Global carbon mechanisms: lessons and implications

We outline the theoretical and political background to the global carbon mechanisms and how they emerged in the form of the Kyoto Protocol's Clean Development Mechanism, Joint Implementation, and Intergovernmental Emissions Trading. We present empirical data on the response to date and the variants that have arisen. Based on this, we analyse the issues and evidence on the main controversies around additionality, efficiency and effectiveness of the instruments. The final part of the paper considers some of the implications for future development.