To create a more practical model for comparing the long-run impact of environmental taxes, subsidies and emissions trading on an industry, using partial equilibrium analysis, this papers examines the long-run impact of (1) a CO2 tax, (2) subsidies for CO2 emissions reduction (e.g. favourable tax...

The Kyoto Protocol is the first international environmental agreement that sets legally binding greenhouse gas emissions targets and timetables for Annex I countries. It incorporates emissions trading, joint implementation and the clean development mechanism. Because each of the Articles...

The Kyoto Protocol is the first international environmental agreement that sets legally binding greenhouse gas emissions targets and timetables for Annex I countries. It incorporates emissions trading and two project-based flexibility mechanisms, namely joint implementation and the clean...

The Kyoto Protocol to the United Nations Framework Convention on Climate Change (UNFCCC) has set legally binding emissions targets for a basket of six greenhouse gases and timetables for industrialised countries. It has also incorporated three international flexibility mechanisms. However, the...