Abstract
The analysis at hand constitutes a legal, institutional and in particular qualitatively economic assessment of a global climate change policy architecture evolving from the linkage of the European Emissions Trading Scheme (EU ETS) with emerging domestic emissions trading schemes (ETS) worldwide. Initially, the marked-based climate change regimes on global as well as on EU level are reviewed. The efficiency of the complex negotiation process at the global level is assessed by its outcome according to international law. The analysis of EU legislation sets the stage for deducing essential criteria as provisions for an effective linking with other national ETS. These critical design issues are then revealed for each linking candidate in order to evaluate the linking potentials of specific domestic ETS. Moreover, the results of this multi-dimensional approach enable statements on the economic efficiency and ecological effectiveness. In particular the inefficiencies of centralized and decentralized regimes are analyzed. Due to these findings subsequent challenges for a fair and effective allocation of allowances in a bottom-up system without a centralized institution re-sponsible for the limitation of the total amount of certificates are dealt with. As starting point for a discussion on con-ceivable legal constructions thereto the latter may play a role within the negotiation process towards future climate change combat strategies and agreements.
Highlights
The Rise and Fall of the Kyoto-ProtocolAs for the time being the odds are not very promising for a follow-up treaty to the Kyoto Protocol (KP) beyond 2012
The analysis at hand constitutes a legal, institutional and in particular qualitatively economic assessment of a global climate change policy architecture evolving from the linkage of the European Emissions Trading Scheme (EU ETS) with emerging domestic emissions trading schemes (ETS) worldwide
The United Nations Climate Change Conference in Durban in 2011 has agreed to prepare a legally binding and comprehensive agreement by 2015 which shall enter into force by 2020, there will be only self-imposed greenhouse gas (GHG) reduction targets based on the Copenhagen Accords1 in the short term
Summary
As for the time being the odds are not very promising for a follow-up treaty to the Kyoto Protocol (KP) beyond 2012. The United Nations Climate Change Conference in Durban in 2011 has agreed to prepare a legally binding and comprehensive agreement by 2015 which shall enter into force by 2020, there will be only self-imposed greenhouse gas (GHG) reduction targets based on the Copenhagen Accords in the short term. The question arises whether and which alternatives for a global climate policy exist, allowing the continued application of such market-based mechanisms. For a start a short glance is cast at the performance of international climate policy up to now
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