Global_Carbon_trading...doelle.pdf

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1、Bernstein_2425_179.fmPage179Thursday,November15,20074:52PM9GlobalCarbonTradingandClimateChangeMitigationinCanada:OptionsfortheUseoftheKyotoMechanismsmeinharddoelle1.IntroductionSincethenegotiationoftheKyotoProtocolin1997,1carbontradinghasincreasinglycapturedtheattentionofp

2、olicymakers,politicians,busi-nessleaders,andacademicsworldwide.Carbonorgreenhousegas(GHG)emissiontradingcantakemanyforms.Itusuallyinvolvestheallocationandtradingofemissionpermits.Itcanalsoinvolvetheiden-tificationandcertificationofGHGemissionreductions.Whateverunitsareused

3、inaschemeofemissionreductionsandpermitallocations,theessenceofcarbontradingistheabilitytotradecredits.Theabilitytotradeemissionrightsandreductioncreditsisexpectedtoprovidefinancialincentivestoachieveemissionreductions.2Thebasicaimofanyformofcarbontradingistominimizethecost

4、ofemissionreductionsbyutilizingthemarkettoidentifywherethere-ductionscanbeachievedatthelowestcost.Carbontradingisbasedonthebeliefthatthemarketisinabetterpositionthangovernmenttoidentifythemostcost-effectivewaytoachieveagivenlevelofemissionreductions.Itassumesthatthelowestc

5、ostshouldbetheprimaryfactorindecidingwhereemissionreductionstakeplace.Inturn,itdiscour-agesparticipantsfromdistinguishingamongtheemissionreductionoptionsincludedinthetradingsystemonanybasisotherthanprice.Alternativestocarbontradingincludeotherbroadfinancialmecha-nisms,such

6、ascarbontaxes.Theessentialcharacteristicofacarbontaxisthatitallowsforthepriceofemissionstobecontrolleddirectly,whiletheemissionreductionsachievedwilldependonavarietyoffactors.Bycontrast,underacarbontradingsystem,thequantityofemissionsarecontrolleddirectly,nottheprice.Theal

7、ternativestobroadfinancialBernstein_2425_179.fmPage180Thursday,November15,20074:52PM180MeinhardDoellemechanismsaredirectedmeasures.Suchmeasuresaimtocontrolwhereandhowemissionreductionsareachieved.Theyrequirelawandpolicymakerstodetermineinwhichsectororindustryemissionreduct

8、ionsaretobeachievedratherthanallowingthemarkettomakethisdeterminationbasedonprice.3Direct