The Role of Market Mechanisms in a Post-2020 Climate Change Agreement

CEPS Special Report No. 87

23 Pages Posted: 9 May 2014

See all articles by Andrei Marcu

Andrei Marcu

Centre for European Policy Studies (CEPS)

Date Written: May 7, 2014


The world has changed in many ways since 1997 when the Kyoto Protocol was adopted, along some critical axes, both from an economic and emissions points of view. Moreover, and this cannot be quantified, the appetite for global governance, especially for an agreement with such far-reaching implications as a climate change agreement, has diminished considerably. This paper looks at the relationship between the carbon market and a new climate change agreement, to be finalised in Paris in 2015. It tries to answer two key questions: does the carbon market have a role to play in a post-2020 agreement, and what is the role of a post-2020 agreement in the creation and operation of a carbon market?

Keywords: Kyoto Protocol, climate change, carbon market, climate change agreement, post-2020 agreement

Suggested Citation

Marcu, Andrei, The Role of Market Mechanisms in a Post-2020 Climate Change Agreement (May 7, 2014). CEPS Special Report No. 87, Available at SSRN:

Andrei Marcu (Contact Author)

Centre for European Policy Studies (CEPS) ( email )

1 Place du Congres, 1000
Brussels, 1000

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