This report has been prepared in the context of a major global effort in the past eight years to better measure results in development assistance. The agenda for this effort was articulated and refined in a series of international conferences, beginning with the international conference on...

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...

Cost-benefit analysis used to be one of the World Bank's signature issues. It helped establish its reputation as the knowledge Bank and served to demonstrate its commitment to measuring results and ensuring accountability to taxpayers. It was the Bank's answer to the results agenda long before...

New infrastructure projects may affect CO2 emissions and, thus, cost benefit analyses for these projects require a value to apply for CO2. This may be based on the marginal social cost of emissions or on the carbon price resulting from present and future policies. This paper argues that both...