Designing carbon markets,Part II: Carbon markets in space |
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| Authors: | Samuel Fankhauser Cameron Hepburn |
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| Affiliation: | 1. Grantham Research Institute and Centre for Climate Change Economics and Policy, London School of Economics, Houghton Street, London WC2A 2AE, UK;2. Grantham Research Institute, London School of Economics, and Smith School for Enterprise and the Environment, Oxford University, 75 George Street, Oxford OX1 2BQ, UK |
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| Abstract: | This paper analyses the design of carbon markets in space (i.e., geographically). It is part of a twin set of papers that, starting from first principles, ask what an optimal global carbon market would look like by around 2030. Our focus is on firm-level cap-and-trade systems, although much of what we say would also apply to government-level trading and carbon offset schemes. We examine the “first principles” of spatial design to maximise flexibility and to minimise costs, including key design issues in linking national and regional carbon markets together to create a global carbon market. |
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| Keywords: | Carbon trading Gains from trade EU ETS |
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