TY - JOUR T1 - Negotiations on the New Market Mechanism and the Framework for Various Approaches A1 - Kulovesi, Kati PY - 2013 N2 - This article reviews on-going negotiations under the UNFCCC on the New Market Mechanism (NMM) and Framework for Various Approaches (FVA), which covers both market-based and non-market-based approaches. It argues that limited progress has been achieved in the past five years under the UNFCCC concerning the future international legal framework for carbon trading. A number of important design elements remain outstanding in the negotiations concerning the NMM and its modalities and procedures. The general objective and scope of the FVA also remain undefined. The article concludes that to successfully complete these negotiations, UNFCCC Parties must find convergence on principled questions concerning multilateralism and the future role of the UNFCCC in developing and overseeing market mechanisms. JF - Carbon & Climate Law Review JA - Carbon & Climate Law Review VL - 6 IS - 4 UR - https://doi.org/10.21552/CCLR/2012/4/233 M3 - doi:10.21552/CCLR/2012/4/233 ER -