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Transaction costs, institutional rigidities and the size of the clean development mechanism

Michaelowa, Axel; Jotzo, Frank


Transaction costs and institutional rigidities will reduce the attractiveness of the Kyoto Protocol flexibility mechanisms compared to domestic greenhouse gas abatement options. The clean development mechanism (CDM) in particular is likely to entail considerable costs of baseline development, project registration, verification and certification. The activities implemented jointly pilot phase and the prototype carbon fund programme give indications about these costs. There is evidence that...[Show more]

CollectionsANU Research Publications
Date published: 2005
Type: Journal article
Source: Energy Policy
DOI: 10.1016/j.enpol.2003.08.016


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