Towards an international emissions trading scheme: Legal specification of tradeable emissions entitlements

Hope Johnson; Pamela A O'Connor; Bill Duncan; Sharon Christensen

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Towards an international emissions trading scheme: Legal specification of tradeable emissions entitlements

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Towards an international emissions trading scheme: Legal specification of tradeable emissions entitlements

Hope Johnson, Pamela A O'Connor, Bill Duncan and Sharon Christensen

Environmental and Planning Law Journal, Vol.34(1), pp.3-23

2017

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Abstract

Environmental Science and Management

Urban and Regional Planning

Law

The Paris Agreement reaffirmed the role of emissions trading as an important policy tool for mitigating climate change. Equally, emissions trading schemes (ETSs) are increasingly being developed and interlinked. Despite these developments, no agreement has been reached regarding the legal character of what is being traded. Generally, ETSs involve tradeable statutory entitlements that take the form of emission allowances or carbon credits. Legal uncertainty surrounds whether emission entitlements are capable of constituting property; and, if so, what rights, corresponding duties and liabilities they confer on holders. In this article, the authors argue that the legal character of emissions entitlements can influence the functioning of emissions markets, which has ramifications for achieving the environmental goals of ETSs. The authors identify the methods that legislatures could adopt to characterise emission entitlements, and evaluate limitations of the current approaches. To conclude, the authors explore how top-down, international standards could harmonise and clarify the legal nature of emission entitlements.

Details

Title: Towards an international emissions trading scheme: Legal specification of tradeable emissions entitlements
Authors: Hope Johnson (Author) - Queensland University of Technology
Pamela A O'Connor (Author) - University of the Sunshine Coast - Faculty of Arts, Business and Law
Bill Duncan (Author) - Queensland University of Technology
Sharon Christensen (Author) - Queensland University of Technology
Publication details: Environmental and Planning Law Journal, Vol.34(1), pp.3-23
Publisher: Lawbook Co.
Date published: 2017
ISSN: 0813-300X
Organisation Unit: University of the Sunshine Coast, Queensland
Language: English
Record Identifier: 99451030402621
Output Type: Journal article

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