Climate change is an environmental problem of unprecedented complexity, not just in terms of its physical, social, economic and political impacts, but particularly in terms of the range of policy instruments being designed by countries to reduce greenhouse gas emissions. "Climate Change and Carbon Markets" aims to provide an accessible and practical guide to cutting edge market-based mechanisms to reduce greenhouse gas emissions. This book is a guide for national and international policy-makers and industry professionals who need to understand the carbon markets established pursuant to the Kyoto Protocol, one of the most complex agreements ever negotiated. The book sets out how carbon markets will function by explaining the rules, institutions and procedures of the Kyoto mechanisms, including emissions trading, joint implementation, and the Clean Development Mechanism. It also provides an in-depth explanation of the EU Emissions Allowance Trading Scheme, emerging mechanisms in...