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International Carbon Market Mechanisms in a Post-2012 Climate Change Agreement

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International Carbon Market Mechanisms in a Post-2012 Climate Change Agreement

This background paper provides an overview of the role and profile of international carbon market mechanisms in a new international post-2012 climate change regime. The paper first reviews the three market-based instruments under the Kyoto Protocol and then examines a range of possible market mechanisms under consideration in the international climate change negotiations, including allocation-based market mechanisms, REDD mechanisms and an expanded CDM. The concluding section discusses critical issues that will need to be considered in choosing and furthering developing international market mechanisms for a new regime.