State and Trends of the Carbon Market 2011
By Nicholas A. Linacre, Alexandre Kossoy, P. Ambrosi. 2011
475 citations recorded by the source corpus.
After five consecutive years of robust growth, the total value of the global carbon market stalled at $142 billion. Suffering from the lack of post-2012 regulatory clarity, the value of the primary Clean Development Mechanism (CDM) market fell by double-digits for the third year in a row, ending lower than it was in 2005, the first year of the Kyoto protocol. The Assigned Amount Unit (AAU) and the United States Regional Greenhouse Gas Initiative (RGGI) markets shrank as well. As these segments declined, the dominance of the European Union Allowances (EUAs) market became more pronounced than ever and the share of the carbon market primarily driven by the EU Emissions Trading Scheme (EU ETS) rose to 97 percent, dwarfing the remaining segments of the market. The carbon market growth halted at a particularly inopportune time: 2010 proved to be the hottest on record, while emission levels continued their seemingly inexorable rise. In the end, however, the year may be remembered most for the political opportunities that arose, yet were ultimately failed to materialize in the United States, Japan, Australia, and the Republic of Korea. While the international regulatory environment remains uncertain, national and local initiatives have noticeably picked up and may offer the potential to collectively overcome the international regulatory gap. These initiatives signal that, one way or another, solutions that address the climate challenge will emerge.
Subfields: Economics and Econometrics, Pollution
View Paper: https://www.semanticscholar.org/paper/782bea80c9eac2c20a3d2555cb677a36fdfdf16c
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Citations in the corpus
- Reforming the CDM for sustainable development: lessons learned and policy futures. (2009, background): “In some large-scale CDM projects with very limited benefits to local people, developers have committed to use a percentage of CER revenues to fund local development projects (Capoor and Ambrosi, 2006; Ellis et al., 2007).”
- Can agriculture support climate change adaptation, greenhouse gas mitigation and rural livelihoods? insights from Kenya (2013, background): “A price of $10 per ton of CO2e—reflecting the average offset price for CER contracts under the CDM in 2011 (Kossoy and Guigon 2012)—is assumed in order to calculate potential profits from linkage with carbon markets.”
- Linking carbon markets: concepts, case studies and pathways (2009, background): “With a market value of US$50 billion, the EU ETS dominates the international carbon market, which totalled US$64 billion in 2007 (Capoor and Ambrosi, 2008).”
- Instrument constituencies and the supply side of policy innovation: the social life of emissions trading (2014, background): “It has been estimated that the global carbon market reached a total value of €126 billion in 2011, an 11% increase since 2010, despite declining carbon prices (Kossoy and Guigon 2012).”
- Joint decisions on inventory replenishment and emission reduction investment under different emission regulations (2014, background): “The World Bank reports that the global carbon market, including traded allowances and offset transactions, reached $176 billion in 2011 (Kossoy and Guigon 2012).”