A significant reduction in global greenhouse gas emissions requires international cooperation in emission abatement as well as individual countries' investment in the adoption of abatement technology. The existing literature on climate policy pays insufficient attention to small countries, which...

Before 2005 when the Kyoto Protocol went into force, the Framework Convention of Climate Change (FCCC) did not impose any binding restrictions on carbon emissions of member countries. Many argue that such a treaty would not reduce carbon emissions. In this paper, we investigate the effect of...