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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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Summary and Outlook

Summary and Outlook

(p.625) Summary and Outlook
Legal Aspects of Carbon Trading

Charlotte Streck

David Freestone

Oxford University Press

In early 2010 it will be five years since the Kyoto Protocol came into force. This short period has been truly astonishing for the new world of carbon trading. The market for trading emission rights and carbon credits has exploded — more than doubling each year. In 2005, the market was worth US$10 billion, in 2006 US$30 billion, in 2007 US$67 billion, and in 2008 more than US$120 billion. At the same time as the amounts of money involved have increased, so has the level of sophistication of those involved — investors, project proponents, host countries, and the international bodies responsible for overseeing these developments. However, rather than moving into a settled era of maturity and certainty, the future of the carbon market is still wracked with uncertainty. Uncertainty is in fact one of the key themes of this book. But so also is the spirit of experimentation and enterprise — of Innovation and of Learning by Doing. This chapter examines each of these three themes.

Keywords:   Kyoto Protocol, climate change, emissions trading, carbon credits, uncertainty, innovation, learning by doing, carbon market

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