The European Union's Emissions Trading System is the largest system in the world for trade in greenhouse gases. It used to be a cap-and-trade scheme with a fixed supply of permits. However, a recent reform of the system "punctures the waterbed" by making the supply of permits endogenous. The...

Project-based Emissions Trading Schemes, like the Clean Development Mechanism, are particularly prone to problems of asymmetric information between the project parties and the regulator. Given the specificities of these schemes, the regulator’s optimal monitoring strategy significantly differs...

The Environmental Sustainability Clinic at the University of Minnesota Law School produced this report in May 2011. Cookstove change-out projects in developing nations seek to replace open fire burning with more efficient cookstove technology. This report analyzes the characteristics of...