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Carbon Markets Around the Globe

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Carbon Markets Around the Globe

Sustainability and Political Feasibility

9781839109089 Edward Elgar Publishing
Sven Rudolph, Associate Professor, Hakubi Center/Graduate School of Global Environmental Studies, Kyoto University, Japan and Elena Aydos, Senior Lecturer, Newcastle Law School, University of Newcastle, Australia
Publication Date: 2021 ISBN: 978 1 83910 908 9 Extent: 272 pp
In this timely book, Sven Rudolph and Elena Aydos take an interdisciplinary approach that combines sustainability economics, political economy, and legal concepts to answer two fundamental questions: How can carbon markets be designed to be effective, efficient and just at the same time? And how can the political barriers to sustainable carbon markets be overcome? The authors advance existing theoretical frameworks and examine empirical data from various real-life emissions trading schemes, identifying strategies and policy windows for implementing truly sustainable ETS.

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Contents
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In this timely book, Sven Rudolph and Elena Aydos take an interdisciplinary approach that combines sustainability economics, political economy and legal concepts to answer two fundamental questions: How can carbon markets be designed to be effective, efficient and just at the same time? And how can the political barriers to sustainable carbon markets be overcome?

The first part of the book develops an innovative and robust Sustainable Model Rule for evaluating carbon market design, which is demonstrated in practice through chapters assessing the vast majority of real-life emissions trading schemes (ETS) from around the world. In the second part, the focus shifts to political feasibility, providing a political economy framework for evaluating ETS. The authors examine empirical data from case studies in several countries, and identify strategies and policy windows for implementing truly sustainable ETS.

The cutting-edge tools outlined in this book for conducting assessments of carbon market design and feasibility will be invaluable for climate policy practitioners and environmental lawyers at national and international levels. The book will also be an important resource for policy makers, think tanks and stakeholders, as well as for scholars and students in environmental economics and climate change law and policy.
Critical Acclaim
‘This book is a comprehensive comparative study of emissions trading schemes (ETSs), one of the most important “carbon pricing” instruments today. Its broad coverage of the world's major carbon markets is the most attractive feature of this book. Taking a political economy approach, it explains why ETSs were introduced, how they came to be in their current form, and gives their future perspectives. It will provide readers with an up-to-date understanding of the state of the world's carbon markets, and guidance for future climate policies.’
– Toru Morotomi, Kyoto University, Japan

‘The Paris Agreement helped to put climate change firmly on the agenda of policy makers. Emissions trading is the policy maker’s weapon of choice and proliferating quickly around the globe. This excellent book is the first that puts most if not all systems under ruthless scrutiny and holds them against an objective benchmark of a sustainable model rule that also evaluates social justice. The book relies on the potent public choice methodology to evaluate the critical success factors for a sustainable instrument design. The book comes at a critical moment, when the international community only has a decade to make or break the Paris objectives of limiting global warming to 1.5 ◦C degrees. A must read for any policy maker, climate activist and academic interested in and concerned about our common future!’
– Stefan E. Weishaar, University of Groningen, the Netherlands
Contents
Contents: 1. ETS, sustainability and political economy 2. Sustainable ETS design 3. ETS design in practice: European Union 4. ETS design in practice: North America 5. ETS design in practice: Oceania 6. ETS design in practice: Northeast Asia 7. Lessons learned from the implementation of ETS 8. Political feasibility of ETS 9. ETS politics: Germany 10. ETS politics: Australia 11. ETS politics: Japan 12. Lessons learned from the political economy of ETS 13. Final remarks Bibliography Index
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