A Review of Carbon Markets: EU-ETS, RGGI, California, the Clean Power Plan and the Paris Agreement

89 Pages Posted: 23 Aug 2016 Last revised: 22 Sep 2016

Date Written: September 21, 2016

Abstract

This paper is a comprehensive historical, economic and legal review of the development of carbon markets, from the Acid Rain Program (US) to the European carbon market, the Regional Greenhouse Gas Initiative (RGGI) in the US, and the California/Quebec market. The impact of international climate negotiations, from Kyoto to Paris, on the evolution of carbon markets is discussed, as well as the potential for new US carbon markets created by the Clean Power Plan. I review the success and failures of these markets, and the political forces that constrained their development.

Keywords: carbon market, climate change, EU-ETS, RGGI, California, Kyoto, leakage, linkage

JEL Classification: F53, F64, H11, K32, K33, O19, Q4, Q54, Q58

Suggested Citation

Isser, Steve N., A Review of Carbon Markets: EU-ETS, RGGI, California, the Clean Power Plan and the Paris Agreement (September 21, 2016). Available at SSRN: https://ssrn.com/abstract=2827620 or http://dx.doi.org/10.2139/ssrn.2827620

Steve N. Isser (Contact Author)

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