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"Comprehensive examination of the economic, social, and political context of climate policy in industrialized and developing nations. Calls for a multilateral approach that goes beyond the mitigation-focused Kyoto policies and stresses the importance of generating policies that work within a time frame commensurate with that of climate change itself"--Provided by publisher.
Climate change is an increasing concern across the world. In 1997, a number of countries, including most OECD countries, agreed the Kyoto Protocol, which sets targets for future emissions of greenhouse gases that drive climate change. But the Kyoto Pro
Even as the evidence of global warming mounts, the international response to this serious threat is coming unraveled. The United States has formally withdrawn from the 1997 Kyoto Protocol; other key nations are facing difficulty in meeting their Kyoto commitments; and developing countries face no limit on their emissions of the gases that cause global warming. In this clear and cogent book-reissued in paperback with an afterword that comments on recent events--David Victor explains why the Kyoto Protocol was never likely to become an effective legal instrument. He explores how its collapse offers opportunities to establish a more realistic alternative. Global warming continues to dominate environmental news as legislatures worldwide grapple with the process of ratification of the December 1997 Kyoto Protocol. The collapse of the November 2000 conference at the Hague showed clearly how difficult it will be to bring the Kyoto treaty into force. Yet most politicians, policymakers, and analysts hailed it as a vital first step in slowing greenhouse warming. David Victor was not among them. Kyoto's fatal flaw, Victor argues, is that it can work only if emissions trading works. The Protocol requires industrialized nations to reduce their emissions of greenhouse gases to specific targets. Crucially, the Protocol also provides for so-called "emissions trading," whereby nations could offset the need for rapid cuts in their own emissions by buying emissions credits from other countries. But starting this trading system would require creating emission permits worth two trillion dollars--the largest single invention of assets by voluntary international treaty in world history. Even if it were politically possible to distribute such astronomical sums, the Protocol does not provide for adequate monitoring and enforcement of these new property rights. Nor does it offer an achievable plan for allocating new permits, which would be essential if the system were expanded to include developing countries. The collapse of the Kyoto Protocol--which Victor views as inevitable--will provide the political space to rethink strategy. Better alternatives would focus on policies that control emissions, such as emission taxes. Though economically sensible, however, a pure tax approach is impossible to monitor in practice. Thus, the author proposes a hybrid in which governments set targets for both emission quantities and tax levels. This offers the important advantages of both emission trading and taxes without the debilitating drawbacks of each. Individuals at all levels of environmental science, economics, public policy, and politics-from students to professionals--and anyone else hoping to participate in the debate over how to slow global warming will want to read this book.
In the policy arena, as well as in the academic world, a new challenge is having to deal with the global community. We are increasingly aware that the world is linked through economy–energy–environment interactions. We are increasingly aware, at the same time, that the emergence of the global community does not imply an integrated harmonious world; rather, it is a community where co- tries/regions of different interests and values face each other directly. Global governance has to be achieved through actions of national governments under different motives and constraints. We need to have an analytical tool that is capable of producing a global picture, yet with detailed country resolution. If the world is a better place now compared to 100 years ago in terms of p- capita income, this is due to the industrialization that continued throughout the 20th century. We entered the 21st century knowing that the human aspiration that translates into ever-increasing production may not be tenable in the long run. Sustainability of the global community is at stake. In contrast to inc- mental decision making through the market mechanism that should lead to some optimal state under some assumptions such as perfect knowledge, smooth movement of resources, no externalities, and so forth, we need to have an a- lytical tool to provide us with details of the future state of the world.
Since 2005 the carbon market has grown to a value of nearly $100 billion per annum. This new book examines all the main legal and policy issues which are raised by emissions trading and carbon finance. It covers not only the Kyoto Flexibility Mechanisms but also the regional emission trading scheme in the EU and emerging schemes in the US, Australia, and New Zealand. The Parties to the 1992 UN Framework Convention are in the process of negotiating a successor regime to the 1997 Kyoto Protocol whose first commitment period ends in 2012. As scientists predict that the threat of dangerous climate change requires much more radical mitigation actions, the negotiations aim for a more comprehensive and wide ranging agreement which includes new players - such as the US - as well as taking account of new sources (including aircraft emissions) and new mechanisms such as the creation of incentives for reducing emissions from deforestation and forest degradation. This volume builds on the success of the editors' previous volume published by OUP in 2005: Legal Aspects of Implementing the Kyoto Protocol Mechanisms: Making Kyoto Work, which remains the standard work of reference for legal practitioners and researchers on carbon finance and trading under the Kyoto Protocol.
The adoption of the Kyoto Protocol in December 1997 was a major achievement in the endeavour to tackle the problem of global climate change at the dawn of the 21st century. After many years of involvement in the negotiation process, the book's two internationally recognised authors now offer the international community a first hand and inside perspective of the debate on the Kyoto Protocol. The book provides a comprehensive scholarly analysis of the history and content of the Protocol itself as well as of the economic, political and legal implications of its implementation. It also presents a perspective for the further development of the climate regime. These important features make this book an indispensable working tool for policy makers, negotiators, academics and all those actively involved and interested in climate change issues in both the developed and developing world.
According to the contributors of this volume, a wide range of options in addition to the Kyoto Protocol need to be considered to promote long-term climate protection and bridge the growing divide among nations over how to take action. This compilation explores some of the best alternatives, with special attention to options that promote participation by both industrialized and developing countries.
An assessment of policy options for future global climate governance, written by a team of leading experts from the European Union and developing countries. Global climate governance is at a crossroads. The 1997 Kyoto Protocol was merely a first step, and its core commitments expire in 2012. This book addresses three questions which will be central to any new climate agreement. What is the most effective overall legal and institutional architecture for successful and equitable climate politics? What role should non-state actors play, including multinational corporations, non-governmental organizations, public–private partnerships and market mechanisms in general? How can we deal with the growing challenge of adapting our existing institutions to a substantially warmer world? This important resource offers policy practitioners in-depth qualitative and quantitative assessments of the costs and benefits of various policy options, and also offers academics from wide-ranging disciplines insight into innovative interdisciplinary approaches towards international climate negotiations.
As the contours of a post-2012 climate regime begin to emerge, compliance issues will require increasing attention. This volume considers the questions that the trends in the climate negotiations raise for the regime's compliance system. It reviews the main features of the UN Framework Convention on Climate Change and its Kyoto Protocol, canvasses the literature on compliance theory and examines the broader experience with compliance mechanisms in other international environmental regimes. Against this backdrop, contributors examine the central elements of the existing compliance system, the practice of the Kyoto compliance procedure to date and the main compliance challenges encountered by key groups of states such as OECD countries, economies in transition and developing countries. These assessments anchor examinations of the strengths and weaknesses of the existing compliance tools and of the emerging, decentralized, 'bottom-up' approach introduced by the 2009 Copenhagen Accord and pursued by the 2010 Cancun Agreements.
A perfect introduction to climate change law, this textbook offers students and scholars an overview of the international law governing this fundamental issue. It demonstrates how to interpret the language used in the applicable instruments and conventions, and sets climate change law in its broader international legal context.