The Durban Climate Conference agreed on the creation of a new market-based mechanism under the United Nations Framework Convention on Climate Change (UNFCCC) and to consider the establishment of an overall framework for various mitigation approaches, including opportunities for using
markets (‘Framework’). The creation of such a Framework is therefore of high political significance, as it should ensure on the one hand that new market-based mechanisms contribute to global climate change mitigation and to achievement of targets, and on the other hand, that different
market-based approaches can be integrated in a global carbon market. As yet, there is little clarity as to the roles and design of such a framework. This paper contributes to the debate by discussing and evaluating inter alia several design options, and explores how the various options could
be implemented and how they interrelate. It concludes that a strong central oversight at the level of the UNFCCC is probably the only option that could reassure the vast majority of UNFCCC Parties that the environmental integrity of new market-based mechanisms is in fact ensured. This does,
however, not exclude that some reasonable balance may be struck between centralization and flexibility.
No Reference information available - sign in for access.
No Citation information available - sign in for access.
Affiliations:1: Faculty of Law, University of Bern, Bern, Switzerland 2: Wuppertal Institute for Climate, Environment and Energy Research Group Energy, Transport and Climate Policy, Wuppertal, Germany 3: Joanneum Research, Institute for Water, Energy and Sustainability Energy Research Group, Climate Change, Graz, Austria