Can Carbon Trading Be Effectively Implemented at the International Level to Reduce Greenhouse Gas Emissions?
While the international community debates the implementation complexities of the Kyoto Protocol, a number of countries have announced plans to reduce their greenhouse gas emissions. However, an accord on the degree of emissions reductions does not imply that the specific regulatory mechanism necessary to attain these limitations has been determined. The Kyoto Protocol significantly advanced carbon trading as the most effective means for reducing greenhouse gases. At present, carbon trading schemes have only been effectively considered for implementation at the national level. International emissions trading has become one major flashpoint for disagreement over the implementation of Kyoto. In this study, the carbon trading approach will be contrasted with other emission reduction methods, essential features for successful carbon trading at the national level will be reviewed, the additional characteristics necessary for international implementation will be considered, and the potential for its success in the international arena will be speculated upon.
Keywords: Green House Gas Emissions, Carbon Trading, Climate Change
Dr. Julian Scott Yeomans
Professor, Operations Management & Information Systems Area, York University