More is less: a case against sectoral carbon markets |
Oscar Reyes | Friday, 17 June 2011 | |
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Perhaps confusing these contractions for birth
pangs, there is currently a push to create new international carbon
market mechanisms in the context of United Nations Framework Convention
on Climate Change (UNFCCC) international climate negotiations. The
World Bank is offering further encouragement, in the guise of a new
Partnership for Market Readiness (PMR) to promote carbon markets in
middle-income countries.
This report critically examines the reasons behind and potential
consequences of creating new carbon market mechanisms. In particular,
it focuses on “sectoral” carbon markets, which would move beyond the
project-by-project basis of the CDM and issue carbon allowances in
relation whole sectors of the economy.
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