Over the last four decades emissions trading has enjoyed a high profile in environmental law scholarship and in environmental law and policy. Much of the discussion is promotional, preferring emissions trading above other regulatory strategies without, however, engaging with legal complexities embedded in conceptualising, scrutinising and managing emissions trading regimes. The combined effect of these debates is to create a perception that emissions trading is a straightforward regulatory strategy, imposable across various jurisdictions and environmental settings. This book shows that this view is problematic for at least two reasons. First, emissions trading responds to distinct environmental and non-environmental goals, including creating profit-centres, substituting bureaucratic control of resources, and ensuring regulatory compliance. This is important, as the particular purpose entrusted to a given emissions trading regime has, as its corollary, a particular governance structure, according to which the regime may be constructed and managed, and which trusts the emissions market, the state and rights in emissions allowances with distinct roles. Second, the governance structures of emissions trading regimes are culture-specific, which is a significant reminder of the importance of law in understanding not only how emissions trading schemes function but also what meaning is given to them as regulatory strategies. This is shown by deconstructing emissions trading discourses: that is, by inquiring into the assumptions about emissions trading, as featuring in emissions trading scholarship and in debates involving law and policymakers and the judiciary at the EU level. Ultimately, this book makes a strong argument for reconfiguring the common understanding of emissions trading schemes as regulatory strategies, and sets out a framework for analysis to sustain that reconfiguration.

A collection of twelve superbly written contributions by leading researchers and scientists on greenhouse gas emissions trading by members of the European Union, as well as alternatives and new developments in this specialized area of global warming and reduction related commercial exchange. . . a seminal and strongly recommended work of particular relevance and value for both academic and governmental reference library collections on international environmental studies. Midwest Book Review This timely book focuses on the EU-wide greenhouse gas emissions trading scheme for major sources. It combines legal and economic approaches and reviews the major revision of this scheme. A distinguished range of authors assess the experiences thus far and also consider future development from both theoretical and practical perspectives. They also discuss many design options, including auctioning, credit and trade, the inclusion of aviation emissions, and linking possibilities. Moreover, attention is paid to the role of legal principles, the role of case law, and to aspects of democratic accountability within an emissions trading scheme. Ways to avoid carbon leakage and the role of national climate policies are also discussed. This book makes clear that the economic efficiency and effectiveness of an emissions trading scheme depend to a large extent on the specific legislative choices, and hence the legislative design of such a scheme deserves meticulous attention. Discussing legal and economic aspects of emissions trading, this book offers new insights to academics and policy makers both in the public and private sector. Those insights are not only relevant for understanding the past, but moreover for guiding the future design of emissions trading for greenhouse gases.

The 1997 Kyoto Conference introduced emissions trading as a policy instrument for climate protection. Bringing together scholars in the fields of economics, political science and law, this book, which was originally published in 2005, provides a description, analysis and evaluation of different aspects of emissions trading as an instrument to control greenhouse gases. The authors analyse theoretical aspects of regulatory instruments for climate policy, provide an overview of US experience with market-based instruments, draw lessons from trading schemes for the control of greenhouse gases, and discuss options for emissions trading in climate policy. They also highlight the background of climate policy and instrument choice in the US and Europe and the foundation of systems in Europe, particularly the EU's directive for a CO2 emissions trading system.

Emissions Trading and WTO Law examines the global trade issues that arise as a result of the introduction of emissions trading frameworks. The book focusses specifically on the rules of the WTO, as a tool to demonstrate where the boundaries exist for a

Research Handbook on Emissions Trading examines the origins, implementation challenges and international dimensions of emissions trading. It pursues an interdisciplinary approach drawing on law, economics and at times, political science, to present relevant research strands regarding emissions trading. Intermixing theoretical insights with experiences from existing trading systems, this Handbook offers insights that can be applied around the world. It identifies key bodies of research for both upcoming and seasoned people in the field and highlights future research opportunities.

Problems of climate change, biodiversity and air pollution are clearly growing globally, but more particularly in Asia because of its economic importance and richness in nature. The increasing interest in environmental and resource economics applied in regions of Asia will make this book an outstanding resource to the existing literature, particularly in the fields of environmental and resource economics and the integration of applied content in traditional and agricultural development. At present there is no single handbook or text on the state of current knowledge in environmental economics in Asia or one which offers a comprehensive guide to students and academics on the subjects of environmental economics research. This book will help to fill the gap in the existing literature.

The announcement by China that it will implement a national emissions trading scheme confirms the status of this instrument as the pre-eminent policy choice for mitigating climate change. China will join the dozens of existing and emerging schemes around the world - from the EU to California, South Korea to New Zealand - that use carbon units (otherwise known as emissions permits or carbon credits) to trade in greenhouse gas emissions in a multi-billion dollar global carbon market. However, to date, there has been no consensus about this pre-eminent policy instrument being regulated by international economic law through the World Trade Organization, international investment agreements, and free trade agreements. Munro addresses this issue by evaluating whether carbon units qualify as 'goods', 'services', 'financial services', and 'investments' under international economic law and showing how international economic law applies to emissions trading scheme in diverse and unexpected ways. Further, by engaging in a comparative assessment of schemes around the world, his book illustrates how and why all emissions trading schemes engage in various forms of violations of international economic law which would not, in most instances, be justified by environmental or other exceptions. In doing so, he demonstrates how such schemes can be designed or reformed in ways to ensure their future compliance.

China’s national carbon market, the world’s largest emissions trading scheme (ETS), kicked off its first online trade recently. This can be called a milestone for the country towards the nation’s goals of having CO2 emissions peak before 2030 and achieving carbon neutrality by 2060. China’s national ETS initially covers the power sector, before being expanded to a much broader set of energy-intensive industries. On one hand, the electricity sector, the largest carbon-emitting industry, is responsible for about 40% of China’s emissions, and it has great significance to response to global climate change. On the other hand, the effectiveness of China’s ETS will rest on how well it is coordinated with power market regulations and policies. In this regard, the deepening of reform, as well as the advanced technology and its applications in the electricity market will add new challenges and opportunities to electricity trade, which, in turn, influences national ETS. Therefore, this brings urgency to accurately capture the dynamic interactions between national ETS and electricity market to transform carbon trading into a practical and effective way to decarbonize the power sector.

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