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Global Environmental CommonsAnalytical and Political Challenges in Building Governance Mechanisms$
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Eric Brousseau, Tom Dedeurwaerdere, Pierre-André Jouvet, and Marc Willinger

Print publication date: 2012

Print ISBN-13: 9780199656202

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780199656202.001.0001

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Governance Issues in a Multinational Cap-and-Trade System: Centralization and Harmonization

Governance Issues in a Multinational Cap-and-Trade System: Centralization and Harmonization

Chapter:
(p.180) 8 Governance Issues in a Multinational Cap-and-Trade System: Centralization and Harmonization
Source:
Global Environmental Commons
Author(s):

Denny Ellerman

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199656202.003.0008

The European Union’s CO2 Emissions Trading Scheme (EU ETS) has shown that cap-and-trade systems can work in a highly decentralized multinational setting, but that experience has also revealed some issues in governance that threaten the feasibility of cap-and-trade in an international setting. These issues are captured in the conflicting demands for differentiation and harmonization. This chapter examines the experience of the EU ETS and of cap-and-trade systems in the USA in resolving this conflict with particular attention to the governance institutions and their potential applicability on a broader global scale.

Keywords:   EU ETS, emissions trading, cap-and-trade, differentiation, harmonization, allowance allocation, Kyoto Protocol

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