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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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Linking of Emissions Trading Schemes

Linking of Emissions Trading Schemes

Chapter:
(p.108) 5 Linking of Emissions Trading Schemes
Source:
Legal Aspects of Carbon Trading
Author(s):

Michael Mehling

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199565931.003.0005

The integration of carbon markets will require a careful assessment of its political and economic viability, which, in turn, largely depends on the respective compatibility of the underlying emissions trading schemes. Because design features in each scheme can extend to all other linked schemes, and differences — if too pronounced — can affect the integrity of the overall market as well as the direction of trade flows, a certain degree of harmonization is essential for linking. Legal and normative considerations have featured only marginally in existing research on the conditions and implications of a trading link. This chapter provides a systematic overview of such considerations. It starts by drawing a conceptual background for the subsequent analysis, defining central characteristics and different forms of linking in the second section. It then proceeds to explore the specifically normative and jurisprudential implications of linking in the third section, and distinguishes these from broader questions of political expedience and economic rationality.

Keywords:   carbon markets, linking, trading link, market link, legal aspects

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