Article: Governance, sustainability and carbon markets under the Paris Agreement Journal: International Journal of Innovation and Sustainable Development (IJISD) 2021 Vol.15 No.2 pp.206 - 222 Abstract: The entry into force of the Paris Agreement, which can be considered the new international consensus to tackle reductions on greenhouse gas emissions from 2020, is facing up many unknown issues on methodology and governance. These are topics under constant negotiation among its signatory Parties. This paper, which methodology relies on a normative analysis of legal texts and bibliographic review on the carbon markets, identifies the key elements of this compromise, and shapes its weaknesses, paying special attention to the rules on carbon markets. It also outlines the obstacles that the already ongoing Clean Development Mechanism (CDM) of the Kyoto Protocol is facing up nowadays. Clearing up those uncertainties could trigger the development of new projects and innovation to obtain measurable emission reductions under the scope of the new compromise. Inderscience Publishers - linking academia, business and industry through research

Title: Governance, sustainability and carbon markets under the Paris Agreement

Authors: Josu Martínez-Serrano; Miguel Cuerdo-Mir

Addresses: International Doctoral School – Social and Legal Sciences Program, Research Line in Economics, Department of Applied Economics I, Economic History and Institutions, and Moral Philosophy – Applied Economics Area, URJC – Universidad Rey Juan Carlos, Paseo de los Artilleros s/n, 28032 Vicálvaro, Madrid, Spain ' International Doctoral School – Social and Legal Sciences Program, Research Line in Economics, Department of Applied Economics I, Economic History and Institutions, and Moral Philosophy – Applied Economics Area, URJC – Universidad Rey Juan Carlos, Paseo de los Artilleros s/n, 28032 Vicálvaro, Madrid, Spain

Abstract: The entry into force of the Paris Agreement, which can be considered the new international consensus to tackle reductions on greenhouse gas emissions from 2020, is facing up many unknown issues on methodology and governance. These are topics under constant negotiation among its signatory Parties. This paper, which methodology relies on a normative analysis of legal texts and bibliographic review on the carbon markets, identifies the key elements of this compromise, and shapes its weaknesses, paying special attention to the rules on carbon markets. It also outlines the obstacles that the already ongoing Clean Development Mechanism (CDM) of the Kyoto Protocol is facing up nowadays. Clearing up those uncertainties could trigger the development of new projects and innovation to obtain measurable emission reductions under the scope of the new compromise.

Keywords: Paris Agreement; climate change; climate policy; sustainable development; flexible mechanisms; carbon markets.

DOI: 10.1504/IJISD.2021.114333

International Journal of Innovation and Sustainable Development, 2021 Vol.15 No.2, pp.206 - 222

Received: 26 Mar 2019
Accepted: 27 Sep 2019
Published online: 19 Apr 2021 *

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Title: Governance, sustainability and carbon markets under the Paris Agreement

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