Abstract
This paper is a comprehensive historical, economic and legal review of the development of carbon markets, from the Acid Rain Program (US) to the European carbon market, the Regional Greenhouse Gas Initiative (RGGI) in the US, and the California/Quebec market. The impact of international climate negotiations, from Kyoto to Paris, on the evolution of carbon markets is discussed, as well as the potential for new US carbon markets created by the Clean Power Plan. I review the success and failures of these markets, and the political forces that constrained their development.
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