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Legal Aspects of Carbon TradingKyoto, Copenhagen, and beyond$
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David Freestone and Charlotte Streck

Print publication date: 2009

Print ISBN-13: 9780199565931

Published to Oxford Scholarship Online: February 2010

DOI: 10.1093/acprof:oso/9780199565931.001.0001

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The Secondary Market for Emissions Trading: Balancing Market Design and Market Based Transaction Norms

The Secondary Market for Emissions Trading: Balancing Market Design and Market Based Transaction Norms

Chapter:
(p.310) 15 The Secondary Market for Emissions Trading: Balancing Market Design and Market Based Transaction Norms
Source:
Legal Aspects of Carbon Trading
Author(s):

Andrew Hedges

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199565931.003.0015

The EU Emission Trading Scheme (EU ETS) is a leading example of how to strike a balance between the necessity for a sufficiently certain market design to underpin its growth and the critically important need to allow private sector mechanisms to emerge and evolve. Section 1 of this chapter considers the design elements of the EU ETS that provide market participants with the certainty necessary to underpin their participation, with a particular emphasis on the reforms to be implemented from 2013. Section 2 then considers the market mechanisms and norms that have been developed or applied to provide those participants with the confidence that key risks are addressed. Section 3 looks at some of the issues that arise in the context of the interplay between secondary markets such as the EU ETS and the primary markets where emission reduction credits under the flexible mechanisms of the Kyoto Protocol are generated. Examples of new types of transactions will be used to demonstrate the innovation that such interaction drives.

Keywords:   Kyoto Protocol, EU Emission Trading Scheme, secondary market, carbon trading

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