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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 Role of Project-Based Mechanisms in the Future Carbon Market

The Role of Project-Based Mechanisms in the Future Carbon Market

(p.548) 25 The Role of Project-Based Mechanisms in the Future Carbon Market
Legal Aspects of Carbon Trading

Jos Cozijnsen

Michael J Coren

Oxford University Press

This chapter addresses the following question: ‘Can offset mechanisms help promote a low-carbon economy at a reasonable cost?’ The answer to this question is, yes. They are not the entirety of the solution — regulation and economy-wide incentives are needed — but as an addition to cap-and-trade, an essential component. Reforms will go a long way toward making offset mechanisms an integral and effective part of the global climate architecture. The first section of this chapter covers existing cap-and-trade systems and progress toward a global system. The second section identifies the building blocks needed to design an effective globally linked emissions trading system. Finally, a vision for a post-2012 climate treaty incorporating project mechanisms is outlined and the policies needed to increase global emission reductions and achieve the target of limiting temperature increase to 2°C are discussed.

Keywords:   offset mechanisms, cap-and-trade systems, emission trading, climate treaty

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