Carbon Markets, Institutions, Policies, and Research

The scale of investment needed to slow greenhouse gas emissions is larger than governments can manage through transfers. Therefore, climate change policies rely heavily on markets and private capital. This is especially true in the case of the Kyot...

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Main Authors: Larson, Donald F., Ambrosi, Philippe, Dinar, Ariel, Rahman, Shaikh Mahfuzur, Entler, Rebecca
Format: Policy Research Working Paper
Language:English
Published: World Bank, Washington, DC 2012
Subjects:
CO2
GDP
OIL
WMO
Online Access:http://documents.worldbank.org/curated/en/2008/10/9972039/carbon-markets-institutions-policies-research
http://hdl.handle.net/10986/6895
id okr-10986-6895
recordtype oai_dc
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic ABATEMENT COSTS
ADAPTATION FUND
ADVERSE EFFECTS
AFFORESTATION
AGGREGATE SUPPLY
AIR POLLUTION
ALTERNATIVE APPROACH
ANCILLARY BENEFITS
ANTHROPOGENIC GREENHOUSE GASES
ANTHROPOGENIC INTERFERENCE
ATMOSPHERE
ATMOSPHERIC CARBON
ATMOSPHERIC CARBON CONCENTRATIONS
ATMOSPHERIC CARBON DIOXIDE
ATMOSPHERIC CONCENTRATION
BIOLOGICAL DIVERSITY
CARBON
CARBON ACCUMULATION
CARBON DIOXIDE
CARBON EMISSION
CARBON EMISSIONS
CARBON EQUIVALENTS
CARBON FINANCING
CARBON INTENSITY
CARBON LEAKAGE
CARBON MARKET
CARBON MARKETS
CARBON OFFSET
CARBON PRICES
CARBON PROJECTS
CARBON SEQUESTRATION
CARBON STOCKS
CARBON TAX
CARBON TAXES
CARBON TECHNOLOGIES
CARBON TRADING
CARBON UNITS
CEMENT INDUSTRY
CERTIFIED EMISSIONS
CERTIFIED EMISSIONS REDUCTIONS
CERTIFIED PROJECT ACTIVITY
CERTIFIED REDUCTIONS
CLEAN AIR
CLEAN COAL
CLEAN DEVELOPMENT
CLEAN DEVELOPMENT MECHANISM
CLEAN DEVELOPMENT MECHANISMS
CLEAN ENERGY
CLEAN ENERGY TECHNOLOGIES
CLEAN TECHNOLOGY
CLEAN TECHNOLOGY FUND
CLIMATE
CLIMATE CHANGE
CLIMATE CHANGE CONVENTION
CLIMATE CHANGE LITERATURE
CLIMATE CHANGE POLICIES
CLIMATE CHANGE POLICY
CLIMATE CHANGE TREATY
CLIMATE MODELS
CLIMATE POLICY
CLIMATE SYSTEM
CO2
CO2 EMISSIONS
COAL
CONFERENCE OF THE PARTIES
CONSUMPTION OF FOSSIL
CONVENTION ON BIOLOGICAL DIVERSITY
COSTS OF COMPLIANCE
DEFORESTATION
DESERTIFICATION
DOMESTIC EMISSIONS
EARTH SUMMIT
ECOSYSTEMS
EFFICIENT LIGHTING
ELECTRICITY
ELECTRICITY SECTOR
EMISSION
EMISSION ABATEMENT
EMISSION CEILINGS
EMISSION CONTROLS
EMISSION GOALS
EMISSION LEVELS
EMISSION LIMITATION
EMISSION LIMITS
EMISSION PERMITS
EMISSION REDUCTION
EMISSION REDUCTION GOALS
EMISSION REDUCTION UNITS
EMISSION TARGETS
EMISSION TRADING
ENERGY EFFICIENCY
ENERGY SYSTEMS
ENVIRONMENTAL BENEFITS
FORESTRY
FORESTS
FOSSIL FUEL
FOSSIL FUELS
FRAMEWORK CONVENTION ON CLIMATE CHANGE
GAS PHASE
GASES
GASOLINE
GDP
GLOBAL EMISSIONS
GLOBAL ENVIRONMENT
GLOBAL ENVIRONMENT FACILITY
GLOBAL WARMING
GREENHOUSE
GREENHOUSE EFFECT
GREENHOUSE GAS
GREENHOUSE GAS EMISSION
GREENHOUSE GAS EMISSION REDUCTIONS
GREENHOUSE GAS EMISSIONS
GREENHOUSE GAS MITIGATION
GREENHOUSE GAS SINKS
GREENHOUSE GASES
GROUND BIOMASS
HOT AIR
HYDROFLUOROCARBONS
HYPOTHETICAL BASELINE
INCOME
INTERGOVERNMENTAL PANEL ON CLIMATE CHANGE
IPCC
IRREVERSIBLE INVESTMENTS
KYOTO PROTOCOL
LAND USE
LEVEL OF EMISSIONS
MARGINAL ABATEMENT
MARGINAL ABATEMENT COST
METHANE
MORAL HAZARD
NATURAL RESOURCES
NEGOTIATIONS
NET EMISSIONS
NITROUS OXIDE
OCEANS
OIL
ORGANIC CARBON
OZONE
OZONE LAYER
PERFLUOROCARBONS
POLICY DECISIONS
POLLUTANTS
POLLUTION PROBLEMS
PROGRAMS
REFORESTATION
REGIONAL ELECTRICITY
REGIONAL ELECTRICITY MARKET
RENEWABLE ENERGY
RENEWABLE ENERGY TECHNOLOGIES
RESTRICTIONS
RISING SEA LEVELS
SEA LEVELS
SHADOW PRICE
SOIL
SOLAR POWER
SULFUR
SULFUR DIOXIDE
SULFUR DIOXIDE PERMIT
SULPHUR
SUSTAINABLE DEVELOPMENT
TRADABLE CARBON
TRADABLE PERMIT
TRADABLE PERMIT SYSTEM
TRADABLE PERMITS
TRANSACTION COSTS
VOLUNTARY EMISSION
WATER VAPOR
WELFARE LOSS
WELFARE LOSSES
WIND
WIND POWER
WMO
WORLD METEOROLOGICAL ORGANIZATION
spellingShingle ABATEMENT COSTS
ADAPTATION FUND
ADVERSE EFFECTS
AFFORESTATION
AGGREGATE SUPPLY
AIR POLLUTION
ALTERNATIVE APPROACH
ANCILLARY BENEFITS
ANTHROPOGENIC GREENHOUSE GASES
ANTHROPOGENIC INTERFERENCE
ATMOSPHERE
ATMOSPHERIC CARBON
ATMOSPHERIC CARBON CONCENTRATIONS
ATMOSPHERIC CARBON DIOXIDE
ATMOSPHERIC CONCENTRATION
BIOLOGICAL DIVERSITY
CARBON
CARBON ACCUMULATION
CARBON DIOXIDE
CARBON EMISSION
CARBON EMISSIONS
CARBON EQUIVALENTS
CARBON FINANCING
CARBON INTENSITY
CARBON LEAKAGE
CARBON MARKET
CARBON MARKETS
CARBON OFFSET
CARBON PRICES
CARBON PROJECTS
CARBON SEQUESTRATION
CARBON STOCKS
CARBON TAX
CARBON TAXES
CARBON TECHNOLOGIES
CARBON TRADING
CARBON UNITS
CEMENT INDUSTRY
CERTIFIED EMISSIONS
CERTIFIED EMISSIONS REDUCTIONS
CERTIFIED PROJECT ACTIVITY
CERTIFIED REDUCTIONS
CLEAN AIR
CLEAN COAL
CLEAN DEVELOPMENT
CLEAN DEVELOPMENT MECHANISM
CLEAN DEVELOPMENT MECHANISMS
CLEAN ENERGY
CLEAN ENERGY TECHNOLOGIES
CLEAN TECHNOLOGY
CLEAN TECHNOLOGY FUND
CLIMATE
CLIMATE CHANGE
CLIMATE CHANGE CONVENTION
CLIMATE CHANGE LITERATURE
CLIMATE CHANGE POLICIES
CLIMATE CHANGE POLICY
CLIMATE CHANGE TREATY
CLIMATE MODELS
CLIMATE POLICY
CLIMATE SYSTEM
CO2
CO2 EMISSIONS
COAL
CONFERENCE OF THE PARTIES
CONSUMPTION OF FOSSIL
CONVENTION ON BIOLOGICAL DIVERSITY
COSTS OF COMPLIANCE
DEFORESTATION
DESERTIFICATION
DOMESTIC EMISSIONS
EARTH SUMMIT
ECOSYSTEMS
EFFICIENT LIGHTING
ELECTRICITY
ELECTRICITY SECTOR
EMISSION
EMISSION ABATEMENT
EMISSION CEILINGS
EMISSION CONTROLS
EMISSION GOALS
EMISSION LEVELS
EMISSION LIMITATION
EMISSION LIMITS
EMISSION PERMITS
EMISSION REDUCTION
EMISSION REDUCTION GOALS
EMISSION REDUCTION UNITS
EMISSION TARGETS
EMISSION TRADING
ENERGY EFFICIENCY
ENERGY SYSTEMS
ENVIRONMENTAL BENEFITS
FORESTRY
FORESTS
FOSSIL FUEL
FOSSIL FUELS
FRAMEWORK CONVENTION ON CLIMATE CHANGE
GAS PHASE
GASES
GASOLINE
GDP
GLOBAL EMISSIONS
GLOBAL ENVIRONMENT
GLOBAL ENVIRONMENT FACILITY
GLOBAL WARMING
GREENHOUSE
GREENHOUSE EFFECT
GREENHOUSE GAS
GREENHOUSE GAS EMISSION
GREENHOUSE GAS EMISSION REDUCTIONS
GREENHOUSE GAS EMISSIONS
GREENHOUSE GAS MITIGATION
GREENHOUSE GAS SINKS
GREENHOUSE GASES
GROUND BIOMASS
HOT AIR
HYDROFLUOROCARBONS
HYPOTHETICAL BASELINE
INCOME
INTERGOVERNMENTAL PANEL ON CLIMATE CHANGE
IPCC
IRREVERSIBLE INVESTMENTS
KYOTO PROTOCOL
LAND USE
LEVEL OF EMISSIONS
MARGINAL ABATEMENT
MARGINAL ABATEMENT COST
METHANE
MORAL HAZARD
NATURAL RESOURCES
NEGOTIATIONS
NET EMISSIONS
NITROUS OXIDE
OCEANS
OIL
ORGANIC CARBON
OZONE
OZONE LAYER
PERFLUOROCARBONS
POLICY DECISIONS
POLLUTANTS
POLLUTION PROBLEMS
PROGRAMS
REFORESTATION
REGIONAL ELECTRICITY
REGIONAL ELECTRICITY MARKET
RENEWABLE ENERGY
RENEWABLE ENERGY TECHNOLOGIES
RESTRICTIONS
RISING SEA LEVELS
SEA LEVELS
SHADOW PRICE
SOIL
SOLAR POWER
SULFUR
SULFUR DIOXIDE
SULFUR DIOXIDE PERMIT
SULPHUR
SUSTAINABLE DEVELOPMENT
TRADABLE CARBON
TRADABLE PERMIT
TRADABLE PERMIT SYSTEM
TRADABLE PERMITS
TRANSACTION COSTS
VOLUNTARY EMISSION
WATER VAPOR
WELFARE LOSS
WELFARE LOSSES
WIND
WIND POWER
WMO
WORLD METEOROLOGICAL ORGANIZATION
Larson, Donald F.
Ambrosi, Philippe
Dinar, Ariel
Rahman, Shaikh Mahfuzur
Entler, Rebecca
Carbon Markets, Institutions, Policies, and Research
relation Policy Research Working Paper; No. 4761
description The scale of investment needed to slow greenhouse gas emissions is larger than governments can manage through transfers. Therefore, climate change policies rely heavily on markets and private capital. This is especially true in the case of the Kyoto Protocol with its provisions for trade and investment in joint projects. This paper describes institutions and policies important for new carbon markets and explains their origins. Research efforts that explore conceptual aspects of current policy are surveyed along with empirical studies that make predictions about how carbon markets will work and perform. The authors summarize early investment and price outcomes from newly formed markets and point out areas where markets have preformed as predicted and areas where markets remain incomplete. Overall the scale of carbon-market investment planned exceeds earlier expectations, but the geographic dispersion of investment is uneven and important opportunities for abatement remain untapped in some sectors, indicating a need for additional research on how investment markets work. How best to promote the development and deployment of new technologies is another promising area for study identified in the paper.
format Publications & Research :: Policy Research Working Paper
author Larson, Donald F.
Ambrosi, Philippe
Dinar, Ariel
Rahman, Shaikh Mahfuzur
Entler, Rebecca
author_facet Larson, Donald F.
Ambrosi, Philippe
Dinar, Ariel
Rahman, Shaikh Mahfuzur
Entler, Rebecca
author_sort Larson, Donald F.
title Carbon Markets, Institutions, Policies, and Research
title_short Carbon Markets, Institutions, Policies, and Research
title_full Carbon Markets, Institutions, Policies, and Research
title_fullStr Carbon Markets, Institutions, Policies, and Research
title_full_unstemmed Carbon Markets, Institutions, Policies, and Research
title_sort carbon markets, institutions, policies, and research
publisher World Bank, Washington, DC
publishDate 2012
url http://documents.worldbank.org/curated/en/2008/10/9972039/carbon-markets-institutions-policies-research
http://hdl.handle.net/10986/6895
_version_ 1764401277769351168
spelling okr-10986-68952021-04-23T14:02:32Z Carbon Markets, Institutions, Policies, and Research Larson, Donald F. Ambrosi, Philippe Dinar, Ariel Rahman, Shaikh Mahfuzur Entler, Rebecca ABATEMENT COSTS ADAPTATION FUND ADVERSE EFFECTS AFFORESTATION AGGREGATE SUPPLY AIR POLLUTION ALTERNATIVE APPROACH ANCILLARY BENEFITS ANTHROPOGENIC GREENHOUSE GASES ANTHROPOGENIC INTERFERENCE ATMOSPHERE ATMOSPHERIC CARBON ATMOSPHERIC CARBON CONCENTRATIONS ATMOSPHERIC CARBON DIOXIDE ATMOSPHERIC CONCENTRATION BIOLOGICAL DIVERSITY CARBON CARBON ACCUMULATION CARBON DIOXIDE CARBON EMISSION CARBON EMISSIONS CARBON EQUIVALENTS CARBON FINANCING CARBON INTENSITY CARBON LEAKAGE CARBON MARKET CARBON MARKETS CARBON OFFSET CARBON PRICES CARBON PROJECTS CARBON SEQUESTRATION CARBON STOCKS CARBON TAX CARBON TAXES CARBON TECHNOLOGIES CARBON TRADING CARBON UNITS CEMENT INDUSTRY CERTIFIED EMISSIONS CERTIFIED EMISSIONS REDUCTIONS CERTIFIED PROJECT ACTIVITY CERTIFIED REDUCTIONS CLEAN AIR CLEAN COAL CLEAN DEVELOPMENT CLEAN DEVELOPMENT MECHANISM CLEAN DEVELOPMENT MECHANISMS CLEAN ENERGY CLEAN ENERGY TECHNOLOGIES CLEAN TECHNOLOGY CLEAN TECHNOLOGY FUND CLIMATE CLIMATE CHANGE CLIMATE CHANGE CONVENTION CLIMATE CHANGE LITERATURE CLIMATE CHANGE POLICIES CLIMATE CHANGE POLICY CLIMATE CHANGE TREATY CLIMATE MODELS CLIMATE POLICY CLIMATE SYSTEM CO2 CO2 EMISSIONS COAL CONFERENCE OF THE PARTIES CONSUMPTION OF FOSSIL CONVENTION ON BIOLOGICAL DIVERSITY COSTS OF COMPLIANCE DEFORESTATION DESERTIFICATION DOMESTIC EMISSIONS EARTH SUMMIT ECOSYSTEMS EFFICIENT LIGHTING ELECTRICITY ELECTRICITY SECTOR EMISSION EMISSION ABATEMENT EMISSION CEILINGS EMISSION CONTROLS EMISSION GOALS EMISSION LEVELS EMISSION LIMITATION EMISSION LIMITS EMISSION PERMITS EMISSION REDUCTION EMISSION REDUCTION GOALS EMISSION REDUCTION UNITS EMISSION TARGETS EMISSION TRADING ENERGY EFFICIENCY ENERGY SYSTEMS ENVIRONMENTAL BENEFITS FORESTRY FORESTS FOSSIL FUEL FOSSIL FUELS FRAMEWORK CONVENTION ON CLIMATE CHANGE GAS PHASE GASES GASOLINE GDP GLOBAL EMISSIONS GLOBAL ENVIRONMENT GLOBAL ENVIRONMENT FACILITY GLOBAL WARMING GREENHOUSE GREENHOUSE EFFECT GREENHOUSE GAS GREENHOUSE GAS EMISSION GREENHOUSE GAS EMISSION REDUCTIONS GREENHOUSE GAS EMISSIONS GREENHOUSE GAS MITIGATION GREENHOUSE GAS SINKS GREENHOUSE GASES GROUND BIOMASS HOT AIR HYDROFLUOROCARBONS HYPOTHETICAL BASELINE INCOME INTERGOVERNMENTAL PANEL ON CLIMATE CHANGE IPCC IRREVERSIBLE INVESTMENTS KYOTO PROTOCOL LAND USE LEVEL OF EMISSIONS MARGINAL ABATEMENT MARGINAL ABATEMENT COST METHANE MORAL HAZARD NATURAL RESOURCES NEGOTIATIONS NET EMISSIONS NITROUS OXIDE OCEANS OIL ORGANIC CARBON OZONE OZONE LAYER PERFLUOROCARBONS POLICY DECISIONS POLLUTANTS POLLUTION PROBLEMS PROGRAMS REFORESTATION REGIONAL ELECTRICITY REGIONAL ELECTRICITY MARKET RENEWABLE ENERGY RENEWABLE ENERGY TECHNOLOGIES RESTRICTIONS RISING SEA LEVELS SEA LEVELS SHADOW PRICE SOIL SOLAR POWER SULFUR SULFUR DIOXIDE SULFUR DIOXIDE PERMIT SULPHUR SUSTAINABLE DEVELOPMENT TRADABLE CARBON TRADABLE PERMIT TRADABLE PERMIT SYSTEM TRADABLE PERMITS TRANSACTION COSTS VOLUNTARY EMISSION WATER VAPOR WELFARE LOSS WELFARE LOSSES WIND WIND POWER WMO WORLD METEOROLOGICAL ORGANIZATION The scale of investment needed to slow greenhouse gas emissions is larger than governments can manage through transfers. Therefore, climate change policies rely heavily on markets and private capital. This is especially true in the case of the Kyoto Protocol with its provisions for trade and investment in joint projects. This paper describes institutions and policies important for new carbon markets and explains their origins. Research efforts that explore conceptual aspects of current policy are surveyed along with empirical studies that make predictions about how carbon markets will work and perform. The authors summarize early investment and price outcomes from newly formed markets and point out areas where markets have preformed as predicted and areas where markets remain incomplete. Overall the scale of carbon-market investment planned exceeds earlier expectations, but the geographic dispersion of investment is uneven and important opportunities for abatement remain untapped in some sectors, indicating a need for additional research on how investment markets work. How best to promote the development and deployment of new technologies is another promising area for study identified in the paper. 2012-06-01T18:19:33Z 2012-06-01T18:19:33Z 2008-10 http://documents.worldbank.org/curated/en/2008/10/9972039/carbon-markets-institutions-policies-research http://hdl.handle.net/10986/6895 English Policy Research Working Paper; No. 4761 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research