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The International Climate Regime

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Chapter Summary

This chapter argues that tackling the challenge of climate change is a defining component of sustainable development and vice versa. It first undertakes a closer investigation of the normative assumptions underlying the climate regime, in particular the Kyoto Protocol. International emissions trading is subject to the modalities agreed at Marrakesh and adopted by the MOP1 in Montreal in 2005. These modalities set out the principles, nature and scope of emissions trading and address issues relating to equity, fungibility and environmental integrity. The use of economic flexibility instruments, in particular the joint implementation (JI) and clean development mechanism (CDM), can promote the development and distribution of new technologies, generating capital flows and transfer of technologies into regions with cheaper, older technologies or limited financial means and capacities to implement climate friendly technologies, promoting not only emission reductions at reduced costs but also positive feedback across the whole, global economy.

Keywords: clean development mechanism (CDM); international climate regime; international emissions trading; joint implementation (JI); Kyoto Protocol



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