Emerging carbon trading markets offer lessons

Carbon trading markets that attempt to limit greenhouse gas emissions have met with mixed political and policy success around the world. But each new attempt offers lessons that will make new markets more effective, a team authors says. These carbon markets are a key part of an emerging global policy framework that includes trading programs and other policies such as renewable energy incentives, carbon taxes, and traditional regulation. They have encouraged modest reductions in greenhouse gas emissions so far and expanded to cover a substantial and growing share of global emissions.

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