"With few exceptions, economic analyses of "cap-and-trade" permit trading mechanisms for climate change mitigation have been based on first-best scenarios without pre-existing distortions or regulations. The reason is obvious: interactions between permit trading and other regulations will be...

Carbon pricing can reduce emissions cost-effectively, and it can also generate a number of other benefits. This guide provides an overview of these benefits to help policy makers advance a variety of sustainable development objectives in their own countries and around the world. Carbon prices...