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Title:Towards sustainable carbon markets: Requirements for ecologically effective, economically efficient, and socially just emissions trading schemes PDF Logo
Authors:Rudolph, Sven
Lenz, Christine
Lerch, Achim
Volmert, Barbara
Issue Date:2011
Series/Report no.:Joint discussion paper series in economics 34-2011
Abstract:Domestic climate policy emissions trading schemes appear to be spreading all over the word. However, carbon markets in existence often suffer from dilution in terms of ecological effectiveness, economic efficiency, and social justice. Thus, in order to firmly base carbon markets on the main pillars of Sustainable Development, this paper defines the criteria of ecological effectiveness, economic efficiency and social justice and operationalizes them for giving design recommendations for sustainable carbon markets. Methodologically, the paper uses welfare and institutional economics, jurisprudential reasoning, and modern climate justice thinking in order to discuss the three criteria. In addition, design and implication analysis is applied in order to develop design recommendations for sustainable carbon markets. By doing so, the paper provides evaluation criteria for emissions trading schemes in existence and in planning, but also allows for improvements in order to make emissions trading a valuable instrument of a sustainable global climate policy.
Subjects:sustainability
emissions trading
climate policy
justice
efficiency
effectiveness
JEL:D62
D63
Q48
Q54
Q58
Document Type:Working Paper
Appears in Collections:MAGKS Joint Discussion Paper Series in Economics, Universität Marburg

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