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Author: Justin D Macinante

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Operationalizing Cooperative Approaches Under the Paris Agreement by Valuing Mitigation Outcomes journal article free

Justin D Macinante

Carbon & Climate Law Review, Volume 12 (2018), Issue 3, Page 258 - 271

The Paris Agreement recognises the heterogeneity of approaches being implemented across jurisdictions and that parties may voluntarily engage in cooperative approaches involving use of internationally transferred mitigation outcomes towards their nationally determined contributions. Many of these diverse approaches involve putting a price on carbon, usually through emissions trading schemes or carbon taxes. Engaging the private sector at scale will be crucial for these carbon pricing mechanisms to operate efficiently in bringing about behavioural changes that will accelerate mitigation of greenhouse gas emissions and generate greater investment in climate change solutions. This will only happen on the scale necessary if there are clear, well-designed and properly functioning markets for the international transfer of mitigation outcomes and for trading carbon assets more generally. Achieving this mandates the development and implementation of processes to value mitigation outcomes, that is, to assess their mitigation value, and corresponding institutional arrangements to oversee such assessment processes. Mitigation value assessments will facilitate fungibility, enabling trading of these carbon assets across jurisdictions. This paper begins with a look at how the inter-governmental negotiations are addressing this need, and analyses how the literature has approached the subject, before setting out proposals aimed at stimulating debate on what these processes and institutional arrangements might appropriately include.

A Conceptual Model for Networking of Carbon Markets on Distributed Ledger Technology Architecture journal article

Justin D Macinante

Carbon & Climate Law Review, Volume 11 (2017), Issue 3, Page 243 - 260

In spite of the apparent lack of success of international emission trading under the Kyoto Protocol, numerous jurisdictions are implementing mitigation mechanisms that put a price on carbon, whether by taxing activities that cause release of carbon to the atmosphere, or by creating markets through which the cost of atmospheric release of carbon is internalised to the relevant activities by way of emission trading schemes. These diverse and heterogeneous mechanisms – in particular the emission trading schemes – might achieve greater efficiency, larger scale, and other benefits, were they to be connected. Against this background, this paper sets out a proposal for a conceptual model for the networking of emission trading schemes, built on the architecture of distributed ledger technology. In this way, it is argued, the interconnection of these emission trading schemes might be achieved flexibly, cost effectively and efficiently, while taking account of the requirements for cooperative approaches, evidenced in the Paris Agreement. The purpose of the article is to stimulate, and provide a starting point for, more detailed, intensive discussion of what the technical requirements might be of some such scheme.

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