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The European Union's Emissions Trading Scheme (EU ETS) is the
world's largest market for carbon and the most significant
multinational initiative ever taken to mobilize markets to protect
the environment. It will be an important influence on the
development and implementation of trading schemes in the US, Japan,
and elsewhere. However, as is true of any pioneering public policy
experiment, this scheme has generated much controversy. Pricing
Carbon provides the first detailed description and analysis of the
EU ETS, focusing on the first 'trial' period of the scheme
(2005-7). Written by an international team of experts, it allows
readers to get behind the headlines and come to a better
understanding of what was done and what happened based on a
dispassionate, empirically based review of the evidence. This book
should be read by anyone who wants to know what happens when
emissions are capped, traded, and priced.
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