Linking Policies When Tastes Differ: Global Climate Policy in a Heterogeneous World

Abstract

In this article we discuss the mechanics of linking different types of climate change policies and identify areas where linkage will be difficult. Our goal is to identify opportunities for constructive linkage and policy choices that may limit or hinder linkage. We argue that the basic approach underlying emission reduction credit systems like the Kyoto Clean Development Mechanism (CDM) and Joint Implementation can be extended to create linkage opportunities in diverse emission control systems in ways that do not necessarily suffer from the shortfalls of the current CDM. Moreover, although emission reduction credit systems are designed to work with market-based systems like cap and trade, we describe ways in which they can also interact with tax systems as well as certain regulatory systems.

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