Confronting Climate Change
Chapter 1 explores the nature of climate change as a problem and its connection to modern human economic systems. It also introduces the emergence of a global policy response to climate change and the central role of emissions markets in that response. To that end, the chapter addresses in depth the structure of emissions markets as developed under the United National Framework Convention on Climate Change and the Kyoto Protocol. The chapter also establishes the institutional framework through which the markets are analyzed, including a discussion of the nature of market-based governance and authority systems operating in emissions markets.
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