This book explores the establishment of emissions trading as a form of environmental, market-based governance. It conceptualizes markets as institutions, and analyzes them as a system of climate governance. To this end, it argues that international efforts to promulgate markets run up against...

Instruments for Climate Policy focuses on economic and political aspects related to the recent proposals and the debate on limits in flexibility, and discusses EU and US perspectives on climate policy instruments and strategies. This is followed by chapters on economic efficiency and the use of...