Abstract
To prepare for the first Kyoto Protocol commitment period (from 2008 to 2012) it decided to set up a European market for trading carbon dioxide by 2005. The volumes traded on this market and the solidity of its institutional foundation rapidly made it the epicentre of the global carbon market. And yet Europe seems reluctant to provide the necessary political support to this innovative new instrument capable of strengthening its position in the international arena. This paper provides an assessment of this market’s functioning and suggests some ways to enable it to protect the climate more effectively. JEL classification : G1, Q54, Q58
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