The Economics of the Kyoto Protocol

  title={The Economics of the Kyoto Protocol},
  author={Michael Grubb},
  journal={The World Economy},
  • M. Grubb
  • Published 1 July 2003
  • Economics
  • The World Economy
This paper surveys economic aspects of the Kyoto Protocol, the Treaty adopted to control emissions of the greenhouse gases that contribute to climate change. The first part focuses upon the structural aspects of the agreement, with particular attention to the long-term conception of the Treaty and its use of market-oriented instruments unprecedented in an international treaty of this scope. The second part then examines the actual commitments adopted for the first period, and the impact of US… 
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