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Issues surrounding Annex I trading - the trading of greenhouse gas emissions among industrialized countries under the Kyoto Protocol to the Framework Convention on Climate Change - comprise the central theme of this collection, which offers an integrated discussion of the practical, economic and political issues involved in its implementation. Topics explored include compliance of the Protocol as a whole and compliance issues arising from trading; the design of a system for tracking the trade of permits; fair competition, market power and Annex B trading; and the development of guidelines for joint implementation.

Global Emissions Trading has grown out of direct work with Annex I delegates and representatives of the business community. Thus, it reflects and responds to their concerns and their assessment of the political and practical feasibility of different options. Several authors have contributed to this volume, but the papers were developed together and the result is a unified and cohesive text, which aims to provide a focus for future debate on issues where there are real conflicts of interest and genuine uncertainties about appropriate design. Further, the book should stimulate debate on the solutions proposed and encourage research in areas where recommendations are ambiguous.

Economists, policymakers, students and readers concerned about environmental issues and climate change will find this collection essential reading.