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Introductory literature


This section provides you with further introductory literature on selected areas of the carbon markets.

Carbon Pricing worldwide

BMU (2017): Carbon Pricing: Using Market-based Mechanisms to Mitigate Climate Change. Berlin: Federal Ministry for the Environment, Nature Conservation and Nuclear Safety.
This brochure from the Federal Environment Ministry describes the functioning of market-based climate change mitigation and provides an overview of the various carbon pricing instruments.


World Bank (2020): State and Trends of Carbon Pricing 2020. Washington, DC: World Bank.
This World Bank report provides a good overview of the current status of carbon pricing initiatives worldwide. State and Trends of Carbon Pricing is updated annually.


ICAP (2020): Emissions Trading Worldwide: Status Report 2020. Berlin: International Carbon Action Partnership.
The ICAP status report in English presents the current developments in emissions trading systems worldwide.


PMR and ICAP (2016): Emissions Trading in Practice: a Handbook on Design and Implementation. Washington D.C.: The World Bank.
This handbook on emissions trading is aimed at readers with different levels of knowledge. It summarizes the experience gained worldwide in the development and implementation of emissions trading systems and presents key findings from the scientific literature. 


PMR (2017): Carbon Tax Guide: A Handbook for Policy Makers. Washington D.C.: The World Bank.
This handbook supports political decision-makers in designing and implementing a CO2 tax. The guide provides both conceptual analysis and key practical insights from the implementation of carbon taxes around the world.


Haites, Erik (2018): Carbon taxes and greenhouse gas emissions trading systems: what have we learned? Climate Policy, 1–12.
This article summarizes the results of a systematic evaluation of carbon pricing instruments. The analysis includes the assessment of numerous emissions trading schemes and CO2 tax systems during the period 2005-2015. 

Cooperative Approaches under Article 6

Howard, Andrew (2017): Voluntary Cooperation (Article 6): In D. R. Klein, M. P. Carazo, M. Doelle, J. Bulmer, & A. Higham (Eds.), The Paris agreement on climate change: analysis and commentary (pp. 178–195). Oxford, United Kingdom: Oxford University Press.
This contribution traces the genesis of Article 6 and embeds it in the overall negotiation process of the Paris Agreement. In addition to a detailed analysis of the treaty text, the article explains central implementation issues and offers an assessment and outlook.


Carbon Market Watch (2019): Carbon markets 101 – the ultimate guide to global offsetting mechanisms.
This easily accessible guide by the non-governmental organisation Carbon Market Watch explains the basic functioning of market-based instruments, presents key issues of the current Article 6 negotiations and makes recommendations for their solution.


Michaelowa, Axel, Aglaja Espelage and Benito Müller (2019): Negotiating cooperation under Article 6 of the Paris Agreement.
This strategy paper explains the crunch issues of the negotiations on Article 6 in generally accessible language, highlighting key differences between negotiating Parties.


Mehling, Michael A (2018): Governing Cooperative Approaches under the Paris Agreement (Discussion Paper ES 18-8) (p. 84).
This working paper presents key positions of the actors in the negotiations on Article 6.2 of the Paris Agreement and assesses relevant options currently under discussion. The paper concludes with a series of recommendations on the governance of Article 6.2.


Schneider, Lambert and Stephanie La Hoz Theuer (2018): Environmental integrity of international carbon market mechanisms under the Paris Agreement: Climate Policy, 1–15.
This journal article systematically examines the environmental integrity risks associated with the use of international market mechanisms and presents approaches to address them.

The project-based Mechanisms of the Kyoto Protocol

BMU (2012): The Clean Development Mechanism - The World‘s First Carbon Crediting Mechanism Berlin: Federal Ministry for the Environment, Nature Conservation and Nuclear Safety (BMU).
This brochure by the BMU takes stock of both the successes and weaknesses of the CDM and presents perspectives for the further development of the climate change mitigation instrument.


Michaelowa, Axel, Igor Shishlov and Dario Brescia (2019): Evolution of international carbon markets: lessons for the Paris Agreement: Wiley Interdisciplinary Reviews: Climate Change, Vol. 10, Nr. 6.
This review article traces the development of the global carbon market from its inception to the present. Based on an analysis of about 300 peer-reviewed journal articles and grey literature, the authors identify four developmental phases of the carbon market, from which they derive observations and recommendations for the further design of future market mechanisms.


Shishlov, Igor and Valentin Bellassen (2012): 10 lessons learned from the CDM, 39.
The authors of this paper look back on the successes and weaknesses of the Clean Development Mechanism during the first ten years of its implementation and present ten key lessons that should be taken into account when developing new climate change mitigation instruments.

The voluntary carbon market

Forest Trends’ Ecosystem Marketplace (2019): Financing Emission Reductions for the Future: State of Voluntary Carbon Markets. Washington, DC: Forest Trends.
This regularly published report provides an overview of developments in the voluntary carbon market.


Broekhoff, Derik, Michael Gillenwater, Tani Colbert-Sangree and Patrick Cage (2019): Securing Climate Benefit: A Guide to Using Carbon Offsets, 60.
This guide is aimed at organisations and individuals who want to understand how the voluntary carbon market works and learn about possible applications.


Lang, Sebastian, Mareike Blum and Sina Leipold (2019): What future for the voluntary carbon offset market after Paris? An explorative study based on the Discursive Agency Approach: Climate Policy, Vol. 19, Nr. 4, p. 414–426.
This article examines the impact of the Paris Agreement on the voluntary carbon market and how its key players are responding to these changes. The article traces the discourse within the voluntary market and identifies key strategies of the actors.

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