The Kyoto Protocol’s approach of assigning emission targets, or “caps,” exacerbates problems with international cooperation and commitment. This has caused the developing countries, which account for the fastest growing half of emissions, to reject caps. Global carbon pricing addresses...

This article summarizes the insights of an Energy Modeling Forum study on the magnitude and distribution of economic adjustment costs to greenhouse gas emission constraints in the aftermath of the Paris Agreement where countries voluntarily committed themselves to Nationally Determined...

The Nationally Determined Contributions (NDCs) under the Paris Agreement fall short of the abatement needed to reach the 2°C target. Emissions trading could be a "costless" means to reduce the ambition gap if countries used their gains from trade for additional abatement. However, this requires...