Carbon Markets Under the Kyoto Protocol : Lessons Learned for Building an International Carbon Market Under the Paris Agreement

This paper provides a critical analysis of the experience with carbon markets under the Kyoto Protocol. While large differences exist between the conditions under the Kyoto Protocol and the Paris Agreement in terms of scope, level of centralisation and logic, this paper draws important lessons learned from carbon trading under Kyoto that are valuable to inform the development of the next generation international carbon markets under the Article 6 of the Paris Agreement.

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The European Roundtable on Climate Change and Sustainable Transition (ERCST) is an independent think-tank, registered under belgium law, working on European and Global climate change policies.

ERCST is committed to the goals and principles of the Paris Agreement and works towards promoting a just, inclusive and sustainable global transition.

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Carbon Markets Under the Kyoto Protocol : Lessons Learned for Building an International Carbon Market Under the Paris Agreement

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