Carbon buyers' club: international emissions trading beyond Paris. Bruegel Policy Brief ISSUE 3 | MARCH 2017

Zachmann, Georg. (2017) Carbon buyers' club: international emissions trading beyond Paris. Bruegel Policy Brief ISSUE 3 | MARCH 2017. [Policy Paper]

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Abstract

Mitigating greenhouse gas emissions is more difficult in some countries than in others. International emissions trading can help to reduce the overall cost of mitigation and ensure that companies in different countries face the same carbon price. Lower costs and tackling competitiveness concerns can enable higher levels of climate ambition. The Paris Agreement explicitly provides for international emissions trading, but the rules governing trading still need to be determined. In the absence of strict rules, international emissions trading might become a loophole leading to reduced climate ambition. And because of its consensus requirements, the United Nations process is unlikely to lead to comprehensive rules. To fill this gap, the European Union should engage with other nations to determine a

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