon
markets internationally and to climate change mitigation.
The paper focuses on: (a) how CMC components and
infrastructure might assist those climate clubs that have
shared emissions reduction or lower-emissions
per-unit-of-growth as an overt objective, and (b) club
arrangements that include relatively small memberships and
or provisions for incentives that affect participation and
compliance. This paper is arranged as follows: Section 1 is
the Introduction; Section 2 of the paper presents the core
concepts and messages of two strands of the club literature
that have emerged in climate change studies; In Section 3,
the features of climate clubs and club-like arrangements are
integrated into a discussion of CMCs initiative, including
the potential of linkages among diverse entities; and
Section 4 has the conclusions.
Palabras clave
carbon policy, carbon trading, Paris Agreement, climate change, climate change mitigation, mitigation value, carbon markets, greenhouse gas emissions