INVESTIGADORES
ZILIO Mariana Ines
congresos y reuniones científicas
Título:
Structure and trend of the carbon market
Autor/es:
ZILIO, MARIANA INÉS
Lugar:
Bahía Blanca
Reunión:
Congreso; IV Congreso Nacional de Estudiantes de Postgrado en Economía; 2009
Institución organizadora:
Departamento Economía, UNS
Resumen:
During the last fifteen years, climate change has prominently figured on the international agenda. Their social and economic impacts directly generate on governments and international organisms the need to take charge in order to reduce greenhouse gases (GHG) emissions and mitigate global warming effects. In this framework, protecting environmental ecosystems through international laws requires the development of economic mechanisms able to assign economic value to natural systems (Bonnie et al., 2002). A wide range of approaches are being implemented in order to reduce carbon emissions -at city, state, regional and global levels- through market mechanisms. Among these are the commitments of governments to reduce emissions through the 1992 United Nations Framework Convention on Climate Change (UNFCCC) and its 1997 Kyoto Protocol, and Europe’s carbon constraint for electricity generators and industry under the European Union Emissions Trading Scheme. In this context, Carbon Market emerges as a consequence of both the implementation of the flexible mechanisms designed by Kyoto Protocol and the European Union Emissions Trading Scheme in order to facilitate the compliance of the agreed reductions. Its emissions-trading framework creates economic incentives for nations to reduce GHG emissions cost effectively. There is widespread agreement that carbon market development become crucially important in order to achieve lower levels of GHG emissions through the market-based Kyoto Protocol mechanisms. This paper describes the current state of the carbon market, analyzing its performance in order to predict on future research its short and medium term evolution.