Carbon Markets: Effective Policy?

Carbon Markets: Effective Policy?
Science 344: 1460–61 (2014) (letter to the editor), doi 10.1126/science.344.6191.1460b
(with Michael Wara)

We respond to a Policy Forum written by Richard Newell, William Pizer, and Daniel Raimi on the global outlook for carbon markets as a climate mitigation policy. Newell et al. did not account for emissions leakage in sub-national carbon markets, nor did they address the European Union's problematic experience with carbon offsets from the Clean Development Mechanism. In both cases, carbon markets produce emissions reductions only on paper, not in practice.