Cap and trade mechanism
Michael Wara Discusses Coal and the CDMin the news: Wall Street Journal on July 11, 2008
The CDM Executive Board recently approved several gas-fired power plants under the UN's carbon offset scheme, opening the door for subsidizing coal generation and stoking controversy. Michael Wara questions the additionality of such projects and argues subsidies are better spent on other clean-energy development.
Carbon markets need reform, say Wara and Victorin the news
A new PESD working paper, "A Realistic Policy on International Carbon Offsets" by Michael Wara and David Victor, argues that a substantial fraction of the international carbon market does not actually represent real reductions in emissions. They also argue that these international credits, which are part of the Kyoto Protocol's "Clean Development Mechanism (CDM)," will not offer companies reliable ways to contain the cost of complying with limits on emissions. Links below to the original paper and reporting in many sources, including the Economist, Guardian, Le Monde, National Public Radio, and BBC Radio.
- » A Realistic Policy on International Carbon Offsets
- » Guardian (UK)
- » Le Monde (France)
- » Economist
- » Sydney Morning Herald, Australia
Substantial part of carbon offset market doesn't mean reduction, Wara and Victor say
PESD scholars Michael Wara and David Victor suggest that a substantial fraction of the $12b market for international carbon offsets does not represent real reductions and that the market is unlikely to provide reliable cost-control for a domestic carbon market. Instead, they suggest that a broader array of strategies will be needed to make a real dent in developing world emissions and that more explicit cost control mechanisms be considered for a U.S. cap-and- trade market for greenhouse gases.
in the news: Boston Globe on August 19, 2007
Mike Jackson suggests carbon policies to guide energy projects towards cleaner technologies at times of high oil prices Read more »
in the news: Washington Post on July 23, 2007
The op-ed by Post columnist Sebastian Mallaby criticizes how the Clean Development Mechanism affects small scale efforts to mitigate greenhouse gas emissions in developing countries. Read more »
in the news: The Chronicle of Higher Education on March 31, 2006
An international climate regime should evolve slowly, in piecemeal fashion, just as the Global Agreement on Tariffs and Trade did, argues Dr. Victor. "I have come to be even more aware of the fragmented, bottom-up nature of these kinds of systems," he says. Read more »
A looser patchwork of international agreements that puts more emphasis on research and development is what is needed to address the escalating problem of climate change, says David Victorin the news: The Chronicle of Education on March 31, 2006
Senior fellows David Victor and Stephen Schneider provide comment on the impacts of the Kyoto protocol on climate change. Read more »