Financing the transition to low-carbon economic development must be the focus of any framework to encourage developing countries' participation in the global carbon market. It needs to do so with the aim of eventual full participation in carbon markets while maintaining the core market's...

There is a low but uncertain probability that climate change could trigger "mega-catastrophes," severe and at least partly irreversible adverse effects across broad regions. This paper first discusses the state of current knowledge and the defining characteristics of potential climate change...